The Randy Baruh Team here with November’s Market Report for Manhattan and Brooklyn! As the weather gets colder and the holidays approach, market activity slows down but homes are still selling!
November saw 797 contracts signed in Manhattan, a 43% decline from last year, but a small increase from the number of contracts signed last month. It was sales over that $5M saw the biggest decline in sales, with a decline of over two-thirds. Condo sales dropped by over 50% and co-ops fell by 36% from last year.
Upper Manhattan saw the least amount of change, but while the decline of nearly 700 listings might be the largest in the last few months, it is on par with how the market normally acts this time of year.
Brooklyn is seeing atypical market activity, with 5% more contracts signed in November than in October. 295 contracts were signed, with an average of 93 days on the market. Activity on listings over $3M dropped by 60%, but the limited inventory continues to push average days in the market lower and lower.
While more than half of sales were sold below the last asking price, overall average negotiability landed 0.2% above the ask. Just over a quarter of deals traded over the last asking price.
Overall, listings are spending less time on the market than last month, with an average of 121 days. And the average price per square foot for co-ops has slipped to a 10-year low as discounts become more commonplace and negotiability rose to its highest point in nearly two years.
Manhattan at a glance:
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- 797 contracts signed
- 121 average days on market
- 6,838 homes in the inventory
- $1,930 Average price per square foot
Brooklyn at a glance:
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- 295 contracts signed
- 93 average days on market
- 1,745 homes in the inventory
- $1,195 Average price per square foot