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- July brought significant improvements in the Manhattan co-op market, but the condo market lagged.
- Co-op signed contracts were up 13% from last year, but condo sales dropped 11% versus July 2016.
- However, pricing metrics were far more favorable for condos, as average and median sale price saw increases, while co-ops saw average and median sale price both decline versus last year.
- Inventory was nearly level with last year, as listed condo inventory stayed virtually the same, while co-op inventory saw only a 2% increase.
- Negotiation continued to remain prevalent, with the discount from last ask hovering around 3% for condos, and 1% for co-ops.
- The average home spent a longer time on the market when compared to July 2016 – for both condos (16% longer) and co-ops (4%).
- During July, the Brooklyn market experienced its sixth consecutive month of annual sales increases, up 5% versus last year.
- However, median and average sale figures experienced modest drops year-over-year, each falling by 3%.
- Meanwhile, the average price-per-square-foot was nearly level versus last year at $898 per square foot.
- The difference from last asking price to sale price was 0.9% below the average asking price, driven by several townhouses selling below ask..
- New listed apartment inventory saw a 48% increase from July 2016 due to several new development launches over the last twelve months. (EX. The Greenpoint, 2100 Bedford Avenue)
- The days on market figure of 53, while up year-over-year, still indicates a very competitive market in the borough.
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