Market Reports
Manhattan Market Snapshot - December 2025
Manhattan saw 861 contracts signed in December, up 5% year-over-year and 4% above the ten-year December average. Co-ops led the annual gain, rising 19% annually to a five-year December high. Condo contracts, however, declined 11% from a year ago. Average days on market fell 15% year-over-year and 8% below the ten-year December average, to 127 days. Sales were stable or higher than last December for all prices but the $5M+ segment, which saw a 17% decline. Limited inventory is negatively affecting luxury sales. The market under $1M had the greatest annual percentage gain, up 14% thanks to robust resale demand.
Brooklyn Market Snapshot - December 2025
Sales rose 10% year over year, marking a second month of gains after six months of declines. The increase, however, was compared to the slowest December in more than seven years. Co-op activity surged 44% from last year, fueled by greater supply and more attractive pricing in the co-op segment. In contrast, condo sales fell 5% as inventory hit a two-year low. Brooklyn’s December rebound was driven by the lower end of the market. Most notably, contracts under $1 million jumped 23%, reflecting the co-op rebound. Listings sold faster in December, with days on market decreasing to 89 from 109 last year, as buyers moved quickly on well-priced listings.
The Manhattan real estate market closed out 2025 on a strong note. Even with a heated mayoral election and constant headlines about economic and political uncertainty, the Manhattan market continued its steady improvement in sales, pricing, and inventory, while marketing times dropped. Altogether, the quarter’s
results inspire confidence in the market heading into 2026.
Brooklyn’s residential market showed signs of resilience in Fourth Quarter 2025, posting modest annual gains in sales and pricing despite persistent inventory constraints. While closings rose for the second consecutive quarter, overall activity remained historically low, underscoring the dual impact of limited new development supply and a lingering lock-in effect among owners due to mortgage rates. Price metrics strengthened across all categories, driven by a shift toward higher-end transactions and a slowdown in lower-end sales due to price sensitivity among value-conscious buyers.
Manhattan Market Snapshot - November 2025
Manhattan saw 869 contracts signed this November, down 3% year-over-year and 4% below the ten-year November average. Contract activity fell 22% from October—the steepest October-to-November drop since 2013. Despite the decline in sales, buyers moved to contract faster than last year or a typical November, with average days on market falling 6% annually and 8% below the ten-year average to 117 days.
Brooklyn Market Snapshot - November 2025
With 323 contracts signed, Brooklyn sales increased year-over-year for the first time after six consecutive months of annual declines, up 5% annually. Contract activity was down 2% compared to October 2025, a change that is typical of seasonality. Both condos and co-ops experienced annual increases in contract activity. An increase in supply and steady pricing prompted buyers to act.
Manhattan Market Snapshot - October 2025
Manhattan saw 1,113 signed contracts this October, up 4% year-over-year and 12% above the ten-year October average. This was the strongest October since 2021. Buyers also inked contracts faster than last year or a typical October, with average days on market falling 11% annually and 3% below the ten year average to 118 days. Compared to last October, condo contracts rose 8% and co-op sales increased 2%.
Brooklyn Market Snapshot - October 2025
With 329 contracts signed, Brooklyn sales fell year-over-year for the sixth consecutive month, down 12% annually and 17% below the ten-year average. Contract activity was up 31% compared to September 2025, a change that is typical of seasonality. Both condos and co-ops experienced double-digit annual percentage declines in contract activity
Manhattan Market Snapshot - September 2025
In September 2025, Manhattan saw 806 signed contracts, up 6% year-over-year and 8% above the ten-year September average. This was the strongest September for signed contracts since 2021. Alongside this increase in demand, buyers inked contracts more quickly than a year ago, with average days on market falling 12% versus both September 2024 and the September ten-year average to 118 days.
Brooklyn Market Snapshot - September 2025
Brooklyn’s market faced declining sales for the fifth consecutive month as limited inventory continues to create a challenging environment for buyers. While some submarkets continue to demonstrate strength, the overall market is becoming more constrained and competitive. The September 2025 contracts signed figure was down 4% year-over-year, the second-slowest September in at least the last eight years. Co-op sales decreased 14% annually, but condo sales increased 3%.
Brooklyn’s residential market demonstrated resilience and delivered record high prices this quarter. The market regained momentum as buyers re-entered despite persistent economic uncertainty and elevated mortgage rates. Sellers, however, remained hesitant—many constrained by limited opportunities to trade up and the lock-in effect of their existing low mortgage rates—resulting in continued inventory contraction. Rising prices emerged as a key market trend, fueling urgency among buyers, particularly in highly competitive neighborhoods.
The Manhattan market performed strongly in Third Quarter 2025. Despite economic and political uncertainties that included a shifting labor market, contentious mayoral race, and intensifying political anxieties, Manhattan sales improved, supply remained steady, and prices responded to demand growth and an active luxury segment. The fundamentals of Manhattan’s residential real estate market remain solid and well-positioned to confront any potential headwinds.
Manhattan Market Snapshot - August 2025
In August 2025, Manhattan saw 851 signed contracts, down 3% year-over-year and 6% below the ten-year August average. This was only the second month with an annual decline in signed contracts so far this year. While the annual drop in deals was modest, it marked the slowest August since 2020. Despite the sales decline, buyers signed contracts faster than a year ago, with average days on market falling 11% versus 2024 and 3% versus the ten-year August average to 125 days.
Brooklyn Market Snapshot - August 2025
Brooklyn’s market faced declining sales for the fourth consecutive month as limited inventory continues to create a challenging environment for buyers. While select submarkets show resilience, the overall trend reflects a tight and increasingly competitive landscape. The August 2025 contracts signed figure
was down 12% year-over-year, the second slowest August in at least the last eight years. Both condo and co-op sales were lower, though co-op sales were
down only 1%.
Manhattan Market Snapshot - July 2025
In July 2025, Manhattan saw 908 signed contracts—up 1% year-over-year and 3% above the 10-year July average. While the annual gain was modest, this was the strongest July since 2021. The monthly decline aligned with typical seasonal patterns from June to July. Buyers remained active at a pace similar to last year, with average days on market rising just 1% year-over-year to 122 days, and 2% below the 10-year July average.
Brooklyn Market Snapshot - July 2025
In July 2025, Brooklyn saw 283 signed contracts—down 18% year-over-year. Excluding 2020, this was the lowest number of signed contracts for any July in at least nine years and marked the third consecutive month with a double-digit decline in annual sales. Compared to July 2024, condo contracts fell 17% and co-op sales dropped 20%.
Manhattan Market Snapshot - June 2025
In June 2025, Manhattan saw 1,017 signed contracts—up 3% year-over-year and 1% above the 10-year June average. This was the eleventh time in 12 months that contract activity increased annually. Buyers also signed contracts quicker this month, with average days on market falling 4% year-over-year to 111 days, 13% below the 10-year June average.
Brooklyn Market Snapshot - May 2025
Brooklyn’s residential market slowed in June, with total sales down 11% year-over-year—the lowest June figure in five years. The under $1M segment had the largest nominal decline, down 50 signed contracts, due in part to fewer sales in South Brooklyn. Though not a very large segment of the market, sales over $3M fell by more than half compared to last June. Conversely, sales increased in the $1M to $1.5M and $1.5M to $2M segments compared to last year, mainly with a high concentration in Williamsburg and Park Slope. Additionally, the average days on market fell by 26% year-over-year, primarily due to a sense of urgency driven by rising prices.
Brooklyn began the quarter with strong momentum, building on three consecutive quarters of annual growth in contract activity. However, the quarter’s performance ultimately fell short of the elevated expectations set at the outset. Economic and political challenges—such as persistently high mortgage rates, tariffs, and the city’s Democratic mayoral primary—gradually eroded market sentiment as the quarter progressed.
Second Quarter 2025 proved that the Manhattan real estate market remains active, as sales rose, supply tightened, prices climbed, and marketing times shortened. At the same time, the market is contending with many economic and political headwinds, such as tariffs and the city’s democratic mayoral primary, which started to shift sentiment over the course of the quarter. While it is too early to tell how much they will impact activity, we remain cautiously optimistic that this quarter’s positive outcomes will supply momentum to the market heading into summer.
Manhattan Market Snapshot - May 2025
In May 2025, Manhattan sales fell 6% year-over-year and 7% versus last month to 1,065 contracts—3% below the ten-year May average. Significantly, this represented the first annual decline in signed contracts since May 2024. Despite the annual sales decline, buyers that signed contracts in May did so in less time than last year, with average days on market falling 5% year-over-year to 112 days, which was also about 7% below the ten-year May average.
Brooklyn Market Snapshot - May 2025
Brooklyn’s residential market experienced a slowdown in May, with overall sales declining 11% year-over-year, marking the lowest May total in five years. Bucking the trend, the $1.5M to $2M price bracket was the only tier to post annual growth, with 16 more contracts signed than a year ago. This uptick was largely driven by increased resale activity in North Williamsburg and Park Slope—two neighborhoods that continue to attract strong demand.
Manhattan Market Snapshot - April 2025
In April 2025, Manhattan sales rose 11% year-over-year and 5% versus last month to just under 1,150 contracts, 5% above the ten-year April average and the eleventh consecutive annual increase. Contracts were signed quicker this month, with average days on market falling 13% versus March per seasonality and 1% year-over-year to 106 days, about 10% below the ten-year April average.
Compared to last year, condo contracts improved 8% and co-op sales rose 13%. All price ranges displayed annual gains in sales. Notably, contracts asking between $2M and $3M increased 24% year-over-year, and Midtown contract activity rose 30% year-over-year. The high-end of the market continued to exhibit solid demand: contracts asking above $5M rose 3% annually, the tenth consecutive annual gain. Versus last April, days on market rose by 5% for condos but dropped by 6% for co-ops.
Brooklyn Market Snapshot - April 2025
Sales in Brooklyn grew by 6% compared to last year’s four-year April low. However, overall contract activity was bolstered by the co-op market, as condo sales declined for the second consecutive month. Value-driven buyers boosted sales activity under $2M by 7% annually, while activity over $2M fell slightly by 2% year-over-year. Notably, contracts signed in Park Slope/Gowanus reached a near two-year high, thanks to new developments. Days on market decreased by 12% year-over-year, as the trend of increased inventory energized buyers to transact.
Manhattan Market Snapshot - March 2025
In March 2025, Manhattan sales increased 3% year-over-year and jumped 13% versus last month to 1,087 contracts. This was the tenth consecutive month that contracts increased year-over-year. Buyers signed contracts faster this month, driving the average days on market down by 10% annually to 122 days. This was the lowest average days on market figure for the month of March since 2022.
Brooklyn Market Snapshot - March 2025
Contract activity was nearly level versus last year, declining by a minimal 1%. While sales under $1M declined 8% year-over-year, sales over $1M increased by 8%. The over $3M segment had a particularly large annual increase in activity, up 55% versus a year ago. With 17 deals, this was the second-strongest month for $3M+ sales in Brooklyn in two years. Contracts signed increased in three of eight submarkets, with one showing unchanged activity. Carroll Gardens/Boerum Hill/Red Hook had the largest nominal year-over-year increase, a difference of eighteen sales. Days on market fell 13% annually, helped by condos selling much faster than a year ago.
Brooklyn kicked off the year on a positive note. Signed contracts improved,
sellers brought more inventory to market, and higher prices reflected robust demand. The number of closed sales reflected yesterday’s market conditions, declining for the third quarter in a row—a trend that will hopefully reverse itself soon given the improvement in contract signed activity.
First Quarter 2025 was a promising start to the year for the Manhattan real estate market. Despite jitters around demand, the economy, and a constant influx of breaking news, Manhattan experienced stronger sales, lower supply, and shorter marketing times than this time last year.
Manhattan Market Snapshot - February 2025
In February 2025, Manhattan sales increased 3% year-over-year and jumped 19% versus last month to a three-year February high of 960 contracts. This was the ninth consecutive month that contracts rose year-over-year. Buyers acted swiftly this month, reducing average days on market by 12% year-over-year to 135 days. This decline is due to an increase in sales with marketing timelines of less than one month versus 2024. Versus 2024, condo contracts increased 6% and co-op sales rose 1%. Notably, versus last year contracts asking between $3M and $5M increased 12% and Upper West Side contract activity improved 24%. The high-end of the market displayed a double-digit annual gain this month, with contracts asking above
$5M up 29% thanks to the new development market.
Brooklyn Market Snapshot - February 2025
Contract activity increased by just 1% versus last month and last year, as a 5% gain in condo contracts counterbalanced a 6% drop in co-op deals. At 310 reported contracts, this was the most active February in three years and the sixth overall increase in the last seven months. Contracts signed increased in four of eight submarkets, with double-digit gains seen in areas with recently introduced new development properties. The $2M to $3M segment was the only price category with an annual increase in activity, up 37% versus a year ago. Days on market fell 6% annually, as newer to market condos are selling more rapidly.
Manhattan Market Snapshot - January 2025
In January 2025, Manhattan sales increased 2% year-over-year to a three-year January high of 804 contracts. This was the fifth consecutive month that sales rose year-over-year, but the least significant annual percentage gain since August 2024. Average days on market fell 12% year-over-year to 150 days due to an uptick in transactions with marketing timelines under one month versus 2024.
Versus 2024, condo and co-op contracts each increased by 2%. Notably, versus a year ago contracts asking between $3M and $5M rose 14% and sales Downtown improved 8%. The high-end of the market displayed an annual gain this month, with contracts asking above $5M up 5% thanks to both new development and resale contract activity. Days on market fell 8% for condos and 15% for co-ops compared to last January.
Brooklyn Market Snapshot - January 2025
Contract activity increased 34% year-over-year. This was the fifth annual increase in the last six months. Buyers were more active than last year in seven of eight submarkets, with particularly strong gains seen in South Brooklyn and the area south of Prospect Park. With that shift, 50 additional contracts were signed at under $1M compared to a year ago. All price ranges had an increase in sales except for $1.5M to $2M. Days on market fell 17% annually, driven by the decline in marketing time for condos as the co-op figure was unchanged.
Manhattan Market Snapshot - December 2024
In December 2024, Manhattan sales increased 19% year-over-year to 820 reported contracts, the strongest December since 2021. This was the seventh consecutive month that contracts increased on an annual basis and the fourth consecutive that sales improved by double-digits year-over-year. Growing confidence in the market’s resurgence, price adjustments, and an improving economic outlook have been critical drivers in the uptick in sales. Despite the increase in signed contracts, average days on market rose 9% year-over-year to 149 days due to several new development transactions with marketing timelines over a year.
Brooklyn Market Snapshot - December 2024
Contract activity fell year-over-year after four consecutive months with increases. At 210 reported contracts, this was the slowest December in at least eight years. Condo contracts decreased 10% year-over-year while co-op sales dropped more significantly, falling 37%. The overall sales figure was driven down by a decline in sales at the low-end, where sales under $1M declined 33% annually. In aggregate, sales over $1M were unchanged versus a year ago. Four of the eight submarkets exhibited annual increases, particularly in areas with a recent surge in new development inventory.
The Brooklyn market wrapped up 2024 on a solid note. Buyers responded to the much-needed boost in inventory by signing more contracts than the previous year. In fact, contract signed activity has been gaining momentum over the past year, with four of the last five quarters showing year-over-year increases. For sellers, the good news continued this quarter as prices rebounded to near-record highs.
2024 ended very differently than it began. While there were signs of a turnaround in the Spring and Summer, the market roared back to life this Fall. In Fourth Quarter 2024, lower prices, a dip in mortgage rates, and a bullish economy released pent-up demand and caused sales to surge. As a result, supply fell and days on market shortened.
Manhattan Market Snapshot - November 2024
In November 2024, Manhattan sales increased 24% year-over-year to 892 reported contracts, the best November since 2021. This was the sixth consecutive month that contracts rose on an annual basis and the third in a row that sales improved more than 20% year-over-year. Price adjustments, new inventory, confidence in the market’s rebound, and an optimistic economic outlook overall have been key to the recent surge in sales. Average days on market fell slightly by 1% year-over-year to 124 days on average.
