Compass Q3 2019 Brooklyn Quarterly Market Report - Nicholas DeLotell

Page 1

Q3 2019

B RO O K LY N MARKET REPORT


B R O O K LY N SALES REPORT Q3 2019:

PRESSURED STABILITY


After many quarters of growth, Brooklyn

slowing rates of decline. High levels of

time on the market. The percentage of

has slowed down. The rush to beat the

inventory and many new developments in

properties entering contract after 180 or

July 1st Mansion Tax hike helped bolster

Brooklyn the last few years gave buyers

more days was the highest since Q2 2012.

sales in the second quarter, but that fuel

excellent purchasing opportunities. Those

was not available this time around. The

opportunities still exist, but are getting

borough's housing market continued

harder to find.

settling in response to economic pressure,

As we brace for trade agreements, and endure ongoing global political uncertainty, we anticipate the end of the

Prices continue to creep upward as

year to continue trends seen this quarter.

Brooklyn expands vertically. Median and

Buyers have fewer properties to consider,

average prices remain near their all-time

while sellers are deciding if now is the

3,022 sales were seen this quarter, a

highs from Q2 2019, while properties

right time to put their home on the

modest 2% decline compared to the 11%

priced under $500K reached their lowest

market, leading both sides to simply wait.

drop seen in Q3 2018. As with Manhattan,

levels this quarter and those $500K-1M

this decrease is more appropriately

saw their highest. This change in price

deemed a stabilization, evidenced by

distribution was met with an increased

fewer properties on the market, and higher prices.

RORY GOLOD New York Regional President

ELIZABETH ANN STRIBLING-KIVLAN Senior Managing Director


MARKET HIGHLIGHTS 06 RECORDED SALES 08 PRICE PER SQUARE FOOT 12 CONTRACTS SIGNED 14 TIME ON THE MARKET 18 TOTAL INVENTORY 20 MONTHS OF SUPPLY 24

SOURCES Proprietary database, ACRIS (Automated City Register Information System)

RESEARCHED & WRITTEN BY: Josh Chamberlain


METHODOLOGY

GEOGR APHY covered in this

MONTHS OF SUPPLY is an estimated

report is Brooklyn.

time it would take to sell all current active listings based on the trailing

INVENTORY is calculated based

12-months sales rate.

on all properties actively listed during the quarter at the time the report

TIME ON MARKET is calculated by

is prepared.

how many properties entered contract

N O RTH B RO O K LY N • BUSHWICK • GREENPOINT • WILLIAMSBURG

N O RTH W EST B RO O K LY N

E AST B RO O K LY N

• BOERUM HILL • BROOKLYN HEIGHTS • CARROLL GARDENS • CLINTON HILL • COBBLE HILL • COLUMBIA STREET WATERFRONT DISTRICT • DOWNTOWN • DUMBO • FORT GREENE • GOWANUS • GREENWOOD • NAVY YARD • PARK SLOPE • PROSPECT HEIGHTS • RED HOOK • VINEGAR HILL • WINDSOR TERRACE

• • • • • • •

BEDFORD STUYVESANT BROWNSVILLE CROWN HEIGHTS EAST NEW YORK OCEAN HILL PROSPECT LEFFERTS GARDENS WINGATE

during the quarter in the given period. CONTR ACT SIGNED figures for the current quarter are based on publicly

DISCOUNT is the percentage

reported transactions at the time the

difference between the initial list

report is prepared. The signed price

and recorded sale price.

reflects the latest available asking price.

CURRENT QUARTER is reflective of the initial day of the quarter until the

RECORDED SALES figures for the

20th day of the closing month of the

current quarter are based on known

quarter. These numbers will be updated

closings recorded at the time the

in subsequent reports to reflect the

report is prepared.

dataset of the entire quarter.

MEDIAN PRICE is the middle

QUARTERS

price of a given dataset.

