Showing posts with label Brooklyn Market Report First Quarter 2017. Show all posts
Showing posts with label Brooklyn Market Report First Quarter 2017. Show all posts

Apr 13, 2017

Brooklyn Market Report | First Quarter 2017

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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.

 1Q bROOKLYN mARKET rEPORT
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.

 
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