Brooklyn Market Snapshot - November 2024
Contract activity rose year-over-year, the fourth consecutive month of annual sales gains and the strongest November since 2021. Condo contracts increased 7% year-over-year, while co-op sales rose 2% from their seven-year low in 2023. All price points except the under $1M segment displayed an uptick in the number of contracts signed compared to a year ago. The over $3M price range had 19 sales reported, the highest seen in over two years. Five of the eight submarkets showed annual growth in activity. Carroll Gardens/Boerum Hill/Red Hook had the largest percentage increase as the number of contracts nearly doubled last year’s figure
Manhattan Market Snapshot - October 2024
In October 2024, Manhattan sales surged 27% year-over-year to 1,066 reported contracts. This was the strongest October and greatest annual percentage gain for contracts since 2021. Additionally, October marked the fifth consecutive month that sales rose annually. Lower mortgage rates, price adjustments, and new inventory have been key to the recent improvement in sales. Average days on market rose 6% year-over-year, with a larger share of apartments entering contract with marketing timelines greater than one year compared to last year.
Brooklyn Market Snapshot - October 2024
Contract activity rose year-over-year, the third consecutive month of annual sales gains. Condo contracts increased 12% year-over-year, and co-op sales jumped 36% from a low point last year. This was the strongest October since 2021 for both the condo and co-op markets. All price points displayed a positive
or steady performance with the number of contracts signed over $3M doubling compared to a year ago. Furthermore, the sales figure in the $1.5M to $2M price range, 52 reported contracts, was this segment’s highest in over two years. Six of the eight submarkets showed annual increases in activity.
Manhattan Market Snapshot - September 2024
In September 2024, Manhattan saw a boost in contract activity with 757 reported contracts, a 22% year-over-year increase. This was the first time since
December 2021 that sales rose by double-digits annually. Additionally, September 2024 marked the fourth consecutive month, and the ninth time in the past year, that contract activity displayed an annual percentage increase. Average days on market dropped 11% year-over-year, with a greater share of apartments entering contract in less than 30 days compared to last year.
Brooklyn Market Snapshot - September 2024
Contract activity increased annually for the second month in a row after five consecutive months of declining sales. Condo contract activity increased 19% year-over-year, and co-op sales jumped 71% from a record low last year. This was the second time since January that contracts signed in both the condo and co-op markets increased. Five of the eight submarkets showed annual increases in activity. The growth in sales was concentrated in areas of Brooklyn farther from Manhattan. South Brooklyn had the largest nominal year-over-year increase with 45 additional contracts, also resulting in a surge in activity under $1M. Decisive buyers helped drive average days on market down 3% year-over-year.
The Brooklyn market continued to display mixed indicators in Third Quarter
2024. Closings fell year-over-year, but contract activity improved versus last
year’s low level. Inventory rose for the second consecutive quarter but is
still 31% below its recent high about four years ago. The average days
on market increased by one week year-over-year, extending a two-year
streak of lengthening sales periods. Nevertheless, all boroughwide pricing
metrics increased, with median price per square foot setting a record high.
The Manhattan market made progress in Third Quarter 2024. Compared to a year ago, closings and signed contracts rose as inventory held
steady. More value, falling mortgage rates, and pent-up demand are powering the turnaround, particularly for price sensitive buyers. Price
statistics, meanwhile, reflected fewer new development sales and buyers finding better space and/or locations for less per square foot than a year ago. In all, this quarter should give buyers and sellers much needed optimism that the Manhattan market may be entering a stronger period.
Manhattan Market Snapshot - August 2024
In August 2024, Manhattan sales saw a slight improvement versus a year ago, with 875 contracts, up 1% year-over-year. This was the third consecutive month and the eighth time over the past twelve months that contract activity displayed an annual percentage increase. Average days on market rose 4% year-over-year, as a higher share of apartments entered contract in under 60 days last year compared to this month.
Brooklyn Market Snapshot - August 2024
Following five consecutive months of annual sale declines, the Brooklyn market improved in August. Both condo and co-op contract activity increased year-over-year, up 10% and 35%, respectively. This was the first time since January that contracts signed in both the condo and co-op markets increased annually. Six of the eight submarkets saw a year-over-year increase in contracts signed. South Brooklyn had the largest nominal annual sales growth, a difference of 30 sales, also resulting in a surge in activity under $1M. Average days on market decreased 15% year-over-year as fewer condos sat on the market for more
than a year.
Manhattan Market Snapshot - July 2024
In July 2024, sales significantly improved versus a year ago with just over 900 contracts in Manhattan, up 11% year-over-year. This was just the second time
this year that contract activity increased by a double-digit annual percentage. Alongside the increase in signed contracts, average days on market fell 11%
year-over-year, as a greater share of apartments found buyers in under 60 days than a year ago.
Brooklyn Market Snapshot - July 2024
While co-op activity increased year-over-year, condo sales fell 18%, resulting in an overall decline of 5%. Sales typically slow from June into July, though this year’s 2% monthly decline was less significant than the double-digit declines generally seen in the last seven years. The under $1M price segment had the largest nominal annual decrease, down 13 sales, due to limited inventory in this price category. Only two of the eight submarkets, Carroll Gardens/Boerum Hill/Red Hook and South Brooklyn, saw an annual increase. South Brooklyn had the largest nominal change annually with almost 30 additional sales. Average days on market increased 21% year-over-year as lingering listings, mostly in the co-op market, finally sold.
Manhattan Market Snapshot - June 2024
In June 2024, demand’s key indicators showed improvement compared to a year ago. This month, just under 1,000 contracts were signed in Manhattan,
down a typical 12% from May but up 1% year-over-year. Buyers moved faster, as well, as average days on market fell 5% year-over-year due to a decline in the market share of apartments that entered contract after more than a year on the market.
Brooklyn Market Snapshot - June 2024
Co-op activity increased 11% year-over-year, but a 17% decline in condo sales drove overall sales down 6%. June is typically slower than May and this year’s 20% decline was no exception. The $1M to $2M price segment, likely feeling high interest rate burden the most, experienced a double-digit annual decline in sales and contracted to just 23% of market activity, the lowest since the pandemic. Sales activity in value-oriented South Brooklyn surged 19% to its second-highest June level in six years. Average days on market increased 20% year-over-year as lingering listings, mostly in the co-op market, finally sold.
Manhattan market conditions remain less than ideal, but Second Quarter
2024 ended on a stable note. Supply and demand both increased slightly
versus 2023 as lower prices enticed buyers back into the market. While it
is too early to tell if a recovery is in swing, we hope this quarter’s results
indicate that Manhattan’s real estate market has at least turned a corner.
Manhattan Market Snapshot - May 2024
In May 2024, signed contracts declined year-over-year for just the second time in 2024. This month, just over 1,100 contracts were signed in Manhattan, up a
typical 10% versus April but down 6% versus last year and 5% versus the ten-year pre-pandemic average for the month of May. Although sales moderated,
average days on market fell 8% year-over-year due to a decline in the market share of apartments that signed after more than a year on the market.
Versus 2023, condo sales fell 9% and co-op sales moderated 3%. By price range, contract activity declined year-over-year for all but the $1M to $2M price
point, for which sales rose 6% annually. By location, sales in four out of the six submarkets fell versus 2023, while activity in Upper Manhattan and Midtown
was roughly level. Days on market fell 6% and 11% for condos and co-ops, respectively, compared to last May.
Brooklyn Market Snapshot - May 2024
The number of contracts signed hit its highest level since May of last year. Co-op activity increased 21% year-over-year to reach its highest figure in nearly
three years. However, overall sales declined 5% due to a 20% drop in condo contracts. Sales activity from $1.5M to $2M had the most significant decrease
year-over-year, down 16 sales, while sales between $1M and $1.5M expanded. Only two of the eight submarkets in Brooklyn had more sales than a year
ago. South Brooklyn had the most significant increase, up 25 transactions. Both condos and co-ops reported a double-digit annual increase in average days
on market, resulting in the largest overall year-over-year increase since 2020. Average days on market has increased annually for 15 of the last 16 months.
Manhattan Market Snapshot - April 2024
In April 2024, sales increased year-over-year for the third time this year and displayed the largest annual percentage gain since January. This month, just over
1,000 contracts were signed, up 9% versus last year but down a typical 2% versus March. Average days on market fell by 11% year-over-year and dropped
21% versus March. Condo sales rose 16% year-over-year, and co-op sales experienced a 4% annual increase. By price, contract activity rose across all price points, with sales between $2M and $3M increasing by double digits versus 2023. By location, five out of the six submarkets displayed year-over-year gains in signed contracts. The Financial District/Battery Park City was the only submarket to display an annual decline, down 33%. Days on market fell 9% year-over-year for condos, while co-ops fell 12% compared to a year ago.
Brooklyn Market Snapshot - April 2024
At just under 350 sales, the number of signed contracts was the second highest since June 2023. March 2024 was the only month since then with more contracts signed. However, both condo and co-op activity declined annually, resulting in an overall decrease of 5%. Sales activity under $1M had the most significant nominal decrease year-over-year, down 40 deals. On the other hand, sales between $2M and $3M expanded by an impressive 19 sales due to strong new development activity within the price range. While three of the eight submarkets in Brooklyn had more sales than a year ago, Carroll Gardens/Boerum Hill/Red Hook had the most significant change, down 52%. Overall average days on market has increased annually for 14 of the last 15 months. Average days on market increased 17% for condos but fell 6% for co-ops.
Manhattan Market Snapshot - March 2024
In March 2024, sales declined year-over-year for the first time since November 2023. This month, just under 1,100 contracts were signed, down 11% versus last year but up 14% versus February (although this was the smallest increase between any February and March since 2020). In addition, this was the lowest number of sales for any March since 2020 but was higher versus March 2019. Average days on market fell by 2% year-over-year but dropped 11% versus February.
Condo sales declined 13% year-over-year and co-op sales experienced a 9% annual decline. By price, contracts signed under $1M fell just 2% annually, while activity across all other price ranges fell by double-digits versus 2023. By location, five out of six submarkets displayed year-over-year declines in contracts. Upper Manhattan was the only submarket to display an annual increase, up 14%. Days on market fell 4% year-over-year for condos while co-ops fell a lesser 1% compared to a year ago.
Brooklyn Market Snapshot - March 2024
At over 350 sales, the number of signed contracts was the highest since June 2023. However, both condo and co-op activity declined annually, resulting in an overall decrease of 17%. Sales activity under $1M had the most significant nominal decrease year-over-year, down 51 deals, while sales between $1M and $1.5M expanded by an impressive 35% because of strong new development activity within the price range. While three of the eight submarkets in Brooklyn had more sales than a year ago, Park Slope & Gowanus had the most significant change, down 27 sales due to supply limitations. Average days on market increased 4% for condos but fell 12% for co-ops.
While Brooklyn continued to contend with the now familiar challenges of high mortgage rates and record-low inventory, First Quarter 2024 experienced signs of potential improvement. Boroughwide sale and pricing statistics all grew versus a year ago, suggesting that Brooklyn remains both a market in demand and on the verge of a meaningful rebound.
Manhattan’s tough market continued in First Quarter 2024, but there were glimmers of hope despite high mortgage rates, rising homeownership costs, and world events. Closed sales fell but only slightly; signed contracts grew in January and February before pulling back in March; tight inventory marginally expanded; and prices adjusted to lower budgets. In a market eager to recover, the start of
2024 suggested a market in flux but poised for earnest improvement.
Manhattan Market Snapshot - February 2024
In February 2024, sales increased year-over-year for a third consecutive month for the first time since March 2022. Nearly 930 contracts were signed this February,
up 18% versus last month and 1% year-over-year. Days on market—which lags contract activity—rose 3% year-over-year but fell 10% versus last month.
Demand metrics varied by product type, price, and submarket. Co-op sales rose 5% year-over-year, whereas condo sales experienced a 4% annual decline. By price,
contracts signed under $1M rose 6% annually, those asking $2M to $5M increased 16% year-over-year, while activity over $5M fell 3% versus 2023. By location, three out
of six submarkets displayed year-over-year increases in contract activity. Days on market rose 8% year-over-year for condos but for co-ops fell 1% compared to a year ago.
Brooklyn Market Snapshot - February 2024
At nearly 300 sales, the number of signed contracts was the highest since July 2023. The double-digit annual increase in co-op activity balanced the 7% decline
in condo sales to keep total sales level with last year. Sales activity under $1M contracted year-over-year, while sales between $1.5M and $3M expanded by an
impressive 67%. While half of the submarkets in Brooklyn had more sales than a year ago, Park Slope & Gowanus jumped most significantly with a 56% increase.
Average days on market increased for both condos and co-ops as lingering listings finally sold.
Manhattan Market Snapshot - January 2024
In January 2024, demand continued its upward trend that began late in the fall. Nearly 800 contracts were signed this month, an increase of 14% versus last
month and 18% compared to last year. This was the first time since March 2022 that sales improved on an annual basis for two second consecutive months. Days
on market, which typically lags behind deal activity, nevertheless rose by 8% versus 2023. Yet year-over-year changes in contract activity were mixed by product type, price range and submarket. By price, the lower-end displayed increased contract
activity versus 2023 and co-op sales rose by a greater annual percentage than condos, which tend to be more expensive. All price ranges displayed annual growth,
including a 42% increase in contracts signed asking between $2M and $3M. Meanwhile, four of six submarkets experienced annual increases in sales activity.
Brooklyn Market Snapshot - January 2024
Brooklyn sales increased 25% year-over-year, the second consecutive annual increase after nearly two years of declines. Both condo and co-op activity increased
by double-digits, though co-op sales increased more significantly at 40%. While several submarkets in northwest Brooklyn had notable annual increases, South
Brooklyn jumped most significantly with a 74% increase. The under $1M price segment was up 26% year-over-year and made up more than half of sales in Brooklyn last month, one of the largest market shares for this segment in the last three years. Transactions over $3M more than doubled due to additional new development sales. Average days on market increased for both condos and co-ops, as with limited inventory, lingering listings finally sold.
Manhattan Market Snapshot - December 2023
In December 2023, 691 contracts were signed, up 8% year-over-year but down 4% versus last month. This was the greatest annual percentage increase in
contract activity since December 2021. Days on market increased slightly by 1% versus 2022. Year-over-year changes in contract activity varied by product type, price range and submarket. Co-op sales rose by a greater annual percentage than
condos. Residences asking under $2M and between $3M and $5M as well as all submarkets excluding Financial District/BPC experienced annual increases.
All other price segments displayed year-over-year declines in sales.
Brooklyn Market Snapshot - December 2023
Brooklyn sales increased 14% year-over-year, the first annual increase after nearly two years of declines because of an increase in resale condo activity, particularly in
Williamsburg & Greenpoint and South Brooklyn. Annual shifts in activity varied by submarket and price point, though most increased. Williamsburg & Greenpoint
sales improved most versus a year ago, up 69% due to a surge in reported sales at The Huron. Sales across all price points increased except for the inventory-starved
$1.5M to $2M segment. While days on market increased slightly, the figure dipped below 90 days for co-ops, unusual for a winter month.
Manhattan Market Snapshot - November 2023
In November 2023, 719 contracts were signed, down 10% year-over-year and 14% versus last month. Notably, this was the lowest number of contracts signed in Manhattan for any November since 2008. High interest rates, world events, and a steeper year-over-year decline during Thanksgiving were the key contributors to the annual drop in sales. Year-over-year changes in contract activity varied by price point and submarket. Residences asking $2M to $3M and over $5M as well as those on the Upper West Side and in the Financial District & BPC increased versus a year ago. All other prices points and submarkets experienced year-over-year drops in contract activity, however.
Brooklyn Market Snapshot - November 2023
Brooklyn sales fell 5% year-over-year but, atypical of seasonality, rose 5% versus October. Although this was the 20th consecutive annual decline in sales, it was the second smallest year-over-year decrease of all 20. Annual shifts in activity varied by submarket and price point. South Brooklyn sales improved most versus a year ago, up 17% due to increases in the number of Fort Hamilton and Sheepshead Bay contracts over $400K. The $1.5M to $2M price segment had the most significant yearly increase, up 15% due to contract signings in Brooklyn Heights, Carroll Gardens and Greenpoint. Days on market jumped 5% year-over-year, the tenth consecutive annual increase.