1Q: January 1 – March 31 2Q: April 1 – June 30

AVER AGE PRICE is the sum of all

3Q: July 1 – September 30

prices divided by the total number

4Q: October 1 – December 31

of properties. 5

S O U TH B RO O K LY N • • • • • • •

BATH BEACH BAY RIDGE BENSONHURST BERGEN BEACH BOROUGH PARK BRIGHTON BEACH CANARSIE

• • • • • • •

CONEY ISLAND DYKER HEIGHTS EAST FLASHBUSH FLATBUSH FLATLANDS FLOYD BENNETT FIELD FORT HAMILTON

• • • • • • •

GEORGETOWN GERRITSEN BEACH GRAVESEND HOMECREST KENSINGTON MANHATTAN BEACH MARINE PARK

• • • • • •

MIDWOOD MILL BASIN OCEAN PARKAWAY PROSPECT PARK SOUTH SHEEPSHEAD BAY SUNSET PARK


MARKET HIGHLIGHTS

6


“Economic pressures forced prior growth to stabilize, while prices continued to rise.”

$959,176

148

6.5%

AVER AGE SALES PRICE

AVER AGE DAYS ON THE MARKET

AVER AGE DISCOUNT

$780,000

52%

32%

MEDIAN SALES PRICE

SHARE OF

SHARE OF

INVENTORY

CLOSINGS

OVER $1M

OVER $1M

$781 AVER AGE PRICE PER SQUARE FOOT

7


RECORDED SALES BY PRO PE RT Y T YPE

TOTAL RECORDED SALES by UNIT TYPE

There were 3,022 recorded sales to date in the third quarter, a 2% decrease from one year ago.

Q3 2019 PERCENTAGE OF UNITS

Condos were 30% of the market, a 6% increase since Q3 2018. Houses saw an equivalent decline to 50% of the market, the lowest of any third quarter since 2008. As Brooklyn continues to build up, this change in market share is expected to continue.

30%

CONDO 20%

CO-OP

On average, condos were the most expensive at $1,023/SF, while houses were the most affordable at $581/SF. These were 2% and 5% decreases compared to this time last year. Co-ops were also more

TH/HOUSE

affordable this quarter, their average PPSF dropping 4% to $677/SF. This continues the decline

50% 0%

15%

30%

45%

60%

observed in recent quarters, after multiple years of explosive year-over-year growth in Brooklyn. However, the rate has been slowing since it started in Q1 2018, suggesting a trend reversal.

Q3 2019 AVERAGE PPSF

The borough-wide discount was 6.5%, a slight decrease from last quarter, but the highest Q3 discount

$1,023

CONDO

since 2011. Houses were the primary contributor to this, with a 10% average decline compared to their list price.

$677

CO-OP

All property types saw noticeable price increases. House and co-op median prices soared 17%, while their average price climbed 8% and 12%, respectively. This was a result of higher prices in the lower end of the market. Condos saw similar trends, though less prominent.

TH/HOUSE

$581

$0

$240

$480

$720

$960

$1200

Q3 2019 RECORDED SALES

Q3 2019 AVERAGE SIZE % AV E R AG E M E D I A N U N I T S D I S CO U N T P R I C E

YOY

AV E R AG E PRICE

YOY

CONDO

30%

4%

$815,000

4.5%

$1,016,453

5%

CO-OP

20%

4%

$457,000

17%

$583,658

TH/ HOUSE

50%

10%

$880,000

17%

$1,073,492

AV E R AG E YOY PPSF

AV E R AG E SF

YOY

1,042

CONDO

$1,023

-2%

1,042

-4%

12%

$677

-3.5%

880

-2%

8%

$581

-5%

2,285

-5%

CO-OP

880 SF 2,285 SF

TH/HOUSE 0

8

SF

500

1000

1500

2000

2500


Q3 2019 AVERAGE SIZE 1,042

CONDO

RECORDED SALES

CO-OP

SF

880 SF 2,285 SF

TH/HOUSE 500

0

BY PR I CE PO I NT

1000

1500

2000

2500

TOTAL RECORDED SALES by PRICE POINT Q3 2019 PERCENTAGE OF UNITS

46% of sales were in the $500K-1M range, the greatest of any price bracket. These properties averaged $714/SF and 1,364 SF. The average PPSF here fell 2% despite no change in average size and

<500K

increases of 3% and 2% in median and average price, respectively. While the 6% discount in this group

500K-1M

is lower than last quarter, it is still the highest seen in the third quarter since 2010, and in general since

1M-2M

2012.

