Showing posts with label June 2018. Show all posts
Showing posts with label June 2018. Show all posts

Jul 26, 2018

Brooklyn Monthly Market Report | June 2018

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Market Wide Summary 

During June, strong South Brooklyn new development sales at recently launched sites such as The Jade Condominium and The Arthouse Condominium drove up overall contract activity by 11% compared to June 2017.

Due to the uptick in new development sales in South Brooklyn, Brooklyn’s price metrics fell compared to last year. Average and median sale price figures fell by 6% and 1%, respectively. Average price per square foot decreased versus June 2017, down 3%, driven by an increase in market share of sales below $2M.

The difference from last ask price to sale price was -0.1% below the average asking price, slightly lower when compared to last year. Days on market was unchanged compared to last year and shortened by one week compared to the previous month as more fast-selling and less expensive homes traded in June 2018.


BROOKLYN AVERAGE DAYS ON MARKET 

Days on market in June was level compared to last year but shortened versus the prior month. As fewer expensive homes traded in June, the days on market figure of 61 days ended an eight-month streak of being over the Brooklyn’s five-year average.


BROOKLYN NEWLY LISTED APARTMENT INVENTORY

Newly listed apartment inventory was up a significant 38% year-over-year and level with the month prior. The number of newly listed apartments during June 2018 is the highest June figure on record, driven by significant new development introductions in South Brooklyn and the launch of Brooklyn Point earlier this year.


BROOKLYN NEGOTIABILITY 

Negotiability improved for sellers in Brooklyn versus June 2017 as almost 65% of homes sold at or above the asking price in June 2018, level with Brooklyn’s five- year average. More sellers have been pricing their homes in line with buyer’s expectations as 35% of homes sold at the asking price, higher than the previous month and last year.

Jul 16, 2018

Manhattan Monthly Market Report | June 2018

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Manhattan Monthly Market Report | June 2018

Market Wide Summary 

There was a divergence in June sales activity amongst condos and co-ops, as contracts signed rose for co-ops but fell by double-digits for condos. All pricing metrics for condos decreased, with median sale price being the most significant.

Price statistics for co-ops were varied as average price increased substantially due to some very high-priced deals but median price decreased. The average price per square foot remained relatively flat for condos, while it increased almost 30% for co-ops. Listed inventory for condos reached a 12-month high for the third consecutive month, and co-op inventory rose 33% to its highest level for any June since 2012.

Average days on market stayed relatively flat for condos, while it increased significantly for co-ops. Negotiability was up monthly and annually for condos and co-ops, as high inventory continues to drive up that figure.




 
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