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- In April 2019, conditions in Manhattan’s condo and co-op markets diverged.
- Condominiums saw stable contract activity compared to last April, while co-ops saw a substantial double-digit increase.
- Overall condo average and median price figures declined versus last year – as the number and market share of sales over $5M declined.
- Resale coop average and median price, however, registered year-over-year increases as the number of sales over $2M improved.
- Both condos and co-ops saw average price-per-square-foot decline versus a year ago as buyers, on average, chose more space over prime locations.
- Listed inventory grew by just single digits, a relatively limited increase compared to more than a year of double-digit increases.
- Average days on market rose for condos, but subsided among co-ops.
- During April, the median sales price in Brooklyn rose 13% year-over-year, driven by sales over $4M in prime neighborhoods such as Park Slope and Williamsburg.
- But strong activity in southern Brooklyn kept the average sale price flat versus a year ago.
- The market share of sales under $1M increased compared to last year. The average price per square foot declined 11% year-over-year and was the lowest figure since September 2018.
- Contract activity increased 7% compared to last year and remained level compared to last month due to strong activity in Greenpoint, Carroll Gardens and Cobble Hill.
- Days on market increased 39% year-over-year but declined 12% compared to March 2019; it still remained above the Brooklyn three-year average.
- The number of additional new listings declined 16% compared to last year but rose 2% compared to March 2019.