2M-3M

Properties priced $1M-2M were 25% of sales, the highest ever seen. Prices declined modestly here,

22% 46% 25% 5% 2%

3M+

typical of this price point which has historically seen fluctuations year-over-year of 2% or less in either

0%

10%

20%

30%

40%

50%

direction.

Q3 2019 AVERAGE PPSF

The under $500K price point captured 22% market share, the second lowest of all time, the lowest being last quarter. Properties in this group were 14% smaller on average compared to last quarter, but even with a 7% increase in average price only saw a 2% increase in average PPSF.

$714

500K-1M

Properties $3M and above were noticeably smaller this quarter (-15%). Average price declined by 12%

1M-2M

while average PPSF increased 3%, indicating prices followed size accordingly.

2M-3M

$893 $1,092 $1,350

3M+

Q3 2019 RECORDED SALES % AV E R AG E M E D I A N U N I T S D I S CO U N T P R I C E

$547

<500K

$0 YOY

AV E R AG E PRICE

YOY

AV E R AG E YOY PPSF

<500K

22%

7%

$360,000

6%

$355,750

7%

$547

2%

5 0 0 K-1 M

46%

6%

$730,000

3%

$738,911

2%

$714

-2%

1,364

0%

1M-2M

25%

7%

$1,350,000

-3%

$1,396,071

-2%

$893

0%

1,918

-1%

2M-3M

5%

7%

$2,300,000 -1%

$2,348,311

-1%

$1,092

4%

2,437

-7%

3M+

2%

7%

$3,540,500

$3,877,670

-12%

$1,350

3%

3,073

-15%

821

-14%

$900

$1200

$1500

821 SF

<500K

1,364 SF

500K-1M

-8%

$600

Q3 2019 AVERAGE SIZE

1,918 SF

1M-2M 2M-3M

2,437 SF 3,073 SF

3M+ 0

9

$300

AV E R AG E YOY SF

800

1600

2400

3200

4000


821 SF

<500K

1,364 SF

500K-1M

1,918 SF

1M-2M

RECORDED SALES

2M-3M

2,437 SF 3,073 SF

3M+ 0

800

1600

2400

3200

4000

TOTAL RECORDED SALES by SUBMARKET

BY S U B MAR KET South Brooklyn accounted for 49% of sales this quarter, where the average price increased 2% and crossed $800K, the highest seen in the submarket. While prices here were the lowest of any submarket, it was the only one to see increases in all price metrics, despite 5% smaller properties on average.

Q3 2019 PERCENTAGE OF UNITS NORTH

12% 21%

NORTHWEST

These properties also saw the largest discount.

18%

EAST

Northwest Brooklyn had the second most sales, with 21% market share. Properties here were noticeably

49%

SOUTH

smaller (-12%), but prices dropped accordingly, leading to a 3% decrease in average PPSF. Prices were the highest of any submarket despite the respective 13% and 4% declines in average and median price. The average discount of 3% was the lowest of the regions.

0%

10%

20%

30%

40%

50%

60%

Q3 2019 AVERAGE PPSF

East Brooklyn saw 18% of transactions. These were the largest properties on average, despite a 10% decline in average size compared to this time last year. Prices followed this drop in size, though the 3%

NORTH

$1,115

NORTHWEST

$1,097

increase in average PPSF indicates properties were still more expensive. EAST

North Brooklyn saw the fewest number of sales, but properties here were 8% more expensive than this time last year. The lower half of the market saw the majority of the change, evidenced by the 5%

SOUTH

Q3 2019 RECORDED SALES

NORTH

12%

6%

$995,000

NORTHWEST

21%

3%

EAST

18%

SOUTH

49%

$547 $0

decline in median price and limited change in average price.

