Oct 11, 2018

Brooklyn Q3 2018 Market Report


 Brooklyn Q3 2018 Market Report

Let’s look at Third Quarter 2018 for Brooklyn:

  • The Brooklyn Q3 market was mixed with results varying by neighborhood:There were robust sales in areas offering good value relative to market-wide prices, while buyers were hesitant in neighborhoods where prices remained high. Sales surged in several Brooklyn neighborhoods, including a 63% increase in closed sales South of Prospect Park.

  • Q3 sales declined compared to last year’s five-year record high Q3 sales:Total sales in Q3 Brooklyn were down 7%, though the sales pace was busy with the second-highest Q3 in a five-year period. Resale condo closed sales rose 4%, the second-highest level of condo sales in five years. Both resale co-ops and new development sales declined, 8% and 20% respectively, compared to a very active Q3 in those product types last year.

  • Prices were mixed as several high-end sales drove up average price, while median price declined slightly: The Brooklyn median sale price decreased 3% to $702,000 and the average sale price increased 5% to $881,000, spurred by high-priced new development closings in buildings like The Standish and Pierhouse.

  • Inventory changed minimally year-over-year: Inventory decreased 2% compared to this time last year, due heavily to an 8% decline in inventory in South Brooklyn, which was also the neighborhood with the highest number of Q3 sales.

  • Sales decreased in Williamsburg and Greenpoint as buyers remain hesitant about the L Train suspension: There was a significant decline in sales in Williamsburg and Greenpoint, partly due to a 14% decrease in inventory in those neighborhoods, but also due to buyer caution as the L Train suspension date nears.  
Please do not hesitate to reach out if you have any questions about The Brooklyn Market Report or the market in general. I welcome the opportunity to be of assistance to you.

 Read The Full  --> Brooklyn 3Q 2018 Market Report

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