Brooklyn Year End Market Report

By
Real Estate Agent with Compass

Brooklyn Year End Review

 

Summary

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.

Brooklyn 2014 Market Report

Brooklyn Market Report 2014

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Topic:
Real Estate Market Trends
Location:
New York Kings County Brooklyn
Groups:
I Love NY
Urban Core - Returning to our Downtowns
Posts to Localism
Local Expert
Market Reports
Tags:
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brooklyn
2014
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Rainmaker
3,027,190
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks for sharing your post....I hope you have a great Saturday and don't work too much!

Feb 27, 2015 10:25 PM #1
Rainmaker
596,551
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Thanks Kristin, Saturday is my day off whatever that means. LOL

Feb 27, 2015 10:34 PM #2
Rainmaker
678,856
Michael Dagner
Brokers Guild Classic - Denver, CO
Your Denver Homes Realty Expert

Hi Mitchel, nice to hear how the real estate market is in Brooklyn.   Hope that extra condo inventory comes in handy this year.

Feb 28, 2015 11:30 AM #3
Rainmaker
596,551
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Thanks Michael, I hope so too.

Feb 28, 2015 11:32 PM #4
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Rainmaker
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Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn
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