Manhattan Market Snapshot - October 2023
Although Manhattan market conditions remain challenging, demand’s key indicators—signed contracts and days on market—both improved versus a year ago. Last year, buyers and sellers were still adjusting to higher mortgage rates, stubbornly-high inflation, and stock market and banking turbulence. In October 2023, nearly 840 contracts were signed, up 5% year-over-year and 35% versus September, typical of seasonality. This was the first annual increase in Manhattan contracts since April 2022, when interest rates spiked; most price ranges and submarkets experienced an increase in sales versus a year ago. Days on market moderated by 1% year-over-year to an average of 125 days, the first time in more than a year that days on market fell versus the year prior. With that said, the yearover-year improvements in sales and days on market were relatively moderate, especially considering that October 2022 was Manhattan’s worst October in 15 years.
Brooklyn Market Snapshot - October 2023
Contract activity fell 6% year-over-year, marking the nineteenth consecutive annual decline. However, this decrease is the smallest among these nineteen months. A double-digit month-over-month increase is typical from September to October due to market seasonality, but 41% is a greater jump than those seen in the last five years. In fact, half of the submarkets saw increased activity versus September, most of which jumped by doubledigits. South Brooklyn increased most significantly, up 63% (26 additional sales) due to an increase of co-op sales in Fort Hamilton and Homecrest under $750K. The $2M to $3M price segment was the only category with an annual increase, up 40% (8 additional sales) due to more sales in Williamsburg and Dumbo. Sales under $1M declined 10% but continued to hold the largest share of contracts at 59%. Days on market jumped 28% year-over-year, the ninth consecutive annual increase.
Manhattan Market Snapshot - September 2023
In September 2023, 620 contracts were signed, down 19% year-over-year and 28% versus last month. Notably, this month saw the lowest number of Manhattan contracts signed for any month since September 2019, excluding the 2020 market pause. While the decline in contract activity was impacted by higher mortgage rates compared to last year, seasonality also played a role. The timing of Labor Day, Jewish holidays and the start of the new school year impacts sales activity. Contracts asking over $5M were the only price segment to display an annual increase, up three sales versus the previous year. Naturally, with lower demand, marketing times continued to increase. Days on market rose by double-digits annually for the eighth consecutive month, up 20% to 151, 10 days longer than the five-year September average.
Brooklyn Market Snapshot - September 2023
Contract activity fell 36% versus a year ago to the second lowest number of overall monthly sales since the market pause in 2020. The 24% monthly decline was consistent with the seasonal drop from August to September in four of the last five years. While most submarkets exhibited double-digit year-over-year declines in contracts, Williamsburg/Greenpoint saw increased activity, up 21% annually (6 more sales), mainly due to a rise in Greenpoint condo deals. All price segments fell annually except the over $3M category. Sales under $1M declined 43% but continued to hold the largest share of contracts at 57%. Days on market jumped 26% year-over-year, reaching the second highest average since February, just behind August 2023.
As Brooklyn continued to adjust to challenging market conditions, Third Quarter 2023 showed signs of stabilization, noting that record high figures in 2022 continue to impact our statistics. Although high mortgage rates and exceptionally low inventory continue to weigh the market down, sales are normalizing towards pre-Covid levels. With this in mind, we hope that gradual improvements in the economic outlook such as the pause in interest rate hikes and lower inflation, along with reemerging value in the real estate market, will encourage buyers and sellers to reenter what seems to be a steadying Brooklyn market.
The Manhattan market in Third Quarter 2023 showed signs of improvement, although last year’s strong performance continues to impact 2023 statistics. The annual decline in sales moderated, days on market reverted to its seasonal pattern, and supply was down versus a year ago. Many buyers and sellers are still taking a “wait-and-see” approach given higher mortgage rates. Nevertheless, the possibility of an economic “soft landing,” pause in interest rate hikes, and lower inflation is combining with slightly lower prices, record-high rents, and natural demographic demand drivers to induce others back into a stabilizing market.
Manhattan Market Snapshot - August 2023
In August 2023, just over 860 contracts were signed, down 5% from the previous year but up 7% from last month. The annual decline was led by a 20% drop in condo contracts, but co-op activity increased by 8% year-over-year. This month marked the second smallest overall annual decline since April 2022, just before mortgage rates surged. Contracts below $5M fell 6% year-over-year, while those over $5M rose 9%. The increase in contracts above $5M was driven by the new development market and high-end resales located in the Billionaires’ Row corridor. Days on the market increased 28% compared to last year but fell minimally by 1% compared to July. August 2023 marked the seventh consecutive month of double-digit year-over-year growth in average days on the market.
Brooklyn Market Snapshot - August 2023
Contract activity fell 26% versus a year ago to the second lowest number of overall monthly sales in 2023. The 17% monthly decline in contract activity was atypical – activity increased from July to August in three of the last four years. Though most of the submarkets exhibited double-digit year-over-year declines in contracts, two neighborhoods experienced increased activity. Bed-Stuy/Crown Heights/Prospect Lefferts Gardens/Bushwick increased the most, up 8% annually, due to a rise in new development sales. Contracts fell across all price segments, but the $2M to $3M range was hit hardest with fewer than half as much activity compared to a year ago. Sales under $1M declined 30% but continued to hold the largest share of sales at 58%. Days on market jumped 30% year-over-year, reaching the highest number of days since February.
Manhattan Market Snapshot - July 2023
In July 2023, just over 800 contracts were signed, down 4% year-over-year and 18% from last month. The annual decline was driven by 17% fewer condo contracts, while co-op activity was actually up 7% year-over-year. Although sales fell annually, this month’s decline is the smallest since April 2022, just before mortgage rates spiked in earnest. By price range, sales under $2M rose by 1% compared to last year, while sales over $2M fell by 19% year-over-year. Days on the market increased by double digits compared to last year and June 2023. July 2023 marked the tenth consecutive month of yearly growth in average days on the market.
Brooklyn Market Snapshot - July 2023
Contract activity fell 8% versus a year ago, the second smallest annual sales decrease in sixteen months. The 19% monthly decline in contract activity is typical between June and July. Though there was an overall decline in contracts signed, five of the eight submarkets exhibited year-over-year increases. Williamsburg & Greenpoint increased most significantly, up 36% due to new development sales. Sales in South Brooklyn declined significantly, falling 42%. The number of contracts signed decreased in price segments below $1.5M, but the $1M to $1.5M category fell more significantly, at 31%. Sales at the high-end, over $3M, were up 50% year-over-year –only the second increase in the last thirteen months for this price segment. Days on market jumped 29% year-over-year as shrinking inventory allowed lingering listings to finally sell.
Manhattan Market Snapshot - June 2023
Approximately 984 apartments were signed in the month of June, down 16% annually and 18% month-over-month, which is typical of seasonality. Despite June’s pace of sales being slightly below the historical June average, the strong 2022 market continues to exaggerate the year-over-year declines. Both condo and coop contract activity declined versus last year by nearly equivalent rates. Price sensitivity and high borrowing costs continued to impact the market under $3M where sales declined by 20% versus June 2022. Sales over $3M were above last year by 9%, helped by the high-end of the market over $5M, which had its best June since 2015. Days on market, while higher than a year ago, has steadily declined since the most recent peak at the start of the year due to limited inventory growth.
Brooklyn Market Snapshot - June 2023
Contract activity fell 13% versus a year ago. The year-over-year change in June 2023 represented the second lowest annual decrease in sales in 14 months. However, contract activity dropped 20% month-over-month, a more significant decline than is typically seen from May to June each year. Two submarkets achieved annual increases in contracts signed. Bed-Stuy/Crown Heights/Prospect Lefferts Gardens/Bushwick increased most significantly, up 16% due to new development sales, while value-oriented South Brooklyn increased 5%. The number of contracts signed decreased in all price segments, but the over $3M category fell 50% because of price sensitivity. Days on market jumped 35% year-over-year as shrinking inventory allowed lingering listings to finally sell.
While some challenges persisted in the Brooklyn market, Second Quarter 2023 welcomed an encouraging rebound from the start of the year. However, inventory fell to one of its lowest levels in the past decade, leaving buyers with limited options. Closings were down significantly from last year, though settled to the long-term average pace of sales.
As the Manhattan market adjusted to the many challenges it faced at the start of 2023, signs of normalizing emerged during Second Quarter. Though many buyers put a pause on their search at the start of the year, springtime’s typical boost in listing activity, the slowing pace of interest rate hikes and a bit of price relief encouraged those waiting on the sidelines to jump back into the market. Those that took advantage of the cool-down were rewarded with less competition and flexible sellers, and were savvy enough to realize that without an increase in inventory, prices may not fall much further.
Ten Year Neighborhood Reports
The reports include a borough summary followed by individual one-page reports for various Manhattan & Brooklyn neighborhoods. Each report covers closings, average price, median price, and average price per square foot—overall and by bedroom—for 2013 through 2022.
Manhattan Ten Year Report Summary
Brooklyn Ten Year Report Summary
Manhattan Market Snapshot - May 2023
Nearly 1,200 apartments were sold in the month of May, down 10% annually, but level with the ten-year historical average pace of sales for May. Both condo and co-op sales were lower than last year but, notably, the market wide annual decline was the smallest seen in the past year. The remarkable 24% boost in activity versus April delivered a positive sentiment across the market as sale declines have occurred between April and May during eight of the past ten years. The market was just beginning to react to higher interest rates this time last year which explains the diverging trends in sales year-over-year by price range. Sales under $2M declined 16% versus May 2022 while sales over $2M were above last year by 8% as the luxury market continues to be less impacted by higher interest rates. In fact, the number of sales over $5M (98) was the best month since March 2022. Meanwhile, expanding inventory and slower sales drove days on market higher compared to last year’s low.
Brooklyn Market Snapshot - May 2023
Contract activity fell 4% versus a year ago but increased 28% compared to the previous month. The year-over-year change in May 2023 marked the first single-digit annual decrease after double-digit drops for over a year. Three submarkets achieved annual increases in contracts signed. South Brooklyn, which holds the largest market share of sales, increased most significantly, jumping 37%. By price segment, sales under $1M and over $3M price segments also saw year-over-year increases. Days on market jumped 32% to nearly three months after more than three times as many sales took over a year to sell, but the metric fell 5% month-over-month.
Manhattan Market Snapshot - April 2023
The Manhattan apartment market continued to slow in April 2023, with the number of contracts signed 37% lower than one year ago. April was the thirteenth consecutive month sales were down annually, a decline that has widened over the last two months. Although the month is compared against an abnormally strong April 2022, sales were still 20% below the ten-year April average of 1,211 transactions. In the decade preceding the pandemic, contract activity increased by an average of 6% between March and April. This year, activity fell 18% month-over-month. Both condo and co-op sales fell by similar margins, monthly and annually. The market- wide slowdown is likely attributed to higher mortgage rates, the recent banking crisis, and the timing of the Easter and Passover holidays.
All price points saw fewer sales than a year ago — but as in the prior month, sales over $5M were down the least — as this market segment is less dependent on financing. Bolstered by sales at Tribeca Green, the Financial District-Battery Park City submarket had the smallest annual decline of all areas. Signed contracts spent an average of 121 days on the market, 17 days longer than a year ago.
Brooklyn Market Snapshot - April 2023
Contract activity fell 34% versus a year ago and 15% compared to the previous month. April marked the twelfth consecutive month where sales fell by double-digits annually. Year-over-year double-digit sales declines occurred within all price categories, with sales over $3M dropping the most at 72% below a record high April. The under $1M price segment declined 23% but continued to comprise the largest share of sales in the market with more than half of overall transactions. Days on market increased just 3% year-over-year. Co-ops in particular sat on the market 13% longer than a year ago at nearly three months while condo days on market actually declined.
All price points saw fewer sales than a year ago — but as in the prior month, sales over $5M were down the least — as this market segment is less dependent on financing. Bolstered by sales at Tribeca Green, the Financial District-Battery Park City submarket had the smallest annual decline of all areas. Signed contracts spent an average of 121 days on the market, 17 days longer than a year ago.
Manhattan Market Snapshot - March 2023
There were nearly 1,200 contracts signed in Manhattan in March 2023. Although this was the most active month since June 2022, sales were down 30% versus last year’s record-setting March. March 2023 was the 12th consecutive month of annual decline. Largely due to market seasonality, activity was up 27% versus February, higher than the average 24% month-over-month jump seen in the pre-pandemic years of 2015-2019.
Condo sales were down by nearly one-third year-over-year, and their annual percentage decline widened for the first time since December. Co-op sales were down 28% year-over-year, their smallest annual decline in six months. All price points saw fewer sales than a year ago. Sales over $5M were down the least, followed by the $2M to $3M range which had a 54% spike in activity versus February. While all submarkets saw fewer sales year-over-year, the Upper West Side displayed the smallest annual decline and the most significant month-over-month growth. Signed contracts spent an average of 138 days on the market, 15 days longer than a year ago but 14 days shorter than the prior month.
All price points saw fewer sales than a year ago — but as in the prior month, sales over $5M were down the least — as this market segment is less dependent on financing. Bolstered by sales at Tribeca Green, the Financial District-Battery Park City submarket had the smallest annual decline of all areas. Signed contracts spent an average of 121 days on the market, 17 days longer than a year ago.
Brooklyn Market Snapshot - March 2023
Contract activity fell 30% versus a year ago. January marked the twelfth consecutive month where sales fell by double-digits annually. However, compared to February 2023 sales increased 43%, far more than the typical increase from February to March, which has been 24% on average in the previous five years. Year-over-year doubledigit sales declines occurred within all price categories, with sales from $1M to $1.5M dropping the most at 40%. Inventory continued to decline annually, but days on market increased 15% year-over-year. Co-ops in particular sat on the market 29% longer than a year ago at just over three months.
All price points saw fewer sales than a year ago — but as in the prior month, sales over $5M were down the least — as this market segment is less dependent on financing. Bolstered by sales at Tribeca Green, the Financial District-Battery Park City submarket had the smallest annual decline of all areas. Signed contracts spent an average of 121 days on the market, 17 days longer than a year ago.
Brooklyn faced several challenges in First Quarter 2023 that made buyers reluctant. Higher mortgage rates, economic concerns, and the recent bank collapses gave potential buyers pause, causing the market to continue to cool from its record-high pace of a year ago. While closings were down significantly, inventory was also down by double-digits, as sellers are waiting to list and less new development comes to market.
First Quarter 2023 reinforced the newfound challenges that face the Manhattan market. A variety of economic factors caused trepidation among buyers, especially interest rate hikes, stock market fluctuations, and the recent bank collapses. In turn, many sellers reacted to diminished demand and longer marketing times by lowering prices and deepening negotiability to attract nervous buyers.
Manhattan Market Snapshot - February 2023
Over 930 contracts were signed in February, a 29% drop compared to 2022’s record-setting February, but still the most active month since last June. Contract activity increased 40% versus January, the sharpest month-over-month increase since late 2020. Units priced between $1M to $2M saw the smallest annual decline in sales and jumped 54% versus January. Sales over $5M were down 25% annually but were up 40% month-over-month to hit a 10-month high. All submarkets reached at least a six-month high in deal activity, with Midtown seeing its highest number of sales since last May. Marketing time for both condos and co-ops was up by about 20% annually but fell for the first time in three months to an average of 152 days.
Brooklyn Market Snapshot - February 2023
Contract activity fell 36% versus a year ago. January marked the eleventh consecutive month where sales fell by double-digits annually. However, compared to January 2023 sale increased nearly 60%, far more than the typical increase from February to January, which is 25%. Year-over-year double-digit sales declines occurred within all price categories, with sales from $1.5M to $2M dropping the most at 64%. Inventory reached its third lowest point since April 2020. However, days on market increased slightly year-over-year due to lingering listings finally selling.
Manhattan Market Snapshot - January 2023
In January 2023, Manhattan contract activity was down 33% year-over-year, falling to its lowest level since July 2020. The nearly 670 deals reported were 18% below the five-year January average but on par with contract activity seen in January 2018 and 2019. The sharpest annual declines were concentered at the high end: sales of units asking between $3M to $5M declined by nearly half, while sales under $1M were down 28% year-over-year. In contrast to the record pace of early 2022, sales in the Financial District/Battery Park City were down the most where lower inventory exacerbated the drop in demand. Marketing time rose moderately for the third consecutive month, averaging 158 days, the highest figure in nearly two years.
