Contract activity increased market-wide compared to both last month and last year. An increase in sales from September to October is an expected seasonal trend but sales were significantly higher this October compared to October 2011.
Condo and co-op contracts signed increased year-over-year by 25% and 21% respectively. Strong demand was also evidenced by significant price gains for condos and co-ops. Inventory continues to fall to record lows, down 21% from last year. Given the current supply-demand dynamic, prices are increasing, negotiability is narrowing and the average time on the market for desirable listings continues to decrease.