The September 2014 Manhattan & Brooklyn Sales Market Snapshot

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Manhattan Market-wide Trends:

Following a lower-performing August than expected, pricing in the Manhattan market came back strong in September. The increase in prices is largely due to an increase in the number of sales over $3M, which more than doubled compared to last month and was up 40% versus last year.
For the first time since January, September saw year-over-year gains in contracts signed in both the condo and the co-op markets.
Inventory continues to replenish with the largest number of new listings since May 2012 and the largest annual increase in total listings in over five years.
Average discount from asking price is up slightly for both condos and co-ops, but smaller than the discounts given a year ago.

Brooklyn Market-wide Trends:

Average price and median price experienced strong year-over-year gains in Brooklyn this September with 17% and 21% increases, respectively.
The length of time from list to sale continued to shrink, decreasing by 21% compared to last September. 74% of buyers paid at or above asking price in September.
Total available inventory in Brooklyn increased 18% versus a year ago while new listings increased 46% year-over-year. September 2014 had the highest amount of newly listed inventory since August 2011.
38% of sales in September were townhouses, a majority of which were in South Brooklyn.