Brooklyn Market Snapshot - January 2023
Contract activity fell 44% versus a year ago. January marked the tenth consecutive month where sales fell by double-digits annually. Versus December 2022, the 20% monthly decline is typical of the last five years. Year-over-year double-digit declines occurred within all price categories, with sales over $2M dropping the most at over 60%. Inventory constraints caused days on market to decline annually for the twenty-third consecutive month. However, average days on market has been steadily climbing month-over-month since reaching a low in May 2022.
Manhattan Market Snapshot - December 2022
Contract activity fell 42% versus 2021’s record-setting December, with condo sales down by more than half and co-op sales down by a third, year-over-year. December 2022 saw 740 contracts signed, the fewest number of deals since September 2020 and 17% below the five-year December average. Activity across all submarkets and price ranges was down by at least a quarter annually, with Manhattan south of 59th Street and residences asking over $3M seeing the sharpest declines. Year-over-year, average marketing time increased by three weeks to 143 days, the sharpest increase since early 2021. Average days on market for co-ops hit an 11-month high.
Brooklyn Market Snapshot - December 2022
Contract activity fell 44% versus a year ago. December marked the ninth consecutive month so far this year where sales fell by double-digits annually. Versus November 2022, 19% fewer contracts were signed, a more significant decline than the 3% average dip typically seen between November and December. Sales within all price categories declined year-over-year, each falling by double-digits. Activity over $3M fell furthest, dropping 68%. Continuously limited inventory pushed days on market 5% lower than December 2021, to just over three months. However, average days on market has been steadily climbing since reaching a trough in July 2022.
Fourth Quarter 2022 capped off an eventful year, as conditions shifted from one of the strongest markets ever to a challenging market filled with uncertainty. Buoyed by activity from prior quarters, closings equaled their fourth quarter average of the past 4 years. However, contracts signed are a timelier indicator of demand and registered one of the slowest finishes to any year since 2008. Nevertheless, inventory was up only slightly, suggesting sellers may also be holding off from listing in this market, and pricing statistics were mixed.
Brooklyn was not immune to the challenges impacting nearly every for-sale market in Fourth Quarter 2022. Increased mortgage rates, the volatile stock market, and economic uncertainty pushed some potential buyers temporarily to the sidelines. However, tight supply was also a factor as inventory dropped to a nine-year low for a fourth quarter. This kept the market competitive in many neighborhoods and price points.
Manhattan Market Snapshot - November 2022
In November 2022, nearly 800 signed contracts were reported in Manhattan, 604 fewer sales than a year ago, and 17% below the five-year average of 962. While this was the eighth consecutive month of double-digit annual decline, the number of sales was essentially unchanged versus the prior month and just 4% less than in November 2019. Condo sales were down by over 50% annually, while co-ops fell by 36% year-over-year. Higher price ranges faced the sharpest declines in activity, with $5M+ sales down by over two-thirds annually. Upper Manhattan, the submarket with the largest share of under $1M contracts, saw the smallest decline in activity year-over-year. Average days on market shortened slightly versus October, but marketing time lengthened annually for the second straight month.
Brooklyn Market Snapshot - November 2022
Contract activity fell 41% versus a year ago. Compared to an exceptionally robust 2021, the decline marks the eighth month so far this year where sales fell by doubledigits annually. However, 5% more contracts signed than October 2022, atypical of market seasonality since the average decline from October to November is normally about 9%. Compared to November 2019, contract activity fell just 8%. Sales within all price categories declined year-over-year, each falling by double-digits. Activity at the high-end over $3M dropped furthest, falling 60%. Ongoing limited inventory pushed days on market 4% lower than November 2021, to about three months.
Manhattan Market Snapshot - October 2022
Higher interest rates and economic volatility continued to impact the Manhattan market. There were nearly 800 contracts signed in October 2022, a 4% increase over the prior month but 42% fewer deals versus last year. The total was 10% below the number of sales seen in October 2019 and the second consecutive month where sales fell below the 2019 average of 850 deals per month. Sales for both condos and co-ops fell sharply, with the number of condo deals half that of a year ago. All price ranges saw a significant drop in activity year-over-year, with contracts above $5M falling the most and contracts under $1M falling the least. Contract activity by submarket declined across the board. Financial District/BPC and the Upper East Side were down by about one-third versus last year, while Downtown and the Upper West Side were down nearly 50%. Average days on market at 126 days was tied for the longest marketing time this year but still below the two-year average of 137 days.
Brooklyn Market Snapshot - October 2022
Contract activity fell 47% compared to a year ago when October sales reached a five-year peak. The decline marks the seventh consecutive month of double-digit year-over-year decreases in sales after exceptionally high numbers in 2021. In addition, sales decreased 4% compared to September 2022, which is atypical of market seasonality. The last time sales declined from September to October was 2008. Sales at all price categories declined, each falling by double-digits year-over-year. Activity over $2M showed the largest decline, dropping 58%. Pressure caused by limited inventory pushed days on market 4% lower than October 2021 and below 90 days.
Manhattan Market Snapshot - September 2022
Manhattan had under 800 contracts signed in September 2022, the lowest figure in two years and a 24% decline versus last year. While this was the sixth consecutive month with a double-digit annual decline, contract activity was still 28% higher than in September 2019. Despite higher interest rates and stock market volatility, buyers continued to signal a willingness to transact as days on market declined annually for the 18th consecutive month. Sellers found buyers in four months on average, down 29 days versus last year. All price ranges saw less contract activity versus a year ago, with the over $5M market falling by half. Midtown saw activity decline minimally by 7%, while Financial District/Battery Park City fell sharply by 42%.
Brooklyn Market Snapshot - September 2022
Contract activity fell 25% compared to a year ago when sales had reached a three-year high for the month. September 2022 marked the sixth consecutive month of double-digits year-over-year decreases in sales due to an exceptionally high number of transactions in 2021. However, sales were 5% higher than September 2019. Contract activity fell year-over-year in all price categories but most significantly over $3M. Overall contracts signed also fell compared to August, demonstrating market seasonality as the same has happened in all but one September over the past decade. Days on market averaged just 82 days, the lowest it has been for any September on record, due to pressure caused by limited inventory.
The Manhattan market’s Third Quarter 2022 performance once again overachieved on a historical basis, ranking as the fourth best quarter since 2008. Meanwhile, inventory constraints slightly eased and price statistics stabilized. However, contract activity during the Third Quarter reached a two-year low and registered a steep drop versus both Third Quarter 2021 and Second Quarter 2022. This was not surprising given economic concerns, stock market fluctuations, and the rise in mortgage rates.
Third Quarter 2022 delivered 33% fewer contracts signed than the year before, when a record breaking number was reported. If compared to the five-year pre-pandemic average, Third Quarter 2022 had only 10% fewer contracts signed. A variety of factors are causing the expected return to a more typical number of contracts signed, such as high pricing, increased mortgage rates, and the shrinking number of available listings.
Manhattan Market Snapshot - August 2022
Contract activity fell -26% year-over-year in August, the eleventh consecutive month with a double-digit annual decline. However, compared to August 2019, sales this year were actually 16% higher. August marked the seventh month this year where 2022 sales exceeded 2019. All price ranges and submarkets fell by double-digits year-over-year except for The Financial District/BPC which saw activity minimally decline by just 4% (2 sales). Days on market, however, continued to signal a willingness to transact, falling 29% versus 2021 and 11% compared to last month. In addition, overall days on market had declined by double-digits annually for eleven months in a row.
Brooklyn Market Snapshot - August 2022
Contract activity fell by double-digits year-over-year for the fifth consecutive month. August 2021 was the strongest August since 2017, but compared to August 2019, sales were actually up 18%. Contract activity fell across-the-board for all price ranges versus last year. The markets from $1M to $1.5M and $2M to $3M cooled most significantly compared to last year, falling 39% and 38%, respectively, while the $1.5M to $2M price range held strong and fell only by three sales. Days on market averaged 83 days, representing an annual decline of 16% due to tight inventory and urgency following the rise in interest rates.
Manhattan Market Snapshot - July 2022
July 2022 had 845 contracts signed, declining by double-digits compared to last year when sales reached a nine-year high for the month of July. Compared to July 2019, sales this year were actually only a minimal 2% lower. As a result of the incredibly high number of deals last year, this was the fourth month in a row signed contracts declined year-over-year since the summer months of 2020. All price ranges and submarkets saw fewer transactions versus a year ago as each category fell by over 20% annually. Days on market averaged 117 days, falling 14% versus 2021 but up 21% compared to last month. Days on market this July were just under one week greater than the figure seen back in 2018 and the average over the last twelve months.
Brooklyn Market Snapshot - July 2022
Contract activity fell by double-digits compared to last year when sales reached a five-year high for the month of July. Compared to July 2019, sales this year were actually 5% higher. Overall sales activity declined compared to June, which is typical due to market seasonality. Contract activity fell across-the-board for all price ranges versus last year. The market above $3M cooled compared to last year and June 2022, hitting an 18-month low for sales at this price point. Days on market averaged 70 days; this is a 28% annual decline resulting from limited inventory levels and reduced urgency following the rise in interest rates.
Manhattan Market Snapshot - June 2022
Despite various market and non-market headwinds, the Manhattan market remains historically strong. June 2022 had 1,165 contracts signed, the second strongest June for contracts signed in seven years but sales were still down 13% versus last month and 25% compared to last June’s record-high of 1,550 contracts signed. With last year’s unprecedented number of sales, June 2022 was the third year-over-year decline in signed contracts since August 2020. Condo sales fell annually for the fifth consecutive month while co-ops dipped year-over-year for just the third time in about two years. All price points and submarkets had fewer sales than a year ago, too, including a 34% drop over $5M and a 39% decline in Midtown. Days on market continued to signal a willingness to transact, falling 30% versus 2021 and 4% versus last month to a six-year low of just under 100 days.
Brooklyn Market Snapshot - June 2022
Contract activity fell by double-digits compared to last June when sales reached their third highest level for any month in 2021. Compared to June 2019, sales were actually 26% higher. Overall sales also activity cooled compared to May, which is typical due to market seasonality. Sales fell across-the-board for all price ranges compared to last year, except for the market above $3M. The annual increase seen at the high-end of the market was a result of new development activity in prime parts of the borough. Days on market averaged 68 days; this is a 20% annual decline resulting from limited inventory and urgency due to interest rate hikes.
In Second Quarter 2022, the Manhattan market once again performed strongly, with the highest dollar volume of closings ever recorded. Contract activity, however, indicated signs of normalizing versus the market exuberance and postpandemic pent-up demand of 2021 and early 2022. A downshift is unsurprising in the face of headwinds like high inflation, rising mortgage rates, stock market turbulence, recession fears, and the war in Ukraine. Nevertheless, sales activity held strong, inventory was lower than a year ago, and price statistics climbed as a result of the high level of luxury contract activity seen in prior quarters.
After a strong start to 2022, the Brooklyn market continued to perform at near-record levels. This quarter, closed sale totals reflected a comparison to an unprecedented moment in time last year and most displayed declines, though to varying degrees. Nevertheless, Brooklyn’s luxury market had its best quarter ever. This swayed macro price trends to surpass their previous highs. Like last quarter, additional urgency created by rising mortgage rates and historically low inventory drove buyers into action during the quarter. In a historical context, Second Quarter 2022 was one of the strongest on record.
Manhattan Market Snapshot - May 2022
May 2022 had just over 1,300 contracts signed, down 12% versus last month and 18% compared to last year. This was the second year-over-year decline in signed contracts since August 2020. However, last May was the second strongest May ever in Manhattan with over 1,600 contracts signed. Condo sales fell annually for the fourth consecutive month while co-ops dipped year-over-year only for the second time in about two years. All price points saw fewer sales versus a year ago, with activty over $2M falling over 20% annually. All submarkets also had fewer sales than 2021 as well, though activity in the less expensive submarkets of Upper Manhattan and Financial District & Battery Park City moderated less than other areas, despite rising interest rates. Days on market, however, continued to signal a willingness to transact, falling 30% versus 2021 and 3% versus last month to a six-year low of just over 100 days.
Brooklyn Market Snapshot - May 2022
Limited Supply, Upward Pressure on Pricing, and Macro-Market Trends Slowed Sales. Contract activity was down significantly compared to last May when sales reached a five-year high. However, sales are still above the monthly average seen in the three years leading up to the pandemic. Sales fell annually across all price points, though the deepest decline occurred in the luxury sector, above $3M. Supply constraints forced the average apartment to be on the market for just 62 days, more than a month shorter than last year and the lowest such figure in over five years.
Manhattan Market Snapshot - April 2022
Days on Market Reaches a Six-Year Low Amid the Third Strongest April on Record for Contracts Signed! April 2022 had just over 1,500 contracts signed, down 10% versus last month and last year. This was the first year-over-year decline in signed contracts since August 2020. However, last April was the strongest ever in Manhattan plus the Easter and Passover holidays last year largely fell in March, whereas they were in April this year. Condo sales fell annually for the third consecutive month while co-ops dipped year-over-year for the first time in about two years. All price points saw fewer sales versus a year ago, too, with the $5M+ market, which was especially strong last year, experiencing a 35% annual drop in activity. By submarket versus 2021, sales climbed in the least-expensive submarkets of Upper Manhattan and Financial District & Battery Park City but moderated elsewhere. Days on market continued to signal strong demand and a competitive Manhattan market by dropping 29% versus last year and 15% versus last month to a six-year April low of just over 100 days.
Brooklyn Market Snapshot - April 2022
Luxury Sales Continue to Keep the Brooklyn Market Extremely Active! Though April’s contract figure was lower compared to last month and last April, it was still one of the strongest months seen in years. 550 contracts were signed in April, more than 100 sales above the average April figure from the past five years. Lower price segments lagged behind last year’s incredible performance, while activity at the high-end continues to be active. The 80 sales over $2M drove April near a record high for the luxury market. Days on market, underscoring the competitive market, fell to its lowest point in nearly three years, as both product types fell by double-digits annually.
Manhattan Market Snapshot - March 2022
Days on Market Falls to a Five-Year Low Amid the Strongest March for Sales Since 2007! March had nearly 1,700 contracts signed, up 3% annually and 29% versus last month. This was the second best March on record behind 2007 (when just over 1,700 contracts were signed), solidifying First Quarter 2022 as the best first quarter for sales in history. However, like last month, not all product types and price ranges saw sales improve versus a year ago. For the second month in a row, condo sales fell versus the year prior, albeit by a minimal 4%; conversely, co-ops continued their upward trend, rising 9% annually. By price, sales from $1M to $2M and $3M to $5M improved annually by 9% and 16%, respectively, but contracts signed over $5M declined year-over-year, by 9%, which was the first dip since December 2020. Annual changes in sales also varied by submarket; versus a year ago, sales fell on the Upper East Side and the Upper West Side but rose in all other submarkets. Days on market dropped for the 12th consecutive month amid robust demand, falling annually by 27% to a five-year March low of 123 days.
Brooklyn Market Snapshot - March 2022
This was the strongest month of March since 2016, a positive start to the spring season. Over 600 contracts were signed in March, up 7% year-over-year and a ten month high. The annual and monthly gains in contracts were seen in both the condominium and co-op markets. Furthermore, the luxury market was particularly active, seen in the significant double-digit annual increases in sales over $2M. This month 89 contracts were signed above $2M, a record high. Contract activity at the high-end was supported by demand for new development, with robust activity at properties such as 11 Hoyt Street, One Clinton, Olympia Dumbo and Front & York. Days on market, at 84, declined annually for the 13th consecutive month as over 50% of listings found buyers in under 60 days.
As 2022 started, the Manhattan market showed no signs of slowing down. Despite rising interest rates, geopolitical uncertainty, and new Covid-19 variants, demand improved versus a year ago and sales rose. As a result, First Quarter 2022 built upon the momentum of 2021 to also see lower inventory, shorter marketing times and higher prices compared to a year ago.
The Brooklyn market continues to set records. A thriving luxury market combined with a surge of entry-level buyers to improve upon a strong 2021. Additional urgency created by rising mortgage rates also drove buyers into action during the quarter. These market factors caused First Quarter 2022 to become the strongest first quarter for Brooklyn sales in well over a decade, outpacing last year which at the time was itself a record.
