January 2015 Manhattan & Brooklyn Sales Market Snapshot

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Manhattan Trends:

• January 2015 was a slow month for Manhattan residential real estate, with decreases in contracts signed and increases in some negative market fundamentals including average time to sell and discount from last asking price.
• Average price per square foot jumped up 13% compared to January 2014, a significant annual gain. Average price increased by 4%, however median price remained nearly constant since last month and last year.
• Co-ops saw a large gain in median price, which increased 23% compared to last year. Co-ops also saw a significant decrease in average price per square foot.
• Inventory in January was up 6% versus last month, and 7% versus last year. Once again the entirety of the inventory gain was due to condo listings, which were up 13% from last year.

Brooklyn Trends:

• Average and median sales prices increased by double digits, 21% and 19%, respectively, while the average price per square foot increased 4% year-over-year.

 

• Brooklyn had a 32% increase in contracts signed versus January 2015. In January, 68% of buyers paid at or above asking price.

 

• Year-over-year total available inventory in Brooklyn increased by 28% while new listings increased 41%.

 

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Posted In: Home Buyers and Sellers
Tagged: Central Park West Apartment, manhattan apartment, manhattan co-op, Manhattan condo, manhattan coop, Manhattan Real estate, manhattan real estate agent, manhattan real estate broker, New York city apartment, New York City Real estate, upper west side apartment