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Information and tips for those considering purchasing or selling a home

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

Q1 2017 Manhattan and Brooklyn Sales Market Report

April 21, 2017 · by Adam Ashkenas

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

Manhattan Trends from last quarter:

The first quarter often sets the tone for the rest of the year and this quarter demonstrated the Manhattan market is off to a positive start in 2017.
Contract activity increased year-over-year for the first time in six quarters, registering a 3% increase versus First Quarter 2016 and a 5% increase versus last quarter.
In First Quarter 2017, buyer and seller expectations continued to adjust, as buyers who chose to hold off on purchasing in 2016 came back into the market.
At the same time, many sellers adjusted to current market conditions and prices in order to sell their properties.
These factors worked in tandem to fuel improved activity in the early part of this year.

Brooklyn Trends from last quarter:

Spring came early to Brooklyn as First Quarter 2017 was the strongest first quarter in six years in terms of sales.
Improved consumer sentiment and the expectation of rising interest rates on the horizon motivated buyers.
This quarter also continued the streak of year-over-year price gains seen throughout 2015 and 2016.
Demand for new developments, particularly larger residences at price points rarely offered in Manhattan, drove overall prices higher.
There were 7% more closed sales compared to a year ago, but not all apartment types trended equally.
Sales of resale condos and new developments increased from First Quarter 2016, while sales in the resale co-op market actually declined.

Click the images above to access the full report

February 2017 Manhattan and Brooklyn Sales Market Report

March 21, 2017 · by Adam Ashkenas

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

Manhattan Trends:

Contract activity increased marketwide this past February, up by 7% compared to last year.
The condo market saw notable year-over-year increases in all pricing metrics – while the co-op market saw small decreases across the same metrics
Both markets, however, were marked by increases in the amount of time listings spent on the market, fueled by borough-wide inventory growth
Negotiability was more pronounced in both the condo and co-op markets, a trend that has persisted since early 2016 due to increasing buyer choice.

Brooklyn Trends:

In Brooklyn, February saw a double-digit increase in contract activity versus last year, with 26% more sales.
Median and average sale price experienced significant annual gains, with double-digit growth of 22% and 29%, respectively, marking the largest increase in pricing since March 2015.
All bedroom types except for studios experienced a 6% rise in pricing over the last year, causing overall price per sq. ft. to rise 10% year-over-year to $880 per square foot.
However, the trend of price discounts continued into February, with an average discount of 2.4% off asking price, and nearly half of sales traded below ask.

Click the images above to access the full report

January 2017 Manhattan and Brooklyn Sales Market Report

February 28, 2017 · by Adam Ashkenas

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

Manhattan Trends:

The new year kicked off with a handful of positive market shifts – as sales activity in both the condo and co-op market saw annual growth.
The co-op market saw better metrics, including year-over-year improvements in average price and average price-per-square-foot, growing by 14% and 45%, respectively.
However, in the condo market – average price, median price, and average price-per-square-foot were down compared to last year.
Total inventory rose versus January 2016 for both condos and co-ops, while negotiability also grew more pronounced over the same period of time.
Listings in the co-op market sold faster than in the condo market, where average days on market grew 37% compared to last year.

Brooklyn Trends:

In Brooklyn, contract activity for the month of January was virtually unchanged over the last year.
Listed inventory rose 8% year -over-year, driven by the 18% rise in listings versus last year.
Median sale price remained nearly the same compared to last year, up just 2% from January 2016.
On the other hand, average price rose 15% year-over-year, skewed by a townhouse asking $16M in Brooklyn Heights.
Last month the average price difference from last ask to sale was deeper than a year ago, but the discount was primarily due to greater discounts in the townhouse market.
Increased negotiability corresponded with a slight rise in days on market of 6%.

Click the images above to access the full report

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