Manhattan Market Snapshot - February 2022
The Strongest February Ever for Signed Contracts Plus the Lowest Days on Market Figure in Half-a-Decade! The very strong start to 2022 continued in February, which saw more than 1,300 contracts signed, up 30% versus last month and 7% year-over-year–the best February ever for Manhattan’s for-sale market. Not all product types saw annual increases in sales, however. For the first time in a year-and-a-half, condo sales fell versus the year prior, albeit by a minimal 2%; co-ops, on the other hand, continued their upward trend, rising nearly 14% annually. By price, contracts signed improved across-the-board versus 2021, led by a 23% jump in $3M to $5M sales amid the strongest February in the new development market since 2015. Yet, annual changes in contract activity varied by submarket, however: sales fell year-over-year on the Upper East Side and in Upper Manhattan but rose year-over-year in all other submarkets. Days on market cooled versus a year ago, for the eleventh consecutive month, dropping 31% annually to a five-year February low of 126 days; the spread in condo versus co-op days on market averages was only 3 days.
Brooklyn Market Snapshot - February 2022
High-End Condo Sales Grow and Tight Supply Generated a Competitive Market. 465 contracts were signed in February, a double-digit increase versus January and up 3% versus last year. The annual gains in contract activity were mostly a result of the condominium market which saw a 14% annual increase. The co-op market continues to lag behind 2021, falling by double-digits in February. The high level of demand for luxury condominiums in desired northern and western submarkets was evidenced by the significant double-digit annual increases in sales over $1.5M. Contract activity over $3M was also incredibly strong due to three+ bedroom sales in new development such as Olympia Dumbo, 1 Prospect Park West, Quay Tower and 11 Hoyt Street. Days on market, at 110 days, fell year-over-year for the twelfth consecutive month. This month nearly one-third of sales were listed on the market for under one month before entering contract, a larger share than the average seen over the last six months.
Manhattan Market Snapshot - January 2022
2022 started off even stronger than 2021 in Manhattan with about 1,000 contracts signed, down a typical 21% versus December but up 4% year-over-year, the best January since 2014. Condos and co-ops alike helped January reach it’s nine-year high, both of which improved versus a year ago but by very different percentages . Year-over-year, contracts signed over $2M increased, though tight inventory at the low-end contributed to a drop in sales under $2M. Annual changes in contract activity also varied by submarket: the core residential submarkets of the Upper East Side, Upper West Side and Downtown saw single digit drops in sales while the lower-cost submarkets of Upper Manhattan, Midtown and the Financial District & BPC saw deal activity increase versus a year ago. Days on market declined year-over-year for the tenth consecutive month to a three-year January low of 153 days; the spread in days on market between condos and co-ops was only eight days, an all-time low for January
Brooklyn Market Snapshot - January 2022
Nearly 340 contracts were signed in January, a double-digit drop versus December, typical of market seasonality, and down 6% versus last year’s four-year high for January. Sales declined annually for the second month in a row, which hasn’t happened since mid-2020. A 32% annual drop in co-op sales drove the decline, as condo contracts rose 10%. The shift in demand towards luxury product in prime northern and western neighborhoods was seen in the double-digit annual increases in sales over $1.5M. Sales over $2M were particularly strong because of new development two+ bedroom sales in Dumbo, Brooklyn Heights, Williamsburg and Downtown Brooklyn. Days on market, at 122 days, declined annually for the eleventh consecutive month.
Fourth Quarter capped off 2021 as the best year ever for the Manhattan market by many metrics. This year, reduced prices, low interest rates, the desire for more space, and resilient buyer confidence in New York drove demand to historic highs. In turn, supply and days on market declined and pricing finally stabilized and seems to be rising again after a prolonged decline.
Fourth Quarter 2021 capped off one of the most remarkable years in Brooklyn real estate on record. Over 1,900 buyers closed on apartments during Fourth Quarter 2021, a 15% increase from Fourth Quarter 2020, which was a record fourth quarter at the time. In total, about 8,600 apartments closed during 2021, 73% more than in 2020 and the highest figure on record. Even more impressive, dollar volume of sales was a staggering $8.1B, crushing the previous high of $5.5B in 2017.
Manhattan Market Snapshot - December 2021
December closed out a strong 2021 with a bang. Just under 1,300 contracts were signed, down a typical 10% versus November but up 24% year-over- year; this total was record high for December and just the third time ever that December surpassed 1,000 contracts. Condos and co-ops alike set December sales records. Versus a year ago, all price ranges and sub-markets, except for Upper Manhattan, experienced annual increases in signed contracts. Days on market rose slightly compared to November, but declined year-over-year for the ninth consecutive month to a five-year December low of 129 days. The spread in days on market between condos and co-ops was 15 days, the lowest of any December since 2015.
Brooklyn Market Snapshot - December 2021
December closed out a remarkable year in Brooklyn where over 6,000 contracts were reported signed, the most since 2016. However, market wide contract activity dipped by a slight 4% versus December 2020, which was a two year high at the time. Contracting co-op sales – the first annual decline in thirteen months – drove the overall decline since condo sales were actually 3% higher than last December. Swift sales at new developments helped to drive up sales activity, and importantly, contributed to the double-digit annual gain in sales over $2M. Contract activity in just two of eight sub-markets managed to increase annually, also on account of new developments. Days on market for both product types dipped year-over-year but expanded versus November due to lingering listings going into contract.
Manhattan Market Snapshot - November 2021
Manhattan continued to break records this fall. This November, over 1,400 contracts were signed in Manhattan, a record high for November and the highest monthly sales figured achieved since June 2021. The year-over-year gain of 60% was the highest seen in three months and, atypical of seasonality, sales actually increased slightly from October. Both condos and co-ops set records, reaching their highest November sales ever. All submarkets and price ranges had annual increases in signed contracts. Contracts signed over $5M reached an all-time high for any month. In response to continued strong demand, days on market fell on a yearly basis for its eleventh consecutive month to 118 days on average, just shy of the three-year low last month.
Brooklyn Market Snapshot - November 2021
Nearly 500 contracts were signed in November 2021, a double-digit increase versus last year and the best November since 2017. The annual gains in contract activity were mostly a result of the condominium market which saw a 68% year-over-year increase while co-op sales only expanded by 9%. All prices ranges and the majority of submarkets saw contract activity rise annually. In particular, sales over $2M, totaling 68 sales, were extraordinarily strong, driven by the robust demand for two+ bedroom residences at new development properties in desirable neighborhoods such as Brooklyn Heights, Dumbo, Downtown Brooklyn and Park Slope. As demand outpaced supply, low inventory levels restrained sales in Carroll Gardens/Boerum Hill/Red Hook and Kensington/Windsor Terrace/Ditmas Park/Flatbush and Prospect Park South. Days on market, which averaged 97 days, declined on an annual basis for the ninth consecutive month.
Manhattan Market Snapshot - October 2021
Manhattan continued to break records early this fall. This October, over 1,350 contracts were signed in Manhattan, a record high for October. Per typical seasonality, sales rose versus September and also increased 41% annually. Year-over-year, both condo and co-ops saw contract activity improve, with condos up a notable 72% and co-ops up 23%; co-ops reached a record-high for October and condos had their second-best October ever, just shy of the record set in October 2007. All submarkets and price ranges saw annual increases in signed contracts. In response to continued strong demand, days on market fell compared to last month and declined on a yearly basis for its tenth consecutive month to 115 days on average, a three-year low.
Brooklyn Market Snapshot - October 2021
530 contracts were signed in October 2021, the strongest month since June and the best October since 2017. All price ranges and many neighborhoods saw contract activity increase year-over-year. In particular, sales from $2M to $3M and over $3M, totaling 74 deals, were exceptionally strong, driven by the high level of demand for three+ bedroom residences focused in new developments throughout Brooklyn Heights, Dumbo and Downtown Brooklyn. Contract activity in South Brooklyn nearly doubled versus the same month last year, propelled by the rise in co-op sales under $1M. As demand outpaced supply, low inventory levels suppressed sales in Park Slope/Gowanus and Fort Greene/Clinton Hill/Prospect Heights. Days on market, which averaged 87 days, declined on an annual basis for the eleventh consecutive month.
What a difference a year makes. Buyer demand in Manhattan skyrocketed during Third Quarter 2021, making it the market’s best summer since 2007. Sales surged, reducing supply, shortening days on market and stabilizing prices. Better value, low interest rates, the need for more space, tightening supply and high confidence are powering Manhattan’s comeback, putting it on track to produce one of the best years ever for Manhattan real estate.
The Brooklyn market in Third Quarter 2021 exceeded what had already been record sale and price figures just 90 days ago. Nearly 2,550 sales occurred in Brooklyn during Third Quarter 2021 and the need for larger homes drove the average price above a significant threshold, exceeding $1M for the first time ever. This milestone not only demonstrates the evolution of values in the borough but also reinforces the confidence that buyers have in calling Brooklyn their home. This time last year, the city had only just begun to open back up and many year-over-year statistics are still somewhat exaggerated. However, the pandemic aside, these newly shattered records validate the enduring strength and depth of demand in Brooklyn.
Manhattan Market Snapshot - September 2021
This September, over 1,000 contracts were signed in Manhattan, a record high for a September. Sales fell 18% versus August per typical seasonality but were nevertheless up 48% annually. Sales rose year-over-year for both condos and co-ops, but condos led the way by doubling versus a year ago. Still, both property types had their best Septembers ever. Similar to previous months, luxury demand remained robust, with sales over $5M also reaching a all- time high for September with 75 contracts signed. In response to the very strong demand, days on market fell on a yearly basis for the ninth consecutive month to 155 days on average, only slightly above August but down 5% versus its pre-pandemic peak of 164 in January 2020.
Brooklyn Market Snapshot - September 2021
Sales Slow Per Seasonality But Still Reach a Three-Year High For September. Just under 400 contracts were signed in September 2021, which was down versus the last few months per typical seasonaity. However, this was still the strongest September since 2018. All price ranges and most neighborhoods saw contract activity increase year-over-year and hit three-year highs for September. In particular, sales from over $2M, totaling over 50 deals, were especially strong, driven by new development sales in northern and western neighborhoods and those in close proximity to Prospect Park. However, not all neighborhoods saw contract activity improve versus a year ago, as low inventory levels suppressed sales in Park Slope/Gowanus and Fort Greene/Clinton Hill/Prospect Heights. Days on market averaged 122 days, declining on a monthly basis for the tenth consecutive month.
Manhattan Market Snapshot - August 2021
Sales Climbed to a Record High for August as Days on Market Continued to Decline. This August, 1,288 contracts were signed in Manhattan, an August record. Sales were down 8% versus July per typical seasonality but up 80% annually. While sales for both condos and co-ops were strong, co-ops were strong, co-ops ultimately drove the all-time high, as August condo sales were last higher in 2007 due to incredible development activity at that time. Luxury demand remained robust, with sales over $5M also reaching a record high for the month of August. Against the backdrop of this strong demand, days on market fell on a yearly basis for the eighth consecutive month to 147 days on average, only slightly above July’s 22-month low but down 10% versus its pre-pandemic peak of 164 in January 2020.
Brooklyn Market Snapshot - August 2021
Strong Demand and Contract Activity from First Half 2021 Continues While Pricing Increases. The number of transactions in August exceeded 500 for the sixth consecutive month as both condo and co-op activity rose annually. Contract activity month-over-month remained essentially level. All price ranges saw activity rise versus August 2020. Deals signed between $2M and $3M saw activity double and sales over $3M tripled annually. Increased activity over $2M this month was largely a result of new development sales in northern and western Brooklyn neighborhoods. Demand for co-ops in South Brooklyn drove its 155% annual increase, the largest percentage increase by submarket. Fort Greene, Clinton Hill and Prospect Heights sales declined 49% annually amid a shortage of inventory under $1M.
Manhattan Market Snapshot - July 2021
Sales Had Their Best July Since 2013 as Days on Market Continued to Moderate. This July, 1,340 contracts were signed in Manhattan, the highest number of contracts of any July since 2013. As is typical, July sales fell 14% versus June but were still more than double last year’s total. Although sales overall were last higher in 2013, contracts signed over $2M actually hit a record-high for July at 350 sales as a result of heightened contract activity for two, three and four bedroom apartments. Amid the continuation of strong demand, average days on market fell on a monthly and yearly basis for the seventh consecutive month to 136 days, down 18% versus the pre-pandemic peak of 164 in January 2020.
Brooklyn Market Snapshot - July 2021
Climbing Prices Tempered Buyers but Contract Activity Still Doubled Last Year’s Pace. The number of contracts signed in July exceeded 500 for the fifth consecutive month and both condo and co-op activity contributed to the strong figure. The month-over-month dip is not surprising given its summer, although rising prices overall likely moderated activity. All price ranges had increased activity, with contracts over $3M and $1.5M to $2M having the largest gains. Contract activity at large-scale new developments in Brooklyn Heights, Dumbo, and Downtown drove the 158% annual sales gain.
Manhattan Market Snapshot - June 2021
Sales Had Their Best June Since 2007 and Days on Market Fell to a Four-Year Low! This June, nearly 1,600 contracts were signed in Manhattan, the fifth consecutive month that sales reached their highest respective monthly levels since 2007; both condos and co-ops reached 14-year highs, although both product types saw a minimal decline in signed contracts versus May per typical seasonality. Over 8,800 contracts were signed in the first six months of 2021, 12% more than the 2020 year end total. Alongside strengthening demand, days on market fell on a monthly and yearly basis for the sixth consecutive month to a four-year low of 138 days on average.
Brooklyn Market Snapshot - June 2021
Contract Activity eased slightly versus May’s five-year high but still maintained impressive annual gains. Brooklyn buyers signed nearly 590 contracts in June, a 420% increase compared to last year. This pace was equivalent to 19 deals per day, down from about 21 deals per day in May. The month-over-month slow down was seen in the condo market as co-op sales remained steady. Nevertheless, 373 condo sales still ranks June as one of the best months in recent years. Williamsburg & Greenpoint saw the largest annual gain in activity. Percentage wise, sales over $3M grew the most, but share of sales in the $1M to $1.5M price range had the greatest expansion versus a year ago.
The Manhattan sales market had its best spring season in more than half-a-decade in Second Quarter 2021. This quarter, closings and signed contracts soared, bringing inventory down from last quarter and helping to stabilize pricing. Second Quarter 2021’s strength was fueled both by familiar and newer forces. The vaccine and further reopening of the city brought about increased confidence in New York and its real estate market and the return of many potential buyers. They are spurred to act by lower prices, still-low interest rates, abundant choice and the strong desire to upgrade or expand their space. A year-and-a-half after the Covid-19 pandemic began, this recovery’s trajectory is a testament to the resilience, efficiency and desirability of the Manhattan market.
Second Quarter 2021 was a record setting quarter for Brooklyn as buyers continued to flock to Brooklyn seeking space and value. Just one year following the stay-at-home order, sales activity and prices have come roaring back, supported by strong fundamentals in the real estate market such as low interest rates, stable supply levels and consumer confidence. While the comparison to last year’s market pause exaggerates many year-over-year statistics, the impressive quarterly comparisons provide continued optimism that Brooklyn’s rebound is here to stay.
Manhattan Market Snapshot - May 2021
Another Strong Performance for the Manhattan Market! This May, more than 1,600 contracts were signed in Manhattan, the fifth consecutive month that sales hit their highest monthly level since 2007. Year to date, more than 7,000 contracts have been reported signed, just 10% shy of the number sales in all of 2020. Typical of seasonality, condo and co-op sales fell a slight 3% compared to April. Nevertheless, condos had their best May since 2013 while co-ops reached a 13-year high for the month. With demand remaining strong, days on market fell on a monthly and yearly basis for the fifth consecutive month to 145 days on average, the lowest since October 2019.
Brooklyn Market Snapshot - May 2021
Highest Level of Contract Activity Seen for the Month of May Since 2016! May 2021 finished with 658 signed contracts, a 639% increase compared to May 2020. Contract activity increased annually for the tenth consecutive month. In addition, contract activity grew 8% versus a strong April 2021. All product types, price ranges and submarkets saw contract signed figures improve versus the same month last year. As deal activity remains strong, days on market fell annually for the sixth consecutive month.
Manhattan Market Snapshot - April 2021
This April, the Manhattan market broke records. Nearly 1,700 signed contracts were signed during the month, the strongest April on record. Condo sales were essentially level with last month and hit their highest level since April 2013. Co-op contracts signed rose compared to March, and had their best month since June 2007. Alongside improving demand, days on market fell on a monthly and yearly basis for the fourth consecutive month to 146 days on average, the lowest since October 2019. Note: year-over-year changes in contract activity were exaggerated by last year’s Covid-19 shutdown.