% AV E R AG E M E D I A N U N I T S D I S CO U N T P R I C E

$676

$480

$720

$960

$1200

Q3 2019 AVERAGE SIZE YOY

AV E R AG E PRICE

YOY AV E R AG E YOY PPSF

AV E R AG E YOY SF

$1,181,900

-1%

$1,115

8%

1,288

-8%

$1,205,000 -4%

$1,375,984

-13%

$1,097

-3%

1,358

-12%

7%

$725,000

-7%

$858,877

-9%

$676

3%

1,902

-10%

8%

$685,000

1%

$800,973

2%

$547

1%

1,568

-5%

-5%

NORTH

1,288 SF

NORTHWEST

1,358 SF

EAST

1,902 SF

SOUTH $0

10

$240

1,568 SF $625

$1250

$1875

$2500


H I S THistorical O R I C A L Trends T R E N D In S IRecorded N RECORD ED SALES Q3 Sales

TOTAL RECORDED SALES by UNIT TYPE N O RTH Q 3 2 0 1 9 P E R C E N T A G E O F U N I T S B RO O K LY N 30% CONDO

N O RTH W EST B RO O K LY N

635 UNITS: 21%

<1% 1% 5%

<1% 1% 7%

<1% 1% 9%

E AST B RO O K LY N

363 UNITS: 12%

1%

1%

1%

2%

2%

3%

10%

1%

2%

2%

2%

3%

4%

4%

5%

17%

18%

12% 15%

544 UNITS: 18%

20%

CO-OP

100%

20% 25%

80% TH/HOUSE

50% 0%

15%

30%

45%

36% 36%

60%

38%

38%

38%

Q3 2019 AVERAGE PPSF $1,023

CONDO

40%

60%

39% 43%

$677

CO-OP TH/HOUSE

45% 46%

$581

$0

$240

$480

$720

$960

$1200

40%

Q3 2019 AVERAGE SIZE 57% 1,042

CONDO CO-OP

SF

55% 51%

49%

47%

20%

880 SF

41%

38% 33%

2,285 SF

TH/HOUSE 0

500

1000

22%

S O U TH B RO O K LY N 1500 2000 2500

1, 480 UNITS: 49%

0%

TOTAL RECORDED SALES by PRICE POINT 11

Q3 2019 PERCENTAGE OF UNITS <500K

29%

22%

2010 <500K

2011

2012

2013

500K-1M

2014

2015

1M-2M

2016

2017 2M-3M

2018

2019 3M+


PRICE PER SQUARE FOOT

12


PRICE TRENDS

$1000

$895,186 $697,500

$940

$1200000

$959,176 $780,000

$1100000

$880

$1000000

$820

$900000

$760

$800000

$719

Average Price Per Square Foot Since 1Q10

2010

13

Average PPSF

2011

Median Price

2013

2014

Average Price

2015

2016

2017

2018

2019

$781

$813

$752

$746

$806

$839

$793

$814

$847

$868

$860

$791

$820

$777

$759

$729

$783

$773

$718

$720

$717

$707

$668

$670

$694

$665

$625

2012

$624

$627

$400

$642

$300000 $594

$460 $580

$400000

$595

$520

$585

$500000

$606

$580

$588

$600000

$592

$640

$577

$700000

$567

$700

$200000


CONTRACTS SIGNED BY PRO PE RT Y T YPE

TOTAL CONTRACTS SIGNED by UNIT TYPE

There were 1,694 contracts signed across Brooklyn in the third quarter, a 6% increase from this

Q3 2019 PERCENTAGE OF UNITS

time last year. Co-ops moved the fastest with 36% signed in the first 59 days and 19% taking longer

CONDO

41%

than 180 days. Condos saw 30% signed in the first 59 days and 29% signed after 180 days. Houses saw 31% signed within 59 days and 24% after 180 days. The average days on market was 143 days,

CO-OP

21%

a 29% increase compared to this time last year. Condos were 41% of contracts signed and were smaller than this time last year by 8% on average. The average price followed, declining 5%, leading to an increase in average PPSF of 4%. 30% of

38%

TH/HOUSE 0%

10%

20%

30%

40%

50%

condos were signed in the first 59 days, while 29% were signed after 180 days. Co-ops were 21% of contracts and were also smaller than this time last year by 9% on average. Price drops in this category exceeded the change in size, leading to a 3% decrease in average SF.

Q3 2019 AVERAGE PPSF $1,104

CONDO

36% of co-ops were signed within 59 days, and 29% after 180 days, the fastest of the three property types. Houses and townhomes were 38% of contracts signed. Prices in the lower half of the market were reduced, as evidenced by the decreased median price and limited change in average size. 31%

Q3 2019 CONTR ACTS SIGNED MEDIAN PRICE

YOY

CONDO

41%

$899,000

0%

CO - O P

21%

$459,500

38%

$1,249,500

TOWNHOME/ HOUSE

$620

TH/HOUSE

$624

$0

entered contract in the first 59 days, compared to 38% one year ago.

