Manhattan vs. Brooklyn Q1 2019 – Buyer’s Market Still Going Strong
It’s time to take a look at Corcoran’s Quarterly Reports for Manhattan and Brooklyn for Q1 2019. If you want to check out the full reports, you can click here for Manhattan and click here for Brooklyn. Click on the images to expand.
The buyer’s market continued to persist in both Manhattan and Brooklyn.
The median price in Manhattan dipped to $1.074 million – 2% lower than Q1 2018. Contract signings in the borough decreased 6% year over year; closed sales decreased 5% year over year; and inventory rose even higher – up 6% year over year. Although the average price per square foot was up 11% year over year, it was only because sales over $20 million had a record high share of the market in the first quarter.
And once again, buyers seemed to be taking their time when making decisions – days on market was up 5% year over year.
The Brooklyn market also showed some weakness. The median price for the borough was down year over year by 3% to $650,000. Contracts signed decreased 4% versus Q1 2018 and closed sales were down 9% year over year.
But days on market was actually down in the borough by 15%. This was likely due to an increase in inventory (up 18%) which probably piqued more buyer interest.
Despite the slowdown, some areas experienced explosive growth in overall sales – for example, sales in Bedford-Stuyvesant, Crown Heights, Lefferts Gardens & Bushwick catapulted to a 64% year over year increase.
What’s Happening This Spring?
With tax season now over and more sellers reducing prices to meet the market, industry insiders are predicting a more robust spring sales market compared to previous quarters. And anecdotally, that seems to be the case based on traffic and offers seen by brokers over the past couple of weeks.
Nonetheless, buyers are still taking their time and looking for deals. They know they have more leverage than they’ve had over the past couple years, so don’t be surprised if prices continue their downward trend, especially in Manhattan.
And don’t get too comfortable if your price range is below $1 million – this market is still seeing solid activity, with some multiple bid situations popping up here and there.
If you were sidelined previously, now is definitely a great time to start poking around again. If you want to position yourself to take advantage of it, but you’re not quite sure if you’re ready, then I recommend downloading my free guide – How to Tell If You’re Ready to Buy a Home in NYC. Click here to get it.