First quarter numbers showed the Brooklyn real estate market is still moving at a quick clip, yet sales and prices have decreased–except in the $3-4 million sweet spot where sales jumped 14.7%.
- The median sales price is down 3.8% from last year, for $795K to $765K
- The number of sales dropped 8.1% to 2,216
- Listing inventory, despite being up a whopping 56.8% from last year, is still short of the 10-year quarterly average
- Days on market rose from 84 to 94 on average
- The listing discount is up slightly, from 5% to 5.6%
- The absorption rate rose 72%, from just 2.5 months of supply last year to 4.3 this year
Condo sales represented the lowest market share in 12 years, while co-ops experienced a gain in both average and median sales prices.