The Randy Baruh Team here with October's Market Report for Manhattan and Brooklyn! Higher interest rates and economic volatility continued to impact the Manhattan market while the low inventory in Brooklyn has listings flying off the shelves.
This past month saw 796 contracts signed in Manhattan and 282 signed in Brooklyn. At 126 days, October saw the longest average days on market for Manhattan this year but it’s still well below the overall average of the last two years. Alternatively, Brooklyn’s limited inventory has pushed the average days-on-market to well below 90 days, with co-ops spending less than 78 days on the market.
Manhattan buyers had over 7,500 apartments to select from, the highest level since June 2021 and an increase of 12% from September and 5% from October 2021. More than 70% of sales traded below their last ask (compared to 60% in October 2021) with an average discount of 4.4%.
Comparatively, Brooklyn buyers had just under 2,000 homes to choose from, a 10% increase from September but a 16% decrease from October of last year. More than half of Brooklyn’s sales were sold at or above the last asking price, however, 7% of sales sold with a discount over 10%.
In both markets, listings above $5M fell the most, while contracts under $1M saw the least change. In Manhattan, the overall average price per square foot fell 5% from last year to $1,811 but remained above the two-year average of $1,785. While Condo price per square foot continues to fall by modest amounts, Co-op price per square foot has decreased by double digits for the third month in a row. Brooklyn’s average price per square foot has increased from last month but at $1,200, it's still lower than this time last year, and co-ops are averaging around $450 less per square foot than condos.
Manhattan at a glance:
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- 796 contracts signed
- 126 average days on market
- 7,511 homes in the inventory
- $1.097M median price
- $1,811 Average price per square foot
Brooklyn at a glance:
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- 282 contracts signed
- 82 average days on market
- 1,926 homes in the inventory
- $895K median price
- $1,210 Average price per square foot