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Manhattan Trends:
- Contract activity increased marketwide this past February, up by 7% compared to last year.
- The condo market saw notable year-over-year increases in all pricing metrics – while the co-op market saw small decreases across the same metrics
- Both markets, however, were marked by increases in the amount of time listings spent on the market, fueled by borough-wide inventory growth
- Negotiability was more pronounced in both the condo and co-op markets, a trend that has persisted since early 2016 due to increasing buyer choice.
Brooklyn Trends:
- In Brooklyn, February saw a double-digit increase in contract activity versus last year, with 26% more sales.
- Median and average sale price experienced significant annual gains, with double-digit growth of 22% and 29%, respectively, marking the largest increase in pricing since March 2015.
- All bedroom types except for studios experienced a 6% rise in pricing over the last year, causing overall price per sq. ft. to rise 10% year-over-year to $880 per square foot.
- However, the trend of price discounts continued into February, with an average discount of 2.4% off asking price, and nearly half of sales traded below ask.
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