% UNITS

CO-OP

$240

$480

$720

$960

$1200

Q3 2019 AVERAGE SIZE AV E R AG E PRICE

YOY

AV E R AG E PPSF

YOY

AV E R AG E SF

YOY

CONDO CO-OP

$1,079,820

-5%

$1,104

4%

988

-8%

-6%

$569,907

-10%

$620

-3%

872

-9%

-4%

$1,475,377

-2%

$624

-3%

2,482

-1%

988 SF 872 SF 2,482 SF

TH/HOUSE 0

600

1200

1800

2400

3000

14

TOTAL CONTRACTS SIGNED by PRICE POINT


Q3 2019 AVERAGE SIZE 988 SF

CONDO

CONTRACTS SIGNED

CO-OP

872 SF 2,482 SF

TH/HOUSE 0

600

1200

1800

2400

3000

TOTAL CONTRACTS SIGNED by PRICE POINT

BY PR I CE PO I NT

Q3 2019 PERCENTAGE OF UNITS

Contracts between $500K-1M climbed to 42% of all deals, the largest share in any third quarter since 2009. These properties were slightly smaller on average (-2%), but prices remained steady, leading to an increase in average PPSF of 3% compared to this time last year. This bracket also moved the fastest, with 34% of contracts happening in the first 59 days.

17%

<500K

42%

500K-1M 31%

1M-2M 7%

2M-3M

The $1M-2M price range saw the second highest market share at 31%, down 1% compared to last quarter, but still the second highest historically. These properties also saw limited change, getting 2% smaller on

3%

3M+ 0%

10%

20%

30%

40%

50%

average and 1% more expensive. The $3M+ bracket had the most change, but only accounted for 3% of all contracts. Average price in

Q3 2019 AVERAGE PPSF

this market fell 6%, dropping under $4M for the first time since Q3 2014. Larger properties were signed

<500K

on average, and time on the market was longer than this time last year, but saw an improvement over

500K-1M

last quarter.

1M-2M

Contracts under $500K saw noticeably less interest this quarter. Only 8% entered contract in the first 29

2M-3M

days, compared to 14% a year ago.

$524 $809 $959 $1,029 $1,185

3M+ $0

$280

$560

$840

$1120

$1400

Q3 2019 CONTR ACTS SIGNED % UNITS

15

MEDIAN PRICE

YOY

AV E R AG E PRICE

YOY

AV E R AG E PPSF

YOY

AV E R AG E SF

YOY

Q3 2019 AVERAGE SIZE 806 SF

<500K

<500K

17%

$379,000

2%

$369,008

3%

$524

0%

806

-6%

5 0 0 K-1 M

42%

$735,000

1%

$745,634

0%

$809

3%

1,178

-2%

1M-2M

1M-2M

31%

$1,395,000

0%

$1,429,957

-1%

$959

1%

1,833

-2%

2M-3M

2M-3M

7%

$2,395,000

0%

$2,410,408

-2%

$1,029

1%

2,720

-7%

3M+

3%

$3,795,000 -1%

$3,957,873

-6%

$1,185

-3%

3,869

3%

1,178

500K-1M

SF

1,833 SF 2,720

SF

3,869 SF

3M+ 0

800

1600

2400

3200

4000


Q3 2019 AVERAGE SIZE 806 SF

<500K

1,178

500K-1M

CONTRACTS SIGNED

SF

1,833 SF

1M-2M

2,720

2M-3M

SF

3,869 SF

3M+ 0

BY S U B MAR KET

800

1600

2400

3200

4000

TOTAL CONTRACTS SIGNED by SUBMARKET

North Brooklyn accounted for 13% of contracts. Properties here were smaller on average and had higher median and average prices compared to this time last year. This led to an increased

Q3 2019 PERCENTAGE OF UNITS NORTH

average PPSF, which climbed 3% year-over-year. Northwest Brooklyn saw 31% of contracts signed, where prices in the lower end of the market increased, and properties got slightly more expensive, climbing 3% in average PPSF. Only 12% of contracts were signed in the first 29 days, compared to 19% last quarter, and 20% in Q3 of 2018.

