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Browsing Category Home Buyers and Sellers

Information and tips for those considering purchasing or selling a home

November 2017 Manhattan and Brooklyn Sales Market Report

December 28, 2017 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

In Manhattan, November sales activity was down year-over-year for both condos and co-ops.
Pricing increased across the co-op market in excess of 20% for average and median price over last year, while the condo average price declined – and median price only increased slightly.
Price per square foot rose for co-ops, but fell 2% for condos.
Continuing the trend of prior months, inventory increased by double-digits versus last year, with co-op inventory growth outpacing condos for the sixth consecutive month.
Days on market moved by double-digits, but in opposite directions for condos and co-ops, declining for condos, and rising for co-ops.
Negotiability remained relatively stable for condos, and was nearly level versus last month and last year. Alternatively, co-ops while still having more limited negotiability, saw deeper discounts than last year.

Brooklyn Trends:

During November, the Brooklyn market experienced its first year-over-year decrease in sales in nine months, down 6% versus last year.
The average and median sale price rose 19% and 20%, respectively as the number of sales over $2M more than doubled versus last year.
Average price per square foot was $854, up 5% year-over-year. This was due to an increase in price per square foot for one, two and three + bedrooms.
Negotiations were only slightly deeper than last year – as the difference from last ask price to sale price was 1% below the average asking price.
The average days on market figure of 76, while the highest since 2014, was skewed by a handful of homes that finally sold after an extended period on the market.

Click the images above to access the full report

NYC Apartment Winter Selling Tips

December 12, 2017 · by Adam Ashkenas

October 2017 Manhattan and Brooklyn Sales Market Report

December 1, 2017 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

In Manhattan, condos saw a slight dip in contract activity while co-ops experienced a notable rise as compared to last October.
Pricing metrics saw mixed results, with median price experiencing double-digit percentage increases for both condos and co-ops, while average price fell for condos, but rose for co-ops.
Price-per-square-foot increased for co-ops, but dropped 7% for condos, driven mainly by a drop in price-per-square-foot for larger two- and three-bedroom homes.
Listed inventory rose compared to last year for both condos and co-ops, but dropped over the last month for condos.
Average days on market decreased notably for both housing types, falling 15% for condos and 9% for co-ops.
Negotiability remained high for condos, which saw average discounts of 2.7%. Meanwhile, co-ops saw negotiability decrease in conjunction with an increase in sales.

Brooklyn Trends:

During October, the Brooklyn market experienced its ninth consecutive month with an annual increase in sales, up 8% versus last year.
The average and median sale price rose 6% and 3%, respectively.
Average price-per-square-foot was $891, down 4% from the record high a year ago. This was driven by double-digit declines in the studio and three+ bedroom categories.
Negotiations were more prevalent than both last month and this time last year, as the average Brooklyn home sold for 1.8% less than the last asking price.
Newly-listed inventory saw a 30% increase from this time last year, led by introductions at new developments such as 211 Schermerhorn Street and 554 Fourth Avenue.
The average days on market figure of 73, while a record high since 2014, was skewed by a handful of homes that finally sold after sitting on the market for almost a year.

Click the images above to access the full report

September 2017 Manhattan and Brooklyn Sales Market Report

October 27, 2017 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

Contract activity in September increased slightly year-over-year for condos, and stayed nearly level for co-ops.
Pricing metrics for condos and co-ops declined across the board in September, as median sale price for condos saw double-digit declines compared to last year.
Price per square foot dropped for both condos and co-ops as well, with the decline slightly greater for co-ops.
September saw the highest inventory levels of any month over the last year – for both condos and co-ops.
Days on market increased over the past year as well, as condo units spent on average eight more days on the market, whereas co-ops saw a more significant 12-day rise.
Negotiability has become more prevalent over the last year, with both condos and co-ops seeing deeper discounts than a year ago.

Brooklyn Trends:

During September, the Brooklyn market experienced the eighth consecutive month with an annual increase in sales – up a significant 31% versus last year.
The average and median sale price experienced a modest 4% and 3% gain, respectively. Average price per square foot figure was $820, a slight increase of 1%.
The difference from last ask price to sale price was 1.1% below the average asking price, as 36% of apartments sold below ask.
Newly listed apartment inventory saw a 14% increase from September 2016, led by introductions at new developments such as The Greenpoint.
The days on market figure of 55, while up year-over-year, still indicates a very competitive market in Brooklyn.

Click the images above to access the full report

Third Quarter 2017 Manhattan Sales Market Report

October 16, 2017 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends :

- The Manhattan market has now experienced two consecutive quarters of annual growth in closed sales as a result of improved contract activity during first six months of 2017 versus 2016.
- In Third Quarter 2017, the Manhattan market saw closings rise by 3% year-over-year to 3,703 sales, primarily due to strong performances in the new development and resale co-op markets.
- Listed inventory has stabilized this year. At 5,930 active listings, the number of available ‘for-sale’ properties was nearly level with last year, rising by just 1% annually.
- Pricing trends were mixed during the quarter. Marketwide median price and price-per-square-foot both experienced annual gains, with the median price rising by 10% and median price per square rising 2%.
- However, the effects of rising inventory, widespread price decreases, and marketwide negotiability at the higher end of the market impacted average price and average price-per-square-foot figures, which fell for the first time since Fourth Quarter 2013, by 3% and 5%, respectively.

Click the image above to access the full report

August 2017 Manhattan and Brooklyn Sales Market Report

September 27, 2017 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

In Manhattan, contract activity in August dropped year-over-year, as sales of condos and co-ops both fell.
Pricing metrics for condos and co-ops saw mixed results in August, as average sale price increased by double digits for each, while median sale price declined for co-ops, but increased for condos.
Similarly, price per square foot for condos saw a rise in pricing – while co-ops saw a slight drop in pricing.
For condos, an increase in inventory was met by a surprisingly large reduction in days on market. Meanwhile, co-ops saw both days on market and inventory increase.
Negotiability remains prevalent in both markets, though condos saw lower discounts than a year ago, while co-ops experienced a slight increase in average discount.

