In Upper Manhattan, homes typically sold for 1.4 percent more than their initial asking price. Inwood homes sold for nearly 5 percent above their asking price in July, second only to Manhattan's uber-luxurious SoHo neighborhood where homes sold for 8.2 percent above initial asking prices.
In Manhattan, a small increase (2 percent) in the number of condo units on the market in July was not enough to absorb the heavy loss of co-op units, which saw a 12.8 percent decline from last year. The decline in co-op units pushed total Manhattan inventory down 5.1 percent compared to last year's level.
In Brooklyn, total inventory increased by 6.3 percent in July compared to last year, despite a 10.9 percent decline in co-op units. The growth of townhouse and condo inventory more than made up for the co-op decline in Brooklyn, increasing 10.1 percent and 19.9 percent year-over year, respectively.
As the summer comes to a close, Manhattan resale prices are expected to grow by 0.6 percent over the next month, according to the StreetEasy Manhattan Price Forecast[iv]. In Brooklyn, prices will grow by 1.1 percent over the next month, according to the StreetEasy Brooklyn Price Forecast.
About StreetEasy: StreetEasy is New York City's leading local real estate marketplace on mobile and the Web, providing accurate and comprehensive for-sale and for-rent listings from hundreds of real estate brokerages throughout New York City and the major NYC metropolitan area. StreetEasy adds layers of proprietary data and useful search tools to help home shoppers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey and the Hamptons.
Launched in 2006, StreetEasy is based in Manhattan's Flatiron neighborhood. StreetEasy is owned and operated by Zillow Group (NASDAQ: Z).
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[i] The Manhattan Price Index (MPI) and Brooklyn Price Index (BPI) are monthly indices that track changes in resale prices of condo, co-op, and townhouse units. Each index uses a repeat-sales method of comparing the sales prices of the same properties since January 1995 in Manhattan and January 2004 in Brooklyn. Given this methodology, each Index accurately captures the change in home prices by controlling for the varying composition of homes sold in a given month. Data on arms-length sales of homes is sourced from the New York City Department of Finance.
[ii] The StreetEasy Market Report is a quarterly overview of the Manhattan and Brooklyn sales and rental markets. The report data is aggregated from public recorded sales and listings data from real estate brokerages that provide comprehensive coverage of Manhattan and Brooklyn, with most metrics dating back to 1995 in Manhattan and 2004 in Brooklyn. The reports are compiled by the StreetEasy Research team. For more information, visit http://streeteasy.com/blog/market-reports/. StreetEasy also tracks data for the five boroughs within New York City.
[iii] StreetEasy's Upper Manhattan submarket includes the following neighborhoods: Central Harlem, East Harlem, Hamilton Heights, Inwood, Manhattanville, Marble Hill, Washington Heights, and West Harlem.
[iv] The Manhattan Price Forecast and the Brooklyn Price Forecast predict the change in resale prices one month out from the current reported period. Each forecast incorporates the Price Index for each borough, StreetEasy's comprehensive database of listing prices and days on market - two leading indicators to future resale prices to accurately forecast what next month's resale prices will be before the release of publicly recorded sales data.