Brooklyn Market Snapshot - April 2021
Contract activity expanded annually for the ninth consecutive month. April 2021 finished with 611 signed contracts, a 418% increased compared to April 2020. All price ranges and submarkets saw contract activity improve versus the same month last year. Days on market shrank annually for the fifth consecutive month with the uptick in buyer activity.
Manhattan Market Snapshot - March 2021
On the heels of strong February results, the Manhattan market continues to recover in March 2021. Over 1,600 signed contracts were signed this March, making it the strongest of any March since 2007. Although days on market overall remains above 2020 due to stubbornly high inventory, the average did decline by 8% compared to February.
Brooklyn Market Snapshot- March 2021
Contract activity expanded annually for the eighth consecutive month. March 2021 ended with 568 signed contracts, a 53% increase compared to March 2020. By price range contract activity improved the most over $3M versus March 2020 and by submarket in brownstone Brooklyn neighborhoods. Days on market shortened by double digits year-over-year and versus last month due to increased demand.
After a challenging 2020, First Quarter 2021 gave Manhattan’s buyers and sellers some much needed confidence and optimism. This quarter, despite the pandemic, closings and signed contracts climbed as prices cooled and inventory moderated. Better value, low interest rates, the vaccine rollout and a recovering economy are powering the market’s improvement. After years of stops and starts plus the historic lows of 2020, the road to full health will take time, but we are hopeful that the market’s recent performance indicates that demand for Manhattan real estate has finally turned the corner and begun to earnestly recover.
First Quarter 2021 was a record-setting quarter in Brooklyn on several fronts. The number of deals surged and many price statistics were at or near all-time highs. Coming just one year since New York’s stay-at-home order began, the strength and velocity of the market rebound is truly remarkable. First Quarter 2021 had the highest number of sales for any quarter since 2007. Over 1,800 apartments closed in the first three months of the year. Buyers pounced on the opportunity to choose from over 2,600 listings, the most they had seen in a decade. Given high inventory levels, apartments spent a little over three months on the market, only slightly less time than a year ago. Still-low interest rates and the fear of them rising helped motivate over 1,400 buyers into contract, the highest number of deals inked since Second Quarter 2015.
Manhattan Market Snapshot - February 2021
With strong February results, 2021 is now the best start to any year for sales since 2013. Active listings remain high, but are down from their post-Covid October peak. Days on market climbed annually but fell from it’s January 2021 peak. Prices statistics, like last month, increased, skewed by sales over $5M.
Brooklyn Market Snapshot - February 2021
Contract activity expanded annually for the seventh consecutive month. Active listings continue to decline versus October 2020 peak. Days on market shrank versus last year.
Manhattan Market Snapshot - January 2021
Signed contracts in January 2021 reached their highest January level since 2014. Activity listings remain high, but are down from their October peak. Days on market climbed as listings requiring multiple price reductions finally sold. Prices statistics, meanwhile, increased, skewed by sales over $5M.
Brooklyn Market Snapshot - January 2021
Contract activity continued to expand annually for the sixth consecutive month. Active listings, while over 2,700, were down versus October 2020 peak. Days on market shrank versus last year. Price statistics fell as more contracts were signed in typically less expensive neighborhoods.
Manhattan Market Snapshot - December 2020
In December 2020, signed contracts for co-ops and condos combined increased year-over-year for the fourth consecutive month, rising 29% versus last December and 16% versus November. After reaching a ten-year high in October, and typical of seasonality, listed inventory fell for the second consecutive month; however, as a continued result of the surge in inventory before and after June’s reopening, active listings are still 27% above December 2019, at over 8,000 units. Days on market increased versus November as a result of the holidays and winter season and increased on an annual basis for condos but held steady for co-ops compared to last year. Negotiability, which has been a key driver of contract activity, remains prevalent in today’s market. Compared to last December, discounts deepened for condos but moderated for co-ops, with condos – the pricier of the product types – continuing to require deeper discounts than co-ops in order to transact. Annual shifts in price statistics were similar for condos and co-ops. Average price and average price per square foot each declined, impacted by buyers prioritizing space and value over location and building. Median price figures, which are less impacted by very low and high priced sales, changed minimally, and were within two percentage points of where they were this time last year.
Brooklyn Market Snapshot - December 2020
December 2020 saw the year’s largest annual gain in sales activity, a 27% increase year-over-year, with 445 contracts signed. December 2020 was the fifth consecutive month with an annual increase in sales activity, as the Brooklyn market swiftly rebounded following the pause from March through June. Newly listed apartment inventory expanded annually by 12%, the seventh month of year-over-year gains in new listings, though the pace of new listings is slowing down following the spike seen in early fall. Compared to December 2020, buyers signed contracts nearly two weeks faster compared to last year, underscoring strong demand. Though median price was level year-over-year, average sale price dipped 5% as last year’s figure was skewed higher due to a greater number of sales over $3M located in Brooklyn Heights. Average price per square foot fell by 3% year-over-year and negotiability changed minimally compared to last year.
A positive bookend to an unprecedented year, 2020 ended in much the same way that it began: with the Manhattan market exhibiting signs of stabilization and resilience. In Fourth Quarter 2020, closings grew versus the previous two quarters, signed contracts returned to pre-Covid levels, and supply growth slowed. Pent-up demand contributed to the rebound, but falling prices, low interest rates, more negotiability, a clearer political climate plus news of a vaccine were key contributors as well. Although many of the challenges related to taxes, supply, and affordability remain, this quarter’s results offer a firm foundation for more improvement in 2021.
Six months following the resumption of in-person showings, the Brooklyn real estate market not only picked up right where it left off before the stay-at-home order, but exceeded expectations for the speed of its rebound. The year concluded on a high note, as Fourth Quarter closings were up 12% year-over-year following two consecutive quarters with annual declines of over 30%. Furthermore, the year-over-year gains in contract activity that began in August extended during the final three months of the year, which totaled 8% more sales than last year. Brooklyn is likely benefiting from the recalibration of demand toward more space for better value, as opposed to proximity to workplaces at higher prices.
Manhattan Market Snapshot - November 2020
In November 2020, the Manhattan market exhibited signs of continued improvement and recovery. Signed contracts increased year-over-year for the third consecutive month, rising 5% versus last November; contracts declined versus October, however that is typical of market seasonality around the holidays. Listed inventory, after climbing month-over-month for half a year, finally moderated by falling 8% versus October’s decade-high. However, because of the surge in inventory before and after June’s reopening, active listings are still about 20% above 2019 levels at nearly 10,000 units. In the face of extraordinary levels of inventory, days on market reinforced the improvement in market conditions, declining versus October and holding steady or shrinking compared to last year. Negotiability, unsurprisingly, deepened for both condos and co-ops compared to last November, but deeper discounts have been critical to the increase in contract activity. Annual shifts in price statistics were similar for condos and co-ops. Average price and price per square foot were both impacted by fewer sales at the very high-end of the market compared to last November. Median price figures, which are less impacted by very low and high priced sales, rose annually for both property types due to a drop in the market share of studio and small one bedrooms but an increase in the market share of three+ bedroom homes.
Brooklyn Market Snapshot - November 2020
November 2020 continued the trend of annual gains in sales activity with over 360 contracts signed, a 6% increase year-over-year. November 2020 was the fourth consecutive month with an annual increase in sales activity, signaling a rebound in the Brooklyn market. Newly listed apartment inventory grew annually by 18%, the sixth consecutive month of year-over-year gains in new listings. November 2020 days on market shrunk by 24 days compared to last year. The share of contracts that signed in under six months increased versus November 2019. In particular, the year-over-year decline was driven by an increase in contracts signed in under 30 days in brownstone Brooklyn, including two times the number of townhouse contracts that signed within a month of listing versus a year ago. Average sale price declined 10% and median price fell 12% annually. The decline in price statistics was driven by the increase share of sales under $1M compared to last year. Average price per square foot rose year-over-year by 3%, however, the average size of sales in November 2020 declined by 17% annually to 1,500 square feet versus 1,800 square feet last year. Negotiability continues to deepen compared to last year and fell slightly versus last month.
Manhattan Market Snapshot - October 2020
In October 2020, signed contracts continued to improve, increasing on a monthly basis for the sixth consecutive month and on an annual basis for the second time since February 2020. Listed inventory increased versus last month and last year — over 8,000 listings have hit the market since reopening began in June — and at 10,443 listings, inventory reached its highest level since 2009. Days on market, which includes the time that apartments may have been on the market during the 100% virtual showing period, declined annually and monthly for both property types, but negotiability nevertheless deepened for both property types compared to last October. Annual shifts in price statistics were different for condos and co-ops. Average price statistics for condos declined versus last year as a result of fewer sales at the very high-end of the market. Median price, which was less impacted by last year’s high-end sales, rose annually due to a decrease in the market share of sales under $1M. Co-op average and median price declined compared to October 2019 thanks to an increase in the market share of sales under $2M, consistent with the fact that the lower price range has been leading the market’s post-Covid recovery. Average price per square foot for both condos and co-ops did not change significantly year-over-year.
Brooklyn Market Snapshot - October 2020
October 2020 continued the trend in sales activity from September with over 400 contracts signed, an 8% increase year-over-year. October 2020 was the third consecutive month with an annual increase in sales activity signaling a swift rebound in the Brooklyn market. Newly listed apartment inventory grew annually by 47% and rose 12% versus last month. October 2020 was the highest level seen in over ten years as sellers – making up for a lost spring selling season – look to capture buyers during the fall. October 2020 days on market shrunk by 11 days compared to last year and fell by 33% compared to last month. The increase in sales activity under $1M influenced shorter marketing time versus last year. Average sale price declined 7% and median price fell 14% annually. The decline in price statistics was driven by the increase share of sales under $1M compared to last year, and a simultaneous slowdown in the over $2M market compared to last year. Average price per square foot declined year-over-year by 3%. Negotiability continues to deepen compared to last year but rose slightly versus last month. Negotiability shrunk compared to last month as there were more sales at the low end where negotiability is typically tighter.
Manhattan Market Snapshot - September 2020
In September 2020, signed contracts continued to improve, increasing on a monthly basis for the fifth consecutive month and on an annual basis for the first time since February 2020. Listed inventory moderated versus August thanks to the increase in signed contracts. However, because over 6,000 listings hit the market between July and September, active listings were 27% higher than they were a year ago; listed inventory is now at its highest level since 2009. Negotiability deepened for both property types compared to this time last year and versus August. Days on market, which includes the time that apartments may have been on the market during the 100% virtual showing period, declined annually by over a month for condos; however, co-ops saw days on market increase by two months. Year-over-year changes in price statistics were different for condos and co-ops. Price statistics for condos rose across the board versus last year as a result of a significant increase in the market share of sales over $2M compared to last year when the high-end was impacted by the July 2019 increase in transfer taxes. Meanwhile price statistics for co-ops fell compared to September 2019 for multiple reasons, the most important of which was a sharp 13% increase in the market share of contracts signed under $1M compared to last September.
Brooklyn Market Snapshot - September 2020
September 2020 continued the momentum in sales activity from August with nearly 300 contracts signed, a 17% increase year-over-year. Signed contract activity increased compared to last year but fell relative to a strong August 2020. September 2020 was the second consecutive month with an annual increase in sales activity. Newly listed apartment inventory expanded year-over-year by 12% and rose 31% versus last month as sellers returned to the market for the fall selling season. September 2020 days on market shrunk minimally by 5 days compared to last year but rose 18% compared to last month. Average sale price was level year-over-year and median price rose 11% annually. The rise in median sale price was driven by an increase in sales activity between $1M and $2M compared to last year. Average price per square foot declined compared to last year by 4%. Unsurprisingly, negotiability continues to deepen compared to last year and last month.
Manhattan ended Third Quarter 2020 on a positive note. Signed contracts were up 167% versus Second Quarter 2020 when the market was on “pause” due to the Covid-19 stay-at-home restrictions. Furthermore, September saw sales turn an important corner: monthly signed contracts were up versus 2019 for the first time since February. While pent-up demand from the lost spring market is certainly a factor in this uptick in sales, it does appear that demand is rebounding in Manhattan. Although supply, tax, and affordability challenges remain, we are hopeful that lower prices, record-low interest rates, and easing Covid-19 restrictions will propel the Manhattan market back to the improving levels of activity experienced at the start of 2020.
As in-person showings resumed at the end of June, the Brooklyn real estate market quickly rebounded. By the middle of the quarter, the flurry of fresh new listings and a highly negotiable marketplace unlocked the pent-up demand built over the last few months, resulting in August contracts signed surpassing last year by 15%. Total inventory, 46% of which were newly listed apartments, reached 2,400, an eight-year high and 840 more listings compared to just 90 days ago.
Manhattan Monthly Market Snapshot - August 2020
In August 2020, signed contracts remained below last year’s level but improved on a monthly basis for the fourth consecutive month. Listed inventory, which typically dips during the summer, instead continued to increase rapidly, a trend that began in mid-May; by the end of August, active listings had surpassed their mid-2019, ten-year peak, and are now at their highest level since the spring of 2009. Negotiability deepened compared to this time last year, but thanks to stabilizing market conditions, was not as steep as July. Days on market, which includes the time that apartments may have been on the market during the 100% virtual showing period, rose annually by approximately two weeks for condos; co-ops, which have experienced a stronger post-shutdown rebound, saw days on market decrease (by about a week), reaching its lowest figure since March 2020. As with sales, year-over-year changes in price statistics were different for condos and co-ops. Average and median price for condos actually displayed year-over-year increases, however this was because August 2019 price figures were skewed by the lack of contracts signed over $2M due to the July 1, 2019 increase in mansion and transfer taxes. Average and median co-op price figures, which were less affected by last year’s tax hike, maintained their steady but downward trajectory due to an active market under $1M but slow market over $5M.
Brooklyn Monthly Market Snapshot - August 2020
In August 2020, signed contract activity increased compared to last year and to the month prior. Sales this month increased by 15% versus last year and grew by 26% compared to July activity. August 2020 was the first month with an annual increase in sales activity since February 2020 before COVID-19 had an impact on the New York City market. Newly listed apartment inventory considerably increased year-over-year by 52% as new listings continue to return to the market in preparation for the fall selling season. August 2020 days on market grew by 19 days compared to last year driven by the rise in the number of sales that were listed for more than 6 months. Days on market fell minimally by 2% versus last month. Average sale price declined by 6% year-over-year and median price fell 14% annually. Both average sale price and median sale price each rose compared to July 2020, rising 1% and 4% respectively. Price statistics fell compared to last year due to the increase in the share of sales under $1M. Average price per square foot increased compared to last year by 3%. The difference from last ask to sale, at – 2.6%, was level with the average over the past 12 months.
Manhattan Monthly Market Snapshot - July 2020
In July 2020, signed contracts remained below last year’s level but improved significantly versus June. Listed inventory, which typically dips during the summer, instead continued an upward trend that began in mid-May, and by the end of the month was even higher than it was a year ago. Negotiability and discounts, which are nearly universal in today’s market, deepened compared to this time last year. Days on market, which includes the time that apartments spent on the market during the 100% virtual showing period, rose alongside greater negotiability, averaging around six months for condos and seven months for co-ops. Despite contract activity continuing to be concentrated at lower price points, price statistics in July 2020 actually displayed year-over-year increases; this was because July 2019 price statistics were very low due to the significant drop in signed contracts over $2M caused by the July 1, 2019 increase in state mansion and transfer taxes. Historically, price figures included in the Manhattan Monthly Market Snapshot are based on Corcoran deals, and are typically representative of marketwide shifts in pricing. However, due to the limited number of sales this July signed by any one firm, this month we included prices for contracts signed by all brokerages.
Brooklyn Monthly Market Snapshot - July 2020
In July 2020, signed contract activity declined compared to last year but significantly rose compared to the month prior as New York City logged its first full month since in-person showings resumed on June 22nd. Sales this month decreased by 24% compared to last year but ballooned by 147% compared to June activity. Newly listed apartment inventory dramatically increased year-over-year by 59% as new listings continue to return to the market after stay-at-home orders were lifted. July 2020 days on market grew by nine days compared to last year but fell 20% versus last month, the decline compared to June 2020 was driven by the rise in the number of deals that were listed for fewer than 30 days. Average sale price declined minimally by 2% year-over-year and median price fell 4% annually. Both average sale price and median sale price each rose 7% compared to last month. Price statistics fell compared to last year due to the decline in the share of sales over $2M. Average price per square foot was level compared to July 2019. The difference from last ask to sale, at -2.7%, slightly fell compared to last month but was more than double the average discount last year.
