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· Year-over-year, July sales activity for condos and co-ops decreased 3% and 9%, respectively.
· Pricing metrics for condos varied – as average price increased significantly but median price remained nearly flat.
· Co-ops experienced a significant 53% increase in average price – while median price rose more moderately at 12%. The substantial average co-op price increase was due to some very high-priced sales on the Upper East Side.
· Average price-per-square-foot increased 5% for condos, while it climbed 23% for co-ops.
· Listed inventory for condos reached a 12-month high for the fourth consecutive month – and co-op inventory rose 45% to its highest level of any July since 2011.
· Average days on market decreased for condos, but increased significantly for co-ops.
· Negotiability was up year-over-year for both product types, as higher inventory and less buyer urgency continues to impact the market.
· During July, the Brooklyn market experienced a slight increase in contracts signed, up 1% versus last year.
· While new development sales were strong at recently launched sites such as The Jade Condominium, Brooklyn Point and Element 88, a decline in resale transactions offset the uptick in new development sales.
· Average and median sale price figures grew 19% and 12%, respectively, as the market share of sales shifted towards larger residences priced above $2M.
· However, these larger apartments did not command a higher price per square foot, which drove July 2018’s average price per square foot figure down 3% year-over-year.
· The difference from last ask price to sale price was -2.5% below the average asking price, the greatest negotiability since 2012, and was driven by several homes finally selling at steep discounts after sitting on market for a significant period.
· Accordingly, days on market also grew significantly as more slow-selling and expensive residences traded in July 2018, some having been on the market for over a year.
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