Showing posts with label Brooklyn Monthly Market Report December 2016. Show all posts
Showing posts with label Brooklyn Monthly Market Report December 2016. Show all posts

Jan 18, 2017

Brooklyn Monthly Market Report | December 2016

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Market Wide Summary 

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.


 
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