Manhattan Monthly Market Snapshot - June 2020
In June 2020, contracts signed, active listings, and average price statistics in the Manhattan market declined versus a year ago—but improved versus May. Reported contracts signed fell 74% in the first week of June 2020 but rebounded slightly in the last two weeks of the month as reopening began. As a result of sellers pulling listings for the past three months, listed inventory continued to display a year-over-year decline. However, as a result of the resumption of in-person showings, listed inventory increased compared to May. Negotiability remains highly prevalent and both product types experienced deeper discounts versus this time last year. Days on market, which includes the time that apartments spent on the market during the 100% virtual showing time period, hovered around five months for co-ops and nearly five-and-a-half months for condos. With contract activity concentrated at lower price points, average price statistics for both condos and co-ops decreased from a year ago. However, median price for condos rose alongside the market share of new development sales in June.
Brooklyn Monthly Market Snapshot - June 2020
In June 2020, signed contract activity declined compared to last year but rose compared to last month. Newly listed apartment inventory increased following Phase 2 on June 22, 2020. Sales this month decreased by 70% compared to last year but improved by 36% compared to May’s activity. June 2020 days on market doubled compared to last year and rose versus last month as stay-at-home orders and market uncertainty slowed buyer’s decision making. Driven by the restart of in-person showings, newly listed apartment inventory rose annually and increased significantly by 134% compared to May 2020. Average sale price fell by 13% year-over-year as a result of fewer sales over $3M compared to June 2019. Median sale price fell by 16% as the market share of sales under $ 1M rose compared to last year. In addition, pricing statistics were influenced by the decline in townhouse sales compared to last year, which typically trade a t higher price points. Average price per square foot fell 5% compared to June 2019. The difference from last ask to sale, at -3.2%, slightly fell compared to last month but was significantly higher compared to last year.
In Second Quarter 2020, the Brooklyn real estate market hit pause due to the global coronavirus pandemic. Between mid-March and late-June, buyers and real estate agents were only permitted to conduct business virtually, yet market activity continued—albeit at a slower pace. As a result, sales unsurprisingly decreased this quarter to under 940 closings (over 80% of which signed before March 13th) and 355 contracts signed. Now that restrictions have been partially lifted, Brooklyn marketwide activity has started to trend upward as a result of pent-up demand, low interest rates, and increased negotiability.
During Second Quarter 2020 Covid-19 had a profound impact on New York City and its real estate market. While business quickly pivoted to be conducted virtually, Manhattan market activity was a fraction of its pre-Covid level as a result of in-person showing restrictions. Now, as New York’s lockdown eases and inventory returns to the market, short-term contract activity will likely be supported by pent-up demand. Longer term, for-sale market conditions will depend on the wider economic recovery and the containment of Covid-19.
Manhattan Monthly Market Snapshot - May 2020
In May 2020, contracts signed, active listings, and pricing in the Manhattan market all declined versus a year ago—but improved versus April. Reported contracts signed fell 80% in the first two weeks of May 2020 but rebounded slightly in the last two weeks of the month as reopening plans were announced. As a result of sellers pulling listings in March and April 2020, listed inventory in May 2020 continued to display year-over-year declines versus a year ago, but increased compared to April as sellers prepared for New York’s shutdown to end—though real estate agents will not be able to begin showings until phase two of reopening in late June or early July. Negotiability of course remains prevalent in today’s market with both product types experiencing deeper discounts versus this time last year. Days on market hovered around six months for co-ops and nearly eight months for condos. Similar to last month, contract activity continues to be skewed towards lower price points, resulting in the decline in price figures for both condos and co-ops. Historically, price figures included in the Manhattan Monthly Market Snapshot are based on Corcoran deals, and are typically representative of marketwide shifts in pricing. However, due to the limited number of sales this May signed by any one firm, this month we included prices for contracts signed by all brokerages.
Brooklyn Monthly Market Snapshot - May 2020
In May 2020, signed contract activity and newly listed apartment inventory declined dramatically compared to May 2019 due to the market-wide challenges caused by the Coronavirus pandemic. Sales this month decreased by 80% compared to last year and were also below April’s activity as shelter-in-place orders continue to be in effect. May 2020 days on market increased by 43% annually to 115 days on average, the highest May figure since 2012. Newly listed apartment inventory fell by 63% compared to last year, but rose significantly virus last month, which was the lowest figure in the past seven years. Average sale price fell 16% year-over year as The Corcoran Group had more sales over $3M this month last year compared to May 2020. Median sale price fell 9% as the market share of sales under $1M increased and concurrently the market share of sales between $1M and $3M fell year-over-year. In addition, sales figures were skewed by seven sales over $4M last year including a townhouse sale for over $9M. Average price per square foot fell 13% compared to last year. The difference from last ask to sale, at -3.9%, was the largest discount figure since 2010.
Residential Rental Report - April 2020
- More building owners chose to use incentives – like no fees or free month(s) of rent to provide a sense of value during this challenging time for many tenants. It is important to note that the market did not experience across-the-board price declines.
- More than one third (37%) of rental transactions brokered by The Corcoran Group offered a free month’s rent and/or payment of the broker fee to entice new tenants in April – higher than the 34% in March. In fact, this is the highest level of incentives we have charted in just over two years.
- In April, the Manhattan vacancy rate was 1.37% – up from March’s rate of 1.12%. Due to the financial impact the pandemic has had on many New Yorkers, we attribute this rise in the vacancy rate to some tenants not renewing their leases, and instead seeking alternate housing.
Residential Rental Report - March 2020
- Compared to the month prior, rents in both boroughs increased for some apartment categories, but declined for others. This suggests that the current public health crisis has not yet influenced overall rental pricing.
- While changes to Manhattan rents varied by apartment size year-over-year, rents increased across the board in Brooklyn, which reflects the borough’s increased desirability to tenants.
- More than one third (34%) of rental transactions brokered by The Corcoran Group offered a free month’s rent and/or payment of the broker fee to new tenants in March – higher than the 30% in February. The percentage of concessions is also up from the same period last year. In March 2019, 29% of leases included one.
- In March, the vacancy rate was 1.12% – nearly unchanged from February’s rate of 1.11%. This is the lowest vacancy rate seen since August 2019 (1.17%). The steady (but low) vacancy rate is attributed to the fact that due to the current pandemic, many tenants are simply staying put.
Manhattan Monthly Market Snapshot - March 2020
After four months of improving contract activity, sales in March 2020 unsurprisingly slowed versus last month and last year due to the COVID-19 stay at home order. Although over 700 contracts were signed in March, this was down 22% versus last year and was the worst March in more than ten years. Since New York’s state of emergency declaration on March 7, sales have dropped on a weekly and yearly basis each week, culminating in a 73% drop in the last week of March compared to the same week in 2019. Also significant was this month’s decline in active listings, which fell over 10% in just two weeks to about 6,000 listings by the end of March, Manhattan’s first year-over-year decline in listed inventory since 2015. Not only did sellers pull their listings off the market, but the number of new listings that hit the market fell 80% year-over-year in the second half of March. Negotiability is high and remains at levels similar to those from 2012. Days on market hovered around four to five months, depending on product type. Price figures for condos and co-ops mostly declined, save single-digit upticks in average condo sale price and average co-op price per square foot.
Following six consecutive quarters of sales decline, the Brooklyn market appeared to have rebounded with a 9% uptick in closing activity during First Quarter 2020. The year started off strong with January closings alone up 30% annually. However these statistics lag today’s reality. The last two weeks of the quarter experienced a near halt of real estate activity and the quarter ended with 20% fewer signed contracts compared to the first three months of 2019. Sellers changed course rapidly as social distancing measures were implemented, pulling their listings off the market and causing inventory levels to hit a seven-year low.
The coronavirus pandemic is effecting real estate in unprecedented ways and the ultimate impact on the New York City market is far from being known. As a quarterly synopsis based on closed sales, this report is by its nature a look in the “rear-view mirror” and is only minimally reflective of the shifts in business at the end of March.
Manhattan Monthly Market Snapshot - February 2020
February 2020 contract activity improved by double-digits for both the condominium and co-op markets compared to 2019, representing the fourth consecutive month that sales have increased year-over-year. The condominium market experienced year-over-year shifts in the market share and number of sales in favor of larger residences, causing average and median sale price to move higher. The co-op market saw average price statistics rise due to a stronger luxury market compared to last year, as contracts signed for more than $5M, especially near Central Park, grew versus last February. However, median sale price fell year-over-year due to a shift in the market share and number of sales in favor of units trading below $500K, due to an increase in contracts signed for small, low floor residences. Listed inventory expanded by double-digits for both condominiums and co-op, yet average days on market declined for condominiums and co-ops compared to last year.
Brooklyn Monthly Market Snapshot - March 2020
In March 2020, signed contracts activity declined and newly listed apartment inventory decreased as the Brooklyn market reacted to the Covid-19 outbreak. Sales this month decreased by 11% overall compared to last year, however looking closer at the second half of the month, March 15, 2020 to March 31, 2020, sales declined 44% compared to the same time period last year. During the first half of the month, March 1, 2020 to March 14, 2020, sales actually increased by 21% annually. Newly listed apartment inventory fell by 18% compared to last year and was the lowest March figure in the past six years. This month days on market increased by just five days to 106 days on average. Average sale price and median sale price saw minimal annual increases, up 1% and 2% year over year. Average price per square foot rose 2% compared to last year. The rise in pricing was caused by an increase in sales over $1,000 per square foot compared to last year, particularly in Park Slope. The difference from last ask to sale was nearly unchanged compared to last year.
Sales in Brooklyn moderated in 2019 versus a strong 2018, yet closing activity was still higher than years leading up to the peak in 2017. Prices continued to show relative resiliency despite the transfer and mansion tax headwinds that directly affected transactions over $2M. While sales overall were down 8%, sales over $2M fell by an even steeper 18%. Meanwhile inventory continued to accumulate, partly due to slower absorption, but also due to new development introductions as 2019 saw the second highest number of units come to market in Brooklyn in the last ten years.
2019 was another challenging year for the Manhattan real estate market, but did show signs of stabilizing toward the end of the year. Still, for most of the year, buyers and sellers faced difficulties old and new, including low market confidence, higher mansion and transfer taxes, lower foreign demand due to a strong dollar and the trade war, plus growing supply. As a result, closed sales dropped 1% year-over-year to reach their lowest level since 2009; prices, although displaying single digit upticks due to shifts in market share, actually fell for three of four quarters; active listings, which thankfully grew more slowly than prior years, nevertheless rose to a ten-year high by year’s end.
Manhattan Monthly Market Snapshot - January 2020
On the heels of December’s increase in contract activity, January 2020 contract activity also improved by double-digits for both the condominium and co-op markets compared to last January. Notably, both markets experienced year-over-year shifts in the market share and number of sales in favor of units trading above $1M, causing median sale price to increase annually. However, due to an unusually high number of sales over $5M this time last year, average price statistics nevertheless declined year-over-year—despite this month’s increase in sales over $1M. Listed inventory expanded by double-digits for condominiums and co-ops. Average days on market decreased by eleven days for condominiums but increased by seven days for co-ops compared to last year.
Brooklyn Monthly Market Snapshot - January 2020
To start off 2020, both price statistics and contract activity increased compared to last year as several high priced sales and increased activity at new developments occurred. Average sale price increased 16% year-over-year and median sale price increased 29% annually. Price statistics were skewed higher this month due to high-end townhouse sales, including two sales over $8M, and a penthouse sale over $5M, all located in Brownstone Brooklyn. New development sales at Brooklyn Point and One Clinton elevated this month’s average price per square foot figure to the highest figure in over 10 years. Contract activity increased by 7% compared to last year due to increased activity in Boerum Hill, Brooklyn Heights, Bushwick and Bed-Stuy. Days on market increased 19% year-over-year to 152 days on average in January, which was caused by a 50% increase in the share of sales that were on the market for over a year before finding a buyer. Newly listed apartment inventory fell 28% year-over-year due to new development launches last year at One Clinton located in Brooklyn Heights and Arbor Eighteen located in Greenwood Heights. Newly listed apartment inventory was the lowest January figure since 2016.
Fourth Quarter 2019 in Brooklyn stayed on trend with the rest of this year as sales activity moderated versus a strong 2018 while home values continue their upward climb. Buyers confronted both limited inventory at lower price points and increased transfer taxes at the high end, causing activity to moderate versus prior quarters. Meanwhile, as prices and inventory continued to increase, buyers, now with more choices, grew more patient, causing average days on market to lengthen.
Fourth Quarter 2019 showed some signs of a stabilizing market, as sales moderated, signed contracts improved, and supply growth slowed. Yet such shifts also signal that buyers remain cautious, committing only when a property demonstrates clear value. Prices, in turn, continued to decline, falling to levels last seen in 2014 and 2015, but supporting activity in the Manhattan market in the face of ongoing supply, affordability and tax headwinds. In a market eager for improvement, this quarter’s results provide a constructive yet tentative backdrop heading into what’s sure to be an eventful 2020.
Ten Year Neighborhood Reports
A variety of factors impacted the Brooklyn market during Third Quarter 2019 including uncertainly following the state mansion and transfer tax increases that took effect on July 1st. The new law prompted resale buyers to pause but new development units that went into contract in earlier quarters were unaffected. While new development closings increased 13% annually, resale condo and co-op sales fell in those markets.
Buyers continued to find improved value in the Manhattan market during Third Quarter 2019. Last quarter proved to be an anomaly, when the impending state mansion and transfer tax changes drove a rush to close high-end deals and spiked price statistics. With prices lower, the number of sales may be stabilizing. Second quarter seems to have “borrowed” from third quarter’s activity, but when combined, second and third quarter closings in 2019 actually exceeded 2018 by 4%. Meanwhile, buyers also have more choice: inventory rose for the sixteenth consecutive quarter.
Although Brooklyn sales fell short of last year’s best spring selling season on record, in context, Second Quarter 2019 was still relatively strong. Over 1,500 apartments closed between April and June, one of the highest recorded sales figure for any second quarter in the past decade.
Manhattan’s challenging real estate market welcomed reassuring news in Second Quarter 2019. Marketwide sales increased year-over-year for the first time in two years, up 5% annually to over 3,300 sales totaling $7 billion, about $1 billion more sold than last year. Yet it may be too soon to tell whether the Manhattan housing market is in the early stages of regaining momentum, as many sales were new development deals where the contract was signed in prior quarters and others were buyers rushing to close before new taxes take effect July 1.
At the start of 2019, Brooklyn buyers faced still-lingering uncertainty in the market surrounding the effects of tax reform while sellers grappled with downward pressure on prices. As a result, the for-sale market registered 9% fewer transactions versus a year ago. However, worth noting is that 2018 had the second highest number of transactions of any first quarter in the last ten years. The pace of sales during First Quarter 2019 was still higher than the starting quarters of both 2015 and 2016, yet prices were far lower during those years.
In Manhattan, the challenging market continued in First Quarter 2019 as sales declined amid affordability, supply and tax headwinds. Market-wide closings fell 5% year-over-year to about 2,400 sales, the lowest quarterly total in ten years. Notably, resale co-ops dropped only a minimal 2%, while new development and resale condo sales saw deeper declines. Contracts signed fell by a similar percentage, down 6% annually, but were up versus the prior quarter.
2018 was a challenging year for the Manhattan real estate market. As buyers and sellers continued to grapple with an ongoing market reset, sales declined by their greatest percentage since the financial crisis and inventory continued its upward climb. Price statistics declined versus 2017 in response to fewer new development closings, a rising share of resale co-op sales, widespread negotiability, and price reductions.
2018 in Brooklyn was a strong year on many fronts including the second highest closing figure in a decade and overall average price gains in the resale market. Sales over $2M surged in the resale market but slipped in the new development market compared to last year. Buyers felt some hesitation to high prices in prime areas, which fueled activity further out in the borough. The number of apartment listings in Brooklyn rose by the end of 2018 but inventory levels were still constrained relative to its recent peak in 2015.
