Brooklyn Market Report Q4 2019
SIGNS OF LIFE
The slight sales slowdown observed last quarter continued through the end of the year. Many buyers made their purchases in the first part of the year, and the continued confusion with the direction of the economy has paused growth in Brooklyn. Despite the 2% decline in sales, Q4 2019 was still quite positive.
New developments and the general expansion of Brooklyn are driving changes in price. The average price across the borough has continued its upward trend, hitting the highest of any fourth quarter. Median price has done the same, again reaching $800,000, the highest on record. Properties sold for less than $500,000 reached their lowest levels on record, while those between $500K-1M peaked. The $2,000,000 and above luxury market in the borough also showed excellent growth, as seen in our weekly reports.
Surprisingly, the average time on market decreased compared to both last year and last quarter. Further investigation of this shows the beginnings of a trough in the 60- 179 days on market range. The uptick in fastmoving and slow-moving properties is atypical and deserves consideration, as it may influence price adjustments, warranted or otherwise.
With a significant boost in contracts, we anticipate a positive start to the new decade. The economy in the U.S. is still under close watch, but investment performance and a number of excellent opportunities on the market have helped drive prices upward.
Read the entire report here.