13% 31%

NORTHWEST 17%

EAST

39%

SOUTH

East Brooklyn captured 17% of the market and experienced the most change. Median and average

0%

8%

16%

24%

32%

40%

prices fell here by 9% and 5%, respectively, while average size dropped 10%. This led to a modest increase in average PPSF of 4%. Properties here were generally on the market the same duration as they were last year, but many that did not sell within 90 days sat on the market 180 days or more.

Q3 2019 AVERAGE PPSF $1,102

NORTH NORTHWEST

South Brooklyn saw 39% of contracts, once again the highest of any submarket, though this was down 4% from the same time last year. Properties were slightly more affordable here, but have

$1,184

EAST

$696

SOUTH

continued to see limited growth in price since 2017.

$566

$0

16

MEDIAN PRICE

$700

$1050

$1400

Q3 2019 AVERAGE SIZE

Q3 2019 CONTR ACTS SIGNED % UNITS

$350

YOY

AV E R AG E PRICE

YOY

AV E R AG E YOY PPSF

AV E R AG E YOY SF

NORTH

13%

$1,105,889

5%

$1,274,442

3%

$1,102

3%

1,263

-4%

NORTHWEST

31%

$1,250,000

5%

$1,514,294

-5%

$1,184

3%

1,459

-5%

EAST

17%

$899,000

-9%

$1,111,247

-5%

$696

4%

1,944

-10%

SOUTH

39%

$689,500

-1%

$782,175

-7%

$566

-1%

1,550

-4%

NORTH

1,263 SF

NORTHWEST

1,459

SF

EAST

1,944 SF 1,550 SF

SOUTH 0

400

800

1200

1600

2000


N O RTH B RO O K LY N

1,694

E AST B RO O K LY N

220 UNITS: 13%

288 UNITS: 17%

TOTAL UNITS

TOTAL CONTRACTS SIGNED by UNIT TYPE N O RTH W EST B RO O K LY N

525 UNITS: 31%

Q3 2019 PERCENTAGE OF UNITS CONDO

41%

CO-OP

3M+

2M-3M

21%

51 UNITS 3%

119 UNITS 7% 38%

TH/HOUSE

<500K

0%

10%

20%

30%

40%

50%

Q3 2019 AVERAGE PPSF

1M-2M $1,104

CONDO CO-OP

$620

TH/HOUSE

$624

$0

$240

$480

288 UNITS 17%

$720

525 UNITS 31%

Q3 2019 CONTRACTS SIGNED BY PRICE POINT

500K- 1M $960

711 UNITS 42%

$1200

Q3 2019 AVERAGE SIZE 988 SF

CONDO

S O U TH B RO O K LY N CO-OP

872 SF

661 UNITS: 39% 2,482 SF

TH/HOUSE 0

17

600

1200

1800

2400

3000

10%

OF CONTR ACTS SIGNED WERE ABOVE $2M


TIME ON THE MARKET

18


TYPE PRICE BRACKET SUBMARKET

500K-1M

11%

1M-2M

12%

2M-3M

8%

3M+

8%

NORTH BROOKLYN

11%

NORTHWEST BROOKLYN

12%

EAST BROOKLYN

11% 10%

SOUTH BROOKLYN

16%

20%

19%

22% 20%

0-29 DAYS

30-59 DAYS

13% 16%

40%

60-89 DAYS

29%

23%

30%

14%

24%

12%

14%

15%

23%

35%

15%

8%

18%

25%

15%

12%

12%

12%

16%

23%

13%

13%

16%

16%

10%

25%

15%

12%

17%

23%

20%

0%

19

15%

25%

8%

<500K

24%

17%

13%

15%

20%

11%

H-TH

19%

13%

13%

19%

27%

9%

CO-OP

29%

14%

11%

16%

19%

11%

CONDO

13%

16%

25%

13%

17%

24%

60%

90-119 DAYS

80%

120-179 DAYS

100%

180+ DAYS


TOTAL INVENTORY BY PRO PE RT Y T YPE

TOTAL INVENTORY by UNIT TYPE

There were 4,824 actively listed properties on the market at the end of Q3 2019. Houses and

Q3 2019 PERCENTAGE OF UNITS

townhomes comprised the largest share of inventory, with 48% of all active units, 1% fewer than this

CONDO

33%

time last year. These properties also commanded the highest price of any property type, with a median price of $1,488,000 (6% increase) and an average price of $1,958,422 (4% increase).

