Winter is traditionally the slowest time for Residential Real Estate in Manhattan and this January was no different. Contracts were down 12% compared to last January, mainly die to a lack of affordable inventory, as there are 12% fewer listings under $1MM than last January. On a positive note, more high end inventory means both Co-ops and Condos saw significant price increases year over year, 13% and 23% respectively, although price per square foot was down in Co-ops due to a decline in sales of three+ bedroom units, which are often priced higher per square foot than smaller units.
2015 is off to a strong start in Brooklyn, where contracts were up 32% over last January and 68% of all sales were at or above asking price. In addition, the average sales price was up 21% from January of last year, and price per square foot was up as well. Just like, Manhattan, it is is important to note that numbers were skewed by several high end sales this month, most notably at the new luxury development, The Boreum, on Atlantic Avenue.
