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It is my pleasure to share with you Compass' 2Q16 Brooklyn Market Report. This report highlights the prevailing trends shaping the market from this past quarter. A few major trends to note from the data:
The 2Q16 median closing price was the highest on record for the market overall ($835,000), for the condo market ($900,000), and the highest second quarter on record for the co-op market ($499,250).
Prices are on the rise for active units as well as signed contracts, as the overall median price of inventory increased 12% to $995,000 and the overall median price of signed contracts increased 7% to $899,000.
Despite these price increases, months of supply is dropping; the average monthly number of signed contracts increased over the last year while inventory stayed consistent.
While Brooklyn’s overall median closing price was the highest ever this quarter, we expect that record will be broken several times in the coming year as closings begin at premier condominiums such as Pierhouse, 1 John Street, 51 Jay Street, The Boerum, 465 Pacific Street, and 550 Vanderbilt.
I hope that you find these key takeaways useful and I strongly encourage you to check out the Compass Markets App for more detailed data broken down in to neighborhood analysis for the 27 neighborhoods in Brooklyn (visible in color on the map below.) I welcome your comments and am always happy to answer any questions you have about the NYC Real Estate Market.
