All the neighborhoods in red above saw more price decreases than increases on condo units between mid-February and mid-May, according to StreetEasy numbers the Real Deal crunched. The data shows that there are more price cuts these days than price increases in both Brooklyn in Manhattan. In Brooklyn, there were cuts at 183 units, with the average price decrease totaling $42,195. At the same time, there were 103 listing increases averaging $34,660. The stats for Williamsburg are probably the most interesting: The neighborhood had the greatest number of price changes, 104, but it ends up green on the map because there were a bunch of price bumps at Northside Piers. Take Northside Piers out of the picture and there would have notched 40 decreases and 11 increases. Clinton Hill and Park Slope fared poorly in the tally, with the former lodging reductions on 24 units and increases on only 3, and the Slope seeing a total of 18 decreases and zero increases. Brokers say the numbers for the two neighborhoods may have reflected listings where brokers/developers had loose definitions of the two neighborhoods’ boundaries (Bed-Stuy and South Slope, maybe?). Overall, not the prettiest picture.
Condos on the Chopping Block [The Real Deal]
Graphics from The Real Deal.