JS Bin

I am pleased to share our Compass Q4 2018 reports for Manhattan and Brooklyn; these reports highlight trends by borough and neighborhood based on October - December 2018 results.

In Summary:

Inventory levels increased in Manhattan (+33%) and Brooklyn (+6%).
Median list prices dropped in both boroughs; Manhattan was $1.6M (-11%) and Brooklyn was $900K (-7%).
Signed contracts dropped in both boroughs; Manhattan was -4% and Brooklyn was -18%.
Median days on market (before reaching 'signed contract' status) increased for Manhattan (+19%) but decreased (-6%) for Brooklyn.
Actual sales dropped in both boroughs; Manhattan dropped -18% and Brooklyn dropped -24%.
Median sale prices dropped in both boroughs; Manhattan's median sale price was $1.03M (-4%) and Brooklyn's was $850K (-1%).

Please refer to summaries by borough below and details by neighborhood in the attached reports.

Best, Stephanie

MANHATTAN INVENTORY

Manhattan Inventory levels increased +33% (condos +29%, co-ops +39%) compared to last year's Q4 2017; while all price segments exhibited double-digit increases, the "under $1M" category offered the highest increase (+55% vs last year).
The inventory mix was 53% condos and 47% co-ops.
Manhattan's overall median list price was $1.6M, a -11% drop vs last year; price drops by category were -7% (condos at $2,3M) and -15% (co-ops at $975K, the lowest median price for co-ops since Q2 2015).
As of Q4 2018, Manhattan had a 7.5 Months of Supply, indicating a relatively balanced market.

MANHATTAN SIGNED CONTRACTS

Overall signed contracts dropped -4% compared to last year; condos dropped -19% while co-ops increased +9%.
Manhattan's overall median days-on-market increased +19% (86 vs 72 days) before reaching 'signed contract' status.
Co-op contracts in the 'under $5M' category increased +9% (1,251 vs 1,146): the 'under $1M' category was +7%, the $1-3M category was +13% and the $3-5M category was +8% compared to last year.
Signed contracts for high end price points ($10M+) dropped in both condo and co-op categories.

MANHATTAN CLOSED SALES

Manhattan Q4 Closed Sales dropped -18% (2,115 vs 2,579 units); condos dropped -26% and co-ops dropped -11%.
58% of total sales were co-ops and 42% were condos.
Manhattan's median sale price was $1.03M (-4% vs last year).

Download Manhattan Report

BROOKLYN INVENTORY

Brooklyn Inventory levels increased +6% (condos +6%, co-ops +25%, single family homes -25%) compared to last year's Q4 2017; the "under $1M" category showed the largest increase (+55% vs last year).
Inventory levels in the $2M-$3M price category increased +14% and were primarily driven by Condos.
Brooklyn's median list price was $900K (-7% vs last year) yet median prices for co-ops increased to $499K (+3%) and single family homes increased to $2.0M (+12%), reflecting record prices.

BROOKLYN SIGNED CONTRACTS

Signed Contracts overall dropped -18% compared to last year; condos dropped -16%, co-ops dropped -16% and single family homes dropped -41%.
Signed contracts for most price points decreased, with the exception of the $1M-$2M category which increased +2% vs last year.
Brooklyn's overall median days-on-market dropped -6% (59 days vs 63 days in Q4 2017) before reaching 'signed contract' status.

BROOKLYN CLOSED SALES

Brooklyn Q4 Closed Sales dropped -24% (973 vs 1280 TBD units); condos dropped -28%, co-ops dropped -15% and single family homes dropped -27% vs last year.
48% of total sales were condos, 37% were co-ops and 15% were single family homes.
Brooklyn's median sale price was $850K (-1% vs last year) yet actual sale prices for both condos ($960K) and co-ops ($550K) were at highest levels over the past 10 years.

Download Brooklyn Report

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Compass makes no representation or guarantee that Coming Soons are available in your region, or that its use will result in the benefits described herein.