This month we take a look at how Q4 2018 compared with the same period one year earlier in order to understand the specifics of how the market is favoring buyers in Manhattan, Brooklyn, and Queens. More options + lower prices + low interest rates = buying power for those looking to purchase, upgrade, or invest in NYC. It’s a great time to buy!
Average list prices in Manhattan are down 9% from Q4 2017 to 2018; there are 15% more listings on the market; 55% more listings had price drops; the average price per square foot is down 4%; there were 8% fewer contracts signed; and there were 16% fewer sales in the same period.
In Brooklyn average list prices are down 10% from Q4 2017 to 2018; there are 2% fewer listings on the market; 89% more listings had price drops; the average price per square foot increased 22%; there were 15% fewer contracts signed; and there were 18% fewer sales in the same period. Although the median listing price and average price per square foot increased year over year, the number of price drops indicates a strong opportunity to buy a Brooklyn home.
Average Queens list prices are down 5% from Q4 2017 to 2018; there are 49% more listings on the market; 145% more listings had price drops; the average price per square foot dropped 2%; 37% more contracts were signed; and there were 21% fewer sales. Although demand for Queens has increased as seen by the number of contracts signed, the number of listings on the market and number of listings with price drops have increased dramatically.
Data courtesy of OLR Market Pulse and current as of 1/15/2019.