The Fourth Quarter 2018 Manhattan real estate market faced familiar headwinds experienced earlier in the year as buyers hesitated despite moderating prices and more availability. Market-wide closed sales declined as potential buyers grappled with a confluence of factors that created uncertainty in the market. Buyers’ concerns included rising mortgage interest rates, tax law reform, volatility in the financial markets, foreign capital restrictions, and political distractions. As a consequence, many prospective buyers are choosing to wait on the sidelines until prices adjust to a more accessible level and other market factors calm.
Brooklyn ended 2018 by following earlier quarters’ trends with overall sales slightly slowing but also shifting to lower-cost areas. With the high prices in neighborhoods close to Manhattan compounded by tax reform and rising mortgage rates, apartment buyers continued to seek value in neighborhoods with more palatable price points; these areas had robust sales activity and further price appreciation. Overall, however, the pace at which value seeking buyers transacted was not fast enough to prop up sales compared to Fourth Quarter 2017, which was the strongest fourth quarter in the last ten years.
Manhattan buyers remained cautious during Third Quarter 2018 due to lingering concerns over new tax implications and the continuing belief that prices will reduce further. Despite a healthy economy and a robust stock market, the urgency to buy is diminished unless a property demonstrates clear value. Many buyers are taking a wait-and-see attitude and as a result sales declined and inventory spiked versus Third Quarter 2017. Closings fell 10% year-over-year, but at 3,327 sales were up 5% versus Second Quarter 2018. The annual decline was driven by 8% fewer resale co-op sales and 37% fewer new development closings. Resale condos, however, noted a slight increase in sales, up 2%, as the limited selection of affordable new development options push buyers to the resale market. Another positive sign is a stabilization of sales at the high-end, where price discounts and negotiability are the highest, spurring buyers to finally act. Price statistics exhibited varied signals this quarter as price per square foot statistics declined but average and median price increased. Average and median price per square foot were both down 3%, dipping to levels last seen in Third Quarter 2015. Yet absolute average and median price statistics rose 2% due to an improved market share of apartment sales with two or more bedrooms. This actually drove resale co-op median price to a record high, and resale condo median price to its second highest figure ever.
Following one of the most active quarters’ in recent years, sales activity in Brooklyn varied widely across neighborhoods and product types. Robust activity continued as valueseeking buyers pushed further afield in the borough, yet signs of buyer hesitancy emerged in other areas. Market activity muted in northern and western parts of Brooklyn where prices remain high, and buyers were particularly resistant to purchasing in Williamsburg as the L-train suspension date draws nearer. On the other hand, neighborhoods on the southern and eastern edges of Prospect Park, which offer value relative to the borough-wide price figures, saw a surge in sales at such a rate that inventory could not keep pace.
Brooklyn exhibited varied market signals this quarter as buyers continued to endure supply constraints at lower price points and sellers experienced tempered demand at the high-end. Closed sales reached its second highest figure in a decade, though only half the borough – the less expensive half – experienced increased sales. Contract activity fell 7% annually, hindered by persistently low inventory levels. Meanwhile, price statistics were dictated by high-end buyer hesitancy as well as ongoing geographic shifts in favor of neighborhoods offering value in a price-sensitive climate.
Manhattan market activity cooled in Second Quarter 2018, noting fewer closed sales, more inventory, and steadying prices. At the moment, prospective buyers have a lot to consider, including renewed financial market volatility, the still-fresh implications of tax reform, overwhelmingly high levels of supply, and a belief that prices will fall further. Together, these factors delayed buyers’ decision-making, softening market activity versus last year. Despite market factors, signed contracts and sales improved versus last quarter, as buyer demand for Manhattan properties still saw its seasonal uptick in Second Quarter 2018. Closed sales fell 14% annually, but still registered nearly 3,200 transactions. At the same time, about 3,100 contracts were reported signed, down 9% annually. Active inventory expanded 17% year-over-year to approximately 7,500 listings, a dynamic which helped extend the average number of days on market to 121 days, up 13% from this time last year. Price statistics responded to fluctuations in market share by product type and price range. Average price per square foot, at $1,853, was level while average price rose less than 1% year-over-year to $2.151M, an all-time high stoked by record breaking closings Downtown and an uptick in sales over $5,000 per square foot. Meanwhile, median price fell 3% to $1.143M due to an improved market share of sales under $3M as the composition of sales shifted slightly in favor of lower priced resales and fewer new development closings.
Sales activity in Brooklyn remained solid, registering above the five-year average while inventory continued to plummet. The relentless constraint in inventory means many buyers are struggling to find apartments meeting both their price and location criteria, so many buyers took a pause in the First Quarter in hopes of new listings coming on the market in Spring. On the other hand, the more opportunistic purchaser pursued more accessibly priced homes further afield in the borough, which helped to drive contract activity upward. Other potential buyers chose to wait before making a purchase due to continued uncertainty surrounding the effects of tax reform which contributed to a slight decline in overall sales this quarter.
It was a mixed quarter for the Manhattan market with reduced sales, inventory on the rise and price statistics settling down. Many potential buyers took a pause as a variety of factors—concerns over tax reform, luxury market over-supply, stock market fluctuations, even March’s nor’easters—deflated a sense of urgency from the marketplace. However, First Quarter 2018 included bright spots as well: days on market actually dropped slightly, indicating that appropriately priced properties are still finding buyers, while mispriced properties linger.
Manhattan sales cooled versus 2016 as buyers and sellers adjusted to high prices and non-market factors like the Presidential administration and tax reform. Price trends were mixed in 2017. Average price remained level while average price per square foot declined 3% as a result of fewer new development deliveries and sales over $5M. Meanwhile, competition for apartments under $3M caused a 5% increase in median price. Listed inventory rose 9% annually to over 6,000 active listings.
Brooklyn had a record year on many fronts, including alltime high figures for average and median price and the highest number of sales in nine years. Apartment sales overall were 25% higher than last year. Along with robust sales came very low inventory levels, which dropped by 26%, as supply did not keep up with demand. Brooklyn also had a surge in sales over $2M, rising 39% from last year, which fueled record-breaking prices. 2017 marked the third consecutive year of price metrics setting new records.
2017 UBS Global Real Estate Bubble Index
Bubble risk seems greatest in Toronto, where it has increased significantly in the last year. Stockholm, Munich, Vancouver, Sydney, London, and Hong Kong all remain in risk territory, with Amsterdam joining this group after being overvalued last year. Valuations are stretched in Paris, San Francisco, Los Angeles, Zurich, Frankfurt, Tokyo, and Geneva as well. In contrast, property markets in Boston, Singapore, New York, and Milan seem fairly valued, while Chicago remains undervalued, just as it was last year.
Quarter 4 2017 - Brooklyn
The real estate market in Brooklyn closed out 2017 on a high note and sustained the trend of an expanding market. Closed sales however, took a break from the double-digit surge seen earlier this year, as the annual gains were less robust in Fourth Quarter 2017 relative to the first three quarters of the year. For buyers, constrained inventory at all price points was a key factor for lower growth levels this quarter as sellers were unable to keep pace with the strong demand for housing. New development product played a crucial role in spanning the shortfall of resale supply and the market responded favorably with swift sales of new product.
Quarter 4 2017 - Manhattan
2017 ended the year in a more stable condition than 2016, as three of the past four quarters registered level or annual increases in closed sales activity. Fourth Quarter 2017 closed sales were essentially unchanged from last year, and at 3,140 closings, carried the 2017 year-end total to 13,400 closed transactions. Signed contracts fell 14% year-over-year, largely in response to non-market factors like tax reform that are adding complexity to buyer decision making.
Quarter 3 2017 - Brooklyn
This quarter the insatiable demand for home ownership in Brooklyn was confirmed. Buyers not only responded favorably to Brooklyn’s building boom, but the speed at which both new construction and resale apartments were absorbed this quarter was striking. Third Quarter 2017 proved to be the strongest quarter for closings since 2008. Buyers continued to expand their neighborhood selections at various price segments of the market. The $1,000,000 to $2,000,000 price range claimed more sales than any other prior quarter, as did sales in the $500,000 to $750,000 as new offerings in South Brooklyn motivated buyers. Sellers have struggled to keep up with the pace and consequently, there were large declines in inventory throughout all of 2017.
Quarter 3 2017 - Manhattan
The Manhattan market has now experienced two consecutive quarters of annual growth in closed sales as a result of improved contract activity during first six months of 2017 versus 2016. In Third Quarter 2017, the Manhattan market saw closings rise by 3% year-over-year to 3,703 sales, primarily due to strong performances in the new development and resale co-op markets. Signed contracts fell by 4% yearover-year, to 2,468 contracts signed. An undersupplied co-op market, delayed new development launches, adjustments in foreign capital controls, and the lack of lower-priced inventory in the resale condo market have affected marketwide absorption.
Quarter 2 2017 - Brooklyn
Brooklyn’s second quarter maintained the pace set at the start of 2017 and improved on the sales activity recorded in Second Quarter 2016. Challenged by limited resale inventory, buyers turned to new development properties in numbers significant enough to boost marketwide sales and prices overall. But more aggressive pricing and the lack of low-priced inventory also generated some buyer resistance; the average days on market increased by two weeks compared to a year ago.
Quarter 2 2017 - Manhattan
Second Quarter 2017 closed sales increased by 2% year-over-year, the first increase in closed sales since Fourth Quarter 2015. With the increase in closed sales also came record high price figures that surpassed previous records set in First Quarter 2016. In addition to being up 2% year-overyear, closed sales rose 31% versus First Quarter 2017. Resale co-op and new development sales drove the increase, with closed sales rising year-over-year by 8% and 2%, respectively.
Quarter 1 2017 - Manhattan
The first quarter often sets the tone for the rest of the year and this quarter proved the Manhattan market is off to a positive start in 2017. Contract activity increased year-over-year for the first time in six quarters, registering a 3% increase versus First Quarter 2016 and a 5% increase versus last quarter.
Quarter 1 2017 - Brooklyn
Springtime came early to Brooklyn as First Quarter was the strongest first quarter in six years in terms of sales. Improved consumer sentiment and the expectation of rising interest rates on the horizon motivated buyers. This quarter also continued the streak of year-over-year price gains seen throughout all of 2015 and 2016. Demand for new developments, particularly larger residences at price points rarely offered in Manhattan, drove overall prices higher.
Quarter 1 2017 - Brooklyn
Springtime came early to Brooklyn as First Quarter was the strongest first quarter in six years in terms of sales. Improved consumer sentiment and the expectation of rising interest rates on the horizon motivated buyers. This quarter also continued the streak of year-over-year price gains seen throughout all of 2015 and 2016. Demand for new developments, particularly larger residences at price points rarely offered in Manhattan, drove overall prices higher.
2016 Manhattan Year End Review
Manhattan residential real estate saw a mixed market in 2016. While closings were down 11% year-over-year, average price per square foot, average price, and median price all reached record highs for the second year in a row. Average price per square foot in 2016 was up 12% year-over-year to $1,841, average price increased 12% to $2.045M, and median price increased 11% to $1.100M. Overall inventory continued to rise versus 2015, up by 16%.
2016 Brooklyn Year End Review
Brooklyn’s performance this year was solid despite lower sales and constricted inventory in lower price points. Record prices were set this year, mainly due to a surge in sales over $2MM and growth in new development sales. While apartment sales overall were down 14% versus last year, closings over $2MM were up 39%. Average price was 16% higher than a year ago and average price per square foot grew 10% to $884 per square foot. This year, median price finally surpassed its previous high set in 2008.
Quarter 4 2016 - Manhattan
2016 ended much as it began – with a variety of mixed signals indicative of shifting market conditions. Average price per square foot was up 6% year-over-year. But its 1% quarter-over-quarter change reflects the steadying of price per square foot since the beginning of the year.
Quarter 3 2016 - Manhattan
Prices are high, but past the peak. Prices were up versus last year, and still occupy near-record levels. The median price in Manhattan is $1.1 million (up 10% vs a year ago) and the median price per square foot is $1,314 (up 2% vs the same period). But it now appears that First Quarter 2016 will be the peak moment of the post-2009 growth period, as the Third Quarter marked the second straight quarter of stagnant or lower prices in most categories.
Quarter 2 2016 - Manhattan
Prices coming under pressure. Though still at near-record levels, the average sale price in Manhattan retreated 6% from the $2.12 million high-water mark it achieved in the First Quarter. Across the board, prices were up versus Q2 15, but were slightly lower or unchanged versus Q1 16. New development condos and re-sale co-ops both rose in value thanks to their tight inventory, but re-sale condominiums contracted 5% in average price per square foot.
Quarter 1 2016 - Manhattan
New record prices. For the first time ever, the average sale price in Manhattan surpassed $2 million thanks to significant high-end sales. The median price reached $1,160,000 (up 22%), and the median price per square foot $1,374 (up 11%). Fewer closings and fewer contracts. The pace of sales is slowing appreciably. There were 5% fewer closings this quarter versus the same time last year, and 11% fewer signed contracts.
2015 Manhattan Year End Review
Manhattan residential real estate had a robust year in 2015. Closings were up year-over-year and average price per square foot, average price, and median price all reached record highs. Average price per square foot in 2015 was up 5% year-over-year to $1,645, average price increased 6% to $1.787M, and median price increased 8% to $990K. Overall condo inventory steadily increased during the year as a result of new development introductions, but co-op inventory reached a near record low.
2015 Brooklyn Year End Review
Brooklyn has had a continued streak of increasing sales, improving year after year since 2012. Demand was remarkably strong in Brooklyn, record high prices were achieved and inventory this year was overall higher than last year. Average price was 10% higher than a year ago and average price per square foot grew 13% to $805 per square foot. While the number of listed apartments exceeded 2,000 in three out of four quarters during 2015, rebounding from the historic low in 2013, inventory was still nearly 32% lower than levels reached in 2011. With the rise in new development introductions, total condo listings have grown and now represent more than half of all inventory.
Additional Market Reports:
2015
Q1 Manhattan 2015
Q2 Manhattan 2015
Q3 Manhattan 2015
Q4 Manhattan 2015
Q1 Brooklyn 2015
Q2 Brooklyn 2015
Q3 Brooklyn 2015
Q4 Brooklyn 2015
2015 Year End Review Manhattan
2015 Year End Review Brooklyn
2014
Q1 Manhattan 2014
Q2 Manhattan 2014
Q3 Manhattan 2014
Q4 Manhattan 2014
Q1 Brooklyn 2014
Q2 Brooklyn 2014
Q3 Brooklyn 2014
Q4 Brooklyn 2014
2014 Year End Review Manhattan
Q1 Manhattan 2013
Q2 Manhattan 2013
Q3 Manhattan 2013
Q4 Manhattan 2013
Q1 Brooklyn 2013
Q2 Brooklyn 2013
Q3 Brooklyn 2013
Q4 Brooklyn 2013
2012
Q1 Manhattan 2012
Q2 Manhattan 2012
Q3 Mahattan 2012
Q4 Manhattan 2012
Q1 Brooklyn 2012
Q2 Brooklyn 2012
Q3 Brooklyn 2012
Q4 Brooklyn 2012
2011
Q1 Manhattan 2011
Q2 Manhattan 2011
Q3 Manhattan 2011
Q4 Manhattan 2011
Q1 Brooklyn 2011
Q2 Brooklyn 2011
Q3 Brooklyn 2011
Q4 Brooklyn 2011
2010
Q1 Manhattan 2010
Q2 Manhattan 2010
Q3 Manhattan 2010
Q4 Manhattan 2010
Q1 Brooklyn 2010
Q2 Brooklyn 2010
Q3 Brooklyn 2010
Q4 Brooklyn 2010
2009
Q1 Manhattan 2009
Q2 Manhattan 2009
Q3 Manhattan 2009
Q4 Manhattan 2009
Q1 Brooklyn 2009
Q2 Brooklyn 2009
Q3 Brooklyn 2009
Q4 Brooklyn 2009
2008
Q1 Manhattan 2008
Q2 Manhattan 2008
Q3 Manhattan 2008
Q4 Manhattan 2008
Q1 Brooklyn 2008
Q2 Brooklyn 2008
Q3 Brooklyn 2008
Q4 Brooklyn 2008