Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.
Manhattan Trends:
- Compared to last year, October 2019 contract activity fell for both condominiums and co-ops, declining 11% for condominiums and 8% for co-ops.
- Versus last month, however, condominium and co-op sales rose significantly as September 2019 had the fewest contracts signed for both property types in over two-and-a-half years.
- For condos, average and median sale price both experienced double-digit annual increases.
- Price figures increased due to a drop in sales under $1M compared to last year – caused by fewer studio and one-bedroom sales.
- Yet, average price-per-square-foot dropped 7% annually for condos. Average and median price statistics for co-ops experienced double-digit declines across the board.
- Listed inventory for condominiums and co-ops expanded versus last year. As a result, average days on market for condominiums and co-ops increased and negotiability deepened for both property types.
Brooklyn Trends:
-
In October 2019, price statistics and days on market rose compared to last year.
-
Median sale price increased 13% year-over-year and average price increased 9% annually, due to the constricted market share of sales under $1M compared to last year.
-
Contract activity remained essentially unchanged compared to last year, the smallest annual decline in sales since March 2017, yet was the lowest sales figure for any October in Brooklyn since 2013.
-
Days on market increased 19% year-over-year to 93 days on average in October, which was the fourth consecutive month above the Brooklyn three-year average.
-
Newly listed apartment inventory fell 19% because last year was skewed by several new development launches.
