December was a very active month for sales in Brooklyn, with 382 contracts signed, the highest figure for the month of December in over 5 years and 18% higher than last December. Listed inventory rose 11% year-over-year, but dropped to the second lowest level since January 2016.
Median sale price experienced double-digit gains over the last month, but experienced only a modest gain over the last year. Average price f ell 8% year-over-year, driven lower by a majority of buyers negotiating the sale price. This month the average price difference from last ask to sale was -2.5%, the lowest point it’s reached since November 2011. Given the increased negotiability in the sale process, days on market was 17% longer than December of last year.
Brooklyn Apartment Listings
Total December listed inventory rose 11% compared to last year, but was down 7% month-over-month. Newly listed inventory, at 313 units, made up 15% of overall inventory and reached its lowest point in a year. Consequentially, overall inventory remains low, at 3% below the 13-month running average.