Apr 13, 2017

Brooklyn Market Report | First Quarter 2017

I am delighted to share with you our Q1 2017 Brooklyn Market Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Brooklyn in Q1 2017 (January 1st -  March 31st).

Key Findings of the First Quarter Report:

  • Sales climb on excitement over new developments. It was a busy First Quarter for Brooklyn as closed sales increased in number by 7% over last year, and signed contracts by 14%. The number of new development closings alone were up 82% over the same quarter in 2016.

  • Prices shatter records. High-end units drove market activity generally and sent market-wide metrics soaring. The median price for an apartment climbed to a record $750K, up 30% over Q1 2016, while the median price per square foot rose to $1018, up 29%.

  • Supply is dwindling as buyers snap up property. Overall, the number of available properties contracted by 10%, but among resales alone the figure is more like 20%. That has left developers to try and meet the demand – the number of new development units for sale increased by half versus a year ago.

Click for Report

Please do not hesitate to reach out if you have any questions about the report or the Brooklyn market in general. I welcome the opportunity to be of assistance to you.


1 Response to " Brooklyn Market Report | First Quarter 2017 "
  1. UX Design Studio said...
    April 20, 2017

    Awesome work.Just wanted to drop a comment and say I am new to your blog and really like what I am reading.Thanks for the share

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