I am delighted to share with you Q1 Brooklyn Report. Inside you will find a detailed analysis of residential real estate sales that closed in Brooklyn in Q1 2015 (January 1stthrough March 31st).
Key Findings of the First Quarter Report:
· Swift sales. Properties in Brooklyn are averaging only 64 days on the market. Busy open houses and multiple offers – frequently all-cash – were the norm. The number of signed contracts was up 19% over Q1 2014.
· Significantly higher prices. Strong demand and persistently low inventory continued to fuel price gains. The median price for an apartment is up 25% over the prior year. The average price per square foot rose 25% to $783.
· More inventory, more choices. For the third consecutive quarter, the available inventory in Brooklyn rose year-over-year thanks primarily to a 34% increase in the number of condominiums entering the Brooklyn market.
Please do not hesitate to reach out if you have any questions about The Corcoran Report or the Brooklyn market in general. I welcome the opportunity to be of assistance to you.