Brooklyn Q2 2016 Market Report

Overview Brooklyn demand continued to be strong in Second Quarter 2016, as demonstrated by above average closed sales and rising prices. Closed sales in Brooklyn during Second Quarter 2016 registered 9% above the quarterly average over the past five years. This was the third strongest spring season since 2011. New development closed sales were level with last year and up 14% from last quarter. This sales activity occurred in the face of limited inventory, as Second Quarter 2016 had 21% fewer listings than the peak of inventory five years ago. Second Quarter 2016 overall closed sales were down 17% from last year, but Second Quarter 2015 holds the record for the highest closed sales figure since Second Quarter 2010. Resale condos and co-ops dipped by double-digits versus a year ago. Over the last several years, continued demand in Brooklyn has put upward pressure on prices, and new price records were set again this quarter. The median price of all Brooklyn apartment sales was $600,000, the highest figure seen since Fourth Quarter 2009. Average price per square foot grew 17% year-over-year to $907 per square foot, surpassing the previous high in Third Quarter 2015 by 7%.

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