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- October 2018 saw a decline in sales activity as buyers continued to demand steeper discounts. This put pressure on sellers to lower prices in an oversupplied market.
- There were year-over-year declines in pricing and sales for condos… while co-ops also experienced a dip in sales activity – but saw most pricing metrics increase.
- Average days-on-market continued to increase as buyers wait for better deals – as evidenced by the increase in negotiability for both product types compared to last year.
- Listed inventory reached its highest point since October 2011 as supply continues to outpace sales.
- Year-over-year co-op inventory increased 28%, while the number of condos on the market rose by 12%. For townhouses, inventory grew 17%.
- During October, Brooklyn market indicators weakened, including falling prices and contract activity, lengthening days on market – and expanding inventory.
- October saw average sale price decrease 13% and median price decrease 2% year-over-year, driven by fewer contracts above $2M compared to October 2017.
- In fact, areas with historically higher-priced inventory (including Brooklyn Heights and Park Slope) saw far fewer transactions than this same time last year.
- Fueling the overall price decline was an increase in activity in areas such as Ditmas Park, Prospect Lefferts Gardens and Flatbush.
- Overall contract activity was down 11% compared to last year, partially due to inventory constraints at lower price points, but also due to potential buyer’s lower confidence in the market.
- These same effects pushed days on market 7% higher year-over-year. The 30% additional new listings compared to last year was primarily due to new development introductions – and therefore generally at above-average price points.
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