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Brooklyn Market Monthly Report | February 2016

Brooklyn Market Report | February 2016

Market Wide Summary

This month average price, median price, and average price per square foot were all lower versus last February. The year-overyear comparison was skewed by a downward shift in the market share of sales over $2M. Last year, sales over $2M accounted for 13% of sales, while this year just 4% were above this threshold, a parallel trend to Brooklyn overall.

Two bedrooms had the largest decline in average price per square foot, but this was partially due to an increase in sales activity in BedfordStuyvesant and Prospect-Lefferts Gardens. Studio price per square foot rose, but there were too few studio sales to derive any meaningful conclusions.

Contract activity dipped 18% versus last February; this double-digit decline has not been seen in nearly two years. Inventory was up 8% from last year but even with more choices for buyers, negotiability still remained very tight. 37% of sales sold for below the asking price, up from 32% in February 2015. Days on market has remained below 60 days for the past four months.

Brooklyn Apartment Listings 

Apartment inventory rose 8% from February 2015 to 2,097 listings. This is the twenty-first month of year-over-year inventory growth in Brooklyn. Despite the increase in inventory, the number of listings in February was just 2% more than the 13-month rolling average of 2,065 listings.

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