Key takeaways from the Brooklyn market report: Median sales price is down 8% year-over-year and days on market is up by 75%.
During August, the Brooklyn market experienced a decline in contracts signed, down 9% versus last year. The decline in contracts signed was driven by softening new development sales in South Brooklyn along with diminishing number of sales in Williamsburg likely due to the impending L-train shutdown in 2019. However, Brooklyn price metrics showed mixed trends compared to August 2017. Average sale price improved by 12% versus last year, driven by the shift in market share of sales towards larger residences priced above $2M including three Pierhouse sales all above $4.5M. Nonetheless, these larger apartments did not translate to a higher price per square foot, in fact a majority of the homes above $2M sold at a discount from the last asking price, which drove August 2018’s average price per square foot figure down 1% year-over-year. Median sale price fell 8% as market share of sales between $1M and $2M shrunk by more than a third compa red to August 2017. The difference from last ask price to sale price was -2.8%, steeper than the previous month’s record high, as more than half of home s sold in August 2018 sold at a discount from the last asking price. Days on market also grew significantly as more slow-selling and expensive residences traded in August 2018, some having been on market for over two years.
View the full report here: https://media.corcoran.com/pdf/reports/2018_08/Brooklyn_08_2018.pdf