It’s here! Thursday afternoon, Corcoran released the First Quarter 2014 Market Report for Brooklyn. As a perspective buyer or seller, it’s important to stay up-to-date on the current state of affairs in your market, and if you’re focusing on Brooklyn, this report will get you up-to-speed with all the latest facts and figures.
Here are a few key findings:
- Despite strong price growth in several submarkets, market-wide median sale price decreased 6% and average price per square foot decreased by 5% versus last year -- the first year-over-year decline in average price per square foot in seven quarters. The overall decline is primarily due to an uptick in sales in lower-priced neighborhoods of southern and eastern Brooklyn. Concurrently, a lack of inventory in higher-priced northwestern Brooklyn caused closed sales to decrease in those neighborhoods.
- Inventory is low and competition among perspective buyers is strong. The total number of closed sales dropped 10% from this time last year and by 7% from Fourth Quarter 2013.
- With double-digit annual gains, new development average and median prices in Brooklyn hit their highest level in over 5 years during First Quarter 2014. Price surges are attributed to limited new development supply inspiring intense competition.
- The townhouse market remains strong particularly at the high end of the market. The average price of a single-family townhome in Brooklyn was $2.2 million during the First Quarter -- up from $1.5 million just a year ago. Both single and two to four-family properties continue to attract buyers who are looking for ownership and investment in all areas of Brooklyn.