Brooklyn Trends:

During August, the Brooklyn market experienced its seventh consecutive month of annual sales increases, up 6% versus last year.
While the average sale price remained level versus last year, the average price per square foot figure experienced a modest increase, up 3%. Meanwhile, the median sale price increased 7% year-over-year to $975,000.
The difference from last asking price to sale price was 1.6% below the average asking price, as 44% of apartments sold below ask, the highest share since February 2017.
New listed apartment inventory saw a 30% increase from August 2016, led by introductions at new developments such as The Greenpoint, 2100 Bedford Avenue and The Aaron.
The average days on market figure of 61, while up year-over-year, still indicates a very competitive market in Brooklyn.

Click the images above to access the full report

July 2017 Manhattan and Brooklyn Sales Market Report

August 28, 2017 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

July brought significant improvements in the Manhattan co-op market, but the condo market lagged.
Co-op signed contracts were up 13% from last year, but condo sales dropped 11% versus July 2016.
However, pricing metrics were far more favorable for condos, as average and median sale price saw increases, while co-ops saw average and median sale price both decline versus last year.
Inventory was nearly level with last year, as listed condo inventory stayed virtually the same, while co-op inventory saw only a 2% increase.
Negotiation continued to remain prevalent, with the discount from last ask hovering around 3% for condos, and 1% for co-ops.
The average home spent a longer time on the market when compared to July 2016 – for both condos (16% longer) and co-ops (4%).

Brooklyn Trends:

During July, the Brooklyn market experienced its sixth consecutive month of annual sales increases, up 5% versus last year.
However, median and average sale figures experienced modest drops year-over-year, each falling by 3%.
Meanwhile, the average price-per-square-foot was nearly level versus last year at $898 per square foot.
The difference from last asking price to sale price was 0.9% below the average asking price, driven by several townhouses selling below ask..
New listed apartment inventory saw a 48% increase from July 2016 due to several new development launches over the last twelve months. (EX. The Greenpoint, 2100 Bedford Avenue)
The days on market figure of 53, while up year-over-year, still indicates a very competitive market in the borough.

Click the images above to access the full report

June 2017 Manhattan and Brooklyn Sales Market Report

August 1, 2017 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

- The summer started off with level condo contract activity but a decline in co-op sales.
Average sale price experienced a modest decline for condos and co-ops, and average price per square foot dropped around $100 in both the condo and co-op markets. However, median price rose notably compared to last year.
Inventory rose slightly over the last year for both condos and co-ops, as steady contract activity has failed to make any significant impact on inventory.
Negotiation continues to remain prevalent, with the discount from last ask continuing to hover around 3% for condos, and 1% for co-ops.
There was an increase in average days on market for both condos and co-ops

Brooklyn Trends:

During June, the Brooklyn market experienced its fifth consecutive month of annual sales increases, up 11% versus last year.
However, median and average sale price experienced modest drops year-over-year, by 2% and 4%, respectively.
The number of homes which sold at a discount fell to a twelve-month low of 33%, indicating that sellers were more realistic with pricing expectations.
As fewer homes sold below asking prices, the difference from last asking price to sold price was actually 0.2% above the average asking price, driven by several townhouses selling after multiple offers.
The days on market figure of 61, while up year-over-year, still indicates a very competitive market in Brooklyn.

Click the images above to access the full report

May 2017 Manhattan and Brooklyn Sales Market Report

June 17, 2017 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

May was an improved month for condo and co-op sales in Manhattan, as contracts signed of both reached their second highest point in the last year.
Inventory remained virtually unchanged versus last year, with just a 1% rise overall.
Every price metric for both condos and co-ops saw annual increases with some significant gains.
Listings spent more time on the market for both the condos and co-ops, as days on market rose by 10% and 28%, respectively.
Negotiability was still present market-wide as the average sale was made slightly below ask.

Brooklyn Trends:

During May, the Brooklyn market experienced a 27% increase in overall contract activity versus last year.
The average sale price, the median price and the average price per square foot was nearly level with last year.
The average sale price was 0.5% below the average asking price, a slight shift from a year ago when the average home sold with no discount.
New listed apartment inventory saw a 29% increase from May 2016.
The days on market figure of 47, while up year-over-year, still indicates a very competitive market in Brooklyn.

Click the images above to access the full report

April 2017 Manhattan and Brooklyn Sales Market Report

May 28, 2017 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

Manhattan contracts signed have fallen overall since the beginning of the year, and April saw that trend continue, as contracts were down 14%.
A series of holidays and school breaks on consecutive weeks during the month may have caused this decline.
Average price and average price per square foot were up in both the co-op and condo markets.
However, listings spent more time on the market across both categories, continuing a trend that has persisted throughout the last year.
Nevertheless, negotiability decreased marketwide as fewer sales closed below ask.
Inventory grew in the condo market, but fell for co-ops.

Brooklyn Trends:

During April, the Brooklyn market experienced a 15% increase in overall contract activity versus last year.
Median and average sale price both experienced a drop year-over-year, by 6% and 1%, respectively, due to fewer sales above $1 million.
The average price per square foot fell 3% year-over year to $871 per square foot as all bedroom types – except for studios – experienced price drops versus last year.
The average price per square foot fell 3% year-over year to $871 per square foot as all bedroom types – except for studios – experienced price drops versus last year.
The days on market figure of 50, while up year-over-year, still indicates a tight market in Brooklyn.

Click the images above to access the full report

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