Brooklyn Q3 2016 Market Reports

October 18, 2016

It is my pleasure to share Compass' 3Q16 Brooklyn Market Report, which looks at the prevailing trends shaping the market from this past quarter and provide a glimpse into the research and data analytics in which Compass prides itself.

 

 

• The median closing price for Brooklyn overall set an all-time high of
$850,000, a 16.4% increase over the third quarter 2015. Median closing
prices were up in all Major Markets, with the largest year-over-year
increase (29.1%) occurring in East Brooklyn, made up of the emerging
neighborhoods of Bushwick, Bed-Stuy, and Crown Heights. 

 

• Central Brooklyn exhibited very strong market fundamentals in the
third quarter, leading all Major Markets in both overall median closing
price ($1.06M) and fewest days on market, with listings spending a
median of just 36 days on market before being sold.

 

• Overall inventory was up 3.2% year-over-year as a 13% increase in
the number of available condos compensated for a 4.9% decrease in
co-ops and a 7.5% decrease in single-family homes. The median price
of available units increased 6.1% to $950,000, supported by a notable
47.1% year-over-year increase in the number of condo units priced
between $2M and $3M.

 

Brooklyn’s residential market continues to show strong supply and demand fundamentals. The year-over-year increase in the number of contracts signed (8.5%) surpassed the increase in available inventory (3.2%) despite increased prices for both active and sold units. Based on a trailing monthly average of 344 signed contracts, Brooklyn is currently in under-supplied territory with 5.3 months of supply. New development closings at properties such as One John Street have pushed Brooklyn’s median closing price to new highs, and we expect that trend to continue in the coming quarters.

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Isil Yildiz Team

 

Compass 

110 5th Avenue

New York, NY 10011

(P) 985-714-4470

isil@compass.com

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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed.