Brooklyn Market Report Q2 2019
Brooklyn proved to be an exciting market in the second quarter of 2019 after a slow start to the year.
Taking a glimpse at the overall market, sales jumped 9% compared to this time last year, with a notable amount of activity in June. Listings were fast to sell, but only in the first 59 days. After reaching that threshold, properties tended to stagnate, with the fewest number of sales happening between 60 and 179 days. This stalling motivated many sellers and led to the highest market-wide discount seen in eight years.
The $2M-3M price point is a perfect example of these trends. 41% of transactions happened in less than 60 days, but 35% took more than 180 days. Sellers in this range were clearly motivated to move their listings, as the average discount hit 9%, the highest of any submarket. Though only 7% of transactions, it’s evident from our quarterly data and weekly Brooklyn luxury reports that listings priced $2M and up are a lively market.
North Brooklyn opposed the overall trends and was a vastly different submarket this
quarter, in major part due to significantly larger properties on average. This area held firm in price per square foot and sellers were more reluctant with discounts.
As we begin summer, expect discounts to start receding. With an increased number of buyers and uptick in market activity, sellers will be less likely to negotiate or drop their price, even if their listings linger longer than expected.
Read the entire report here.