I am delighted to share with you our Q4 Brooklyn Report. Inside you will find a detailed analysis of residential real estate sales that closed in Brooklyn in Q4 2015 (October 1st through December 31st).
Key Findings of the Fourth Quarter Report:
- Fifth consecutive quarter of price growth. The median sale price in Brooklyn rose 9% versus the year before and now stands at $545,000. Both the average and the median price per square foot exceeded $800 for the second consecutive quarter.
- More sales again. The pace of closings increased by 6% year-over-year, making Q4 2015 the most active Fourth Quarter for sales in eight years.Inventory growth. Developers responded heavily to the demand for new homes in Brooklyn; new condominium listings increased by 20% in the borough, lifting the overall inventory incrementally by 3%.
Brooklyn Neighborhood Reports:
I will continue tracking the residential market closely throughout 2016, and would welcome the opportunity to answer any questions you may have about the market report or the market generally.
I welcome the opportunity to be of assistance to you.