Brooklyn Q3 2017 Report from Corcoran

This quarter the insatiable demand for home ownership in Brooklyn was confirmed. Buyers not only responded favorably to Brooklyn’s building boom, but the speed at which both new construction and resale apartments were absorbed this quarter was striking. Third Quarter 2017 proved to be the strongest quarter for closings since 2008.

Buyers continued to expand their neighborhood selections at various price segments of the market. The $1,000,000 to $2,000,000 price range claimed more sales than any other prior quarter, as did sales in the $500,000 to $750,000 as new offerings in South Brooklyn motivated buyers. Sellers have struggled to keep up with the pace and consequently, there were large declines in inventory throughout all of 2017.

Sales rose 31% versus a year ago despite 13% fewer listings overall. New development sales more than doubled last year’s figure and resale co-ops had their strongest quarter in four years. Resale condo sales rose 3% compared to an already strong Third Quarter 2016. Finally, there were 15% more contracts signed during Third Quarter relative to a year ago.

Brooklyn’s median price reached $733,000, 13% higher than last year’s figure and just 2% below last quarter’s nine-year record high. Median price in nearly all neighborhoods in Brooklyn had year-over-year price gains. Average price was down 4% from last year, the result of a shift in market share of sales away from Brooklyn’s priciest neighborhoods and towards South Brooklyn.

Download the full report here.

And if you would like a primer on investing in some of the hot parts of Brooklyn, read this.