Brooklyn Year End Review
Intense demand in Brooklyn fueled price improvements in all metrics during 2014. Overall average condo and co-op price was 12% higher than a year ago and average price per square foot grew 9%. Overall median price increased 3%, exhibiting slight price growth in the middle of the market.
Historically low condo and co-op inventory contributed to the 5% decline in the number of closed sales. New developments introduced during 2014 provided little relief to the long-term inventory shortage as most buildings have been met with fast absorption despite continued price increases.
Just over 3,800 apartments (condo and co-op) closed during 2014. Sales activity dipped 5% from 2013, but was higher than three of the prior five years. This demonstrates that the Brooklyn market is stronger than ever considering low inventory and price appreciation.
Much needed condo inventory is expected to launch this year in Brooklyn. An estimated 1,300 units
are anticipated to launch this year.