Mar 18, 2017

Brooklyn Market Report | February 2017


Brooklyn Market Wide Summary 

February saw a double-digit increase in contract activity versus last year, with 26% more sales. Listed inventory increased mostly, up just 3% versus last February.

Median and average sale price experienced significant annual gains, with double-digit growth of 22% and 29%, respectively, marking the largest increase in pricing since March 2015.

All bedroom types except for studios experienced a 6% rise in pricing over the last year, fueling overall price per square up 10% year-over-year to $880 per square foot.

The trend of price discounts continued into February, with an average discount of 2.4% off asking price, and nearly half of sales below asking price.


Brooklyn Apartment Listings 

Total listed inventory in February rose 3% compared to last year, and was up 2% month-over-month. The annual inventory gain was solely due to condos, as co-op inventory actually declined 6%. Condo inventory was up 11% year-over-year.


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