19%

CO-OP

Condos were the second highest, accounting for 33% of active inventory. They saw an 8% increase in average PPSF, a result of their average size decreasing to 1,193 SF (-4%) and average price increasing to $1,346,902 (+6%). These properties were the most expensive on the market with an

TH/HOUSE

48%

0%

12%

24%

36%

48%

60%

average PPSF of $1,113/SF. Co-ops made up only 19% of active inventory, a 2% decline from this time last year. These properties saw a 12% drop in average size and a 6% decrease in average price. Despite this, the average PPSF

Q3 2019 AVERAGE PPSF $1,113

CONDO

did not change year-over-year. Co-ops were the most affordable property type at $633/SF on average.

CO-OP

$633

TH/HOUSE

$720

$0

$240

$480

$720

$960

$1200

Q3 2019 INVENTORY % UNITS

MEDIAN PRICE

YOY

AV E R AG E PRICE

CONDO

33%

$969,000

2%

$1,346,902

CO - O P

19%

$499,000

0%

$690,614

TOWNHOME/ HOUSE

48%

$1,488,000

6%

$1,958,422

YOY

AV E R AG E PPSF

YOY

AV E R AG E SF

YOY

6%

$1,113

8%

1,193

-4%

-6%

$633

0%

1,111

-12%

4%

$720

0%

2,700

0%

Q3 2019 AVERAGE SIZE 1,193 SF

CONDO CO-OP

1,111 SF 2,700 SF

TH/HOUSE 0

20

600

1200

1800

2400

3000


Q3 2019 AVERAGE SIZE 1,193 SF

CONDO

TOTAL INVENTORY

CO-OP

1,111 SF 2,700 SF

TH/HOUSE 600

0

BY PR I CE PO I NT

1200

1800

2400

3000

TOTAL INVENTORY by PRICE POINT

The $500K-1M price bracket accounted for 36% of all active listings, the highest of any category. Their average PPSF climbed 3% to $756/SF, a result of their average size decreasing by 3% on

Q3 2019 PERCENTAGE OF UNITS 13%

<500K

average compared to this time last year. Prices in this group were steady.

36%

500K-1M

Properties priced $1M-2M followed closely with 32% of inventory. Properties at this price range were

1M-2M

8% more expensive than last year, despite only a 2% decrease in their average size. No significant

2M-3M

price changes were observed.

32% 11% 9%

3M+

Inventory under $500K took 13% of the market share and saw the most change of any price bracket.

0%

8%

16%

24%

32%

40%

The median price and average price both rose 6% to $369,000 and $365,619, respectively. The

Q3 2019 AVERAGE PPSF

average PPSF was up 5% year-over-year, accompanying a 6% decrease in average size. Properties above $2M were 20% of the market. Those priced $2M-3M were 6% smaller, but did not see

<500K

any price reductions, leading to the observed 5% increase in average PPSF. Those priced $3M and up

500K-1M

$512 $756

1M-2M

were 4% smaller with a 5% increase in average PPSF.

