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Manhattan Trends:
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Buyers are taking notice of the discounts available in the market and as a result, contract activity rose versus November 2018.
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The condo market captured a smaller market share of sales under $1M, which resulted in annual price increases for both the average and median sale price for this product type.
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However, with buyers choosing more space over a prime location, average price per square foot dropped 9% annually for condos.
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On the contrary, average and median price statistics for co-ops experienced declines as co-op buyers, on average, purchased smaller apartments.
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Listed inventory for both condominiums and co-ops expanded by double-digits versus last year.
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As a result, average days on market increased for both property types.
Brooklyn Trends:
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In November 2019, Median sale price increased 15% year-over-year and average price increased 12% annually, due to a reduced share of sales below $1M and fewer Central Brooklyn sales compared to last year.
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In addition, price statistics were skewed higher this month due to high-end townhouse sales including three sales over $5M compared to none last year.
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However, average price per square foot was only 1% higher… indicating that price growth was due to the sale of larger residences, not market appreciation.
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Contract activity decreased by 4% compared to last year and has declined annually during eight of the last twelve months.
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Because larger residences tend to take longer to sell, days on market increased 54% year-over-year to 120 days on average in November, which was the fifth consecutive month above the Brooklyn three-year average.
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Newly listed apartment inventory fell 29% year-over-year and was the lowest figure since December 2018.
