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- November 2018 saw a decline in sales activity as buyers continued to demand steeper discounts – while inventory lingered on the market.
- Listed inventory reached its highest point for any November since 2011 as supply continued to outpace sales.
- The average negotiability for both product types increased since last year as buyers pursued better deals.
- There was a year-over-year decline in median price for condos – but average price and average price-per-square-foot increased.
- The co-op market experienced an increase in price statistics across the board.
- Average days on market rose again for condos but decreased for co-ops. Despite steeper discounts, average prices on a statistical basis are not lower due to an increase in sales at high-end buildings.
- During November, Brooklyn market indicators weakened, including deceased price statistics and lower contract activity, slightly lengthening days on market, and expanding inventory.
- November saw average sale price decrease 4% and median price decrease 13% year-over-year, driven by fewer contracts above $2M compared to November 2017.
- In fact, neighborhoods located in prime areas of Brooklyn such as Dumbo, Brooklyn Heights and Park Slope saw far fewer transactions than this same time last year.
- Overall contract activity was down 27% 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 3% higher year-over-year.
- The 32% additional new listings compared to last year was primarily due to new development introductions in 2018, and therefore generally at above-average price points.
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