$889

2M-3M

MEDIAN PRICE

$1,361

3M+

Q3 2019 INVENTORY % UNITS

$1,112

$0 YOY

AV E R AG E PRICE

YOY

AV E R AG E PPSF

YOY

AV E R AG E SF

6%

$365,619

6%

$512

5%

825

-6%

$756,764

0%

$756

3%

1,271

-3%

<500K

13%

$369,000

5 0 0 K-1 M

36%

$750,000

1M-2M

32%

$1,450,000 0%

$1,472,097

0%

$889

8%

2,040

-2%

2M-3M

11%

$2,400,000 0%

$2,459,353

0%

$1,112

5%

2,648

-6%

3M+

9%

$3,999,000 0%

$5,318,954

2%

$1,361

5%

4,017

-4%

0%

$600

$900

$1200

$1500

Q3 2019 AVERAGE SIZE 825 SF

<500K

1,271 SF

500K-1M

2,040 SF

1M-2M

2,648 SF

2M-3M

4,017 SF

3M+ 0

21

$300

YOY

1000

2000

3000

4000

5000


825 SF

<500K

1,271 SF

500K-1M

2,040 SF

1M-2M

TOTAL INVENTORY

2,648 SF

2M-3M

4,017 SF

3M+ 0

1000

2000

3000

4000

5000

TOTAL INVENTORY by SUBMARKET

BY S U B MAR KET North Brooklyn held 13% of active inventory. The average PPSF rose just 1% despite no change in average size, a 5% increase in average price, and a 2% increase in median price. The average size of 1,831 SF was the smallest, yet properties in this area commanded the second highest average PPSF of $1,077/SF. Northwest Brooklyn accounted for 25% of inventory and was the highest-priced region with a median price of $1,549,500 (2% decline) and an average price of $2,087,959 (1% increase). The

Q3 2019 PERCENTAGE OF UNITS NORTH

13% 25%

NORTHWEST 16%

EAST

46%

SOUTH

average PPSF here increased 3% due to a 3% decline in average size. Properties here barely

0%

12%

24%

36%

48%

60%

trailed North Brooklyn for smallest on average at 1,834 SF.

Q3 2019 AVERAGE PPSF

East Brooklyn was 16% of listings. Properties here were 5% smaller on average, causing the average PPSF to increase 3%. No median or average price changes were observed compared to this time last year.

$1,077

NORTH

$1,254

NORTHWEST

South Brooklyn commanded 46% of listings. Increases in all metrics were seen, with average price climbing 5% and median price climbing 3%. Properties here were the most affordable at $630/SF on average, and average price of $1,185,757.

EAST

$711 $630

SOUTH $0

Q3 2019 INVENTORY % UNITS

MEDIAN PRICE

YOY

AV E R AG E PRICE

YOY

AV E R AG E YOY PPSF

AV E R AG E YOY SF

NORTH

13%

$1,375,000 2%

$1,910,930

5%

$1,077

1%

1,831

NORTHWEST

25%

$1,549,500 -2%

$2,087,959

1%

$1,254

3%

1,834

-3%

EAST

16%

$999,999

0%

$1,331,580

0%

$711

3%

2,198

-5%

SOUTH

46%

$868,000

3%

$1,185,757

5%

$630

1%

1,842

1%

$700

$1050

$1400

Q3 2019 AVERAGE SIZE NORTH

1,831 SF

0%

NORTHWEST

1,834 SF

EAST

2,198 SF 1,842

SOUTH 0

22

$350

500

1000

1500

2000

SF

2500


Q 3 H I S TINVENTORY ORICAL INVENTORY Q3 HISTORICAL

TOTAL INVENTORY by UNIT TYPE

100%

Q3 2019 PERCENTAGE OF UNITS N O RTH B RO O K LY N CONDO 33%

N O RTH W EST B RO O K LY N

1% 2%

8%

E AST B RO O K LY N

627 UNITS: 13%

2% 3%

4% 3%

11%

6%

6%

0%

36%

48%

8%

9%

10%

11%

32%

32%

8%

19% 24%

1, 206 UNITS: 25% 24%

6%

9%

48% 12%

8%

7%

15%

80% TH/HOUSE

4%

14%

772 UNITS: 16%

19%

CO-OP

1% 2%

39%

60%

30% 39%

29%

40%

Q3 2019 AVERAGE PPSF $1,113

CONDO

40%

60%

40% CO-OP

$633 39%

TH/HOUSE

$720

$0

$240

$480

$720

$960

$1200

40%

34%

38%

36%

Q3 2019 AVERAGE SIZE 51%

1,193 SF

CONDO

47% CO-OP

42%

20%

1,111 SF

37% 31%

2,700 SF

TH/HOUSE 0

600

1200

1800

20%

17%

2, 219 UNITS: 46%

TOTAL INVENTORY by PRICE POINT Q3 2019 PERCENTAGE OF UNITS <500K

24%

S O U TH B RO O K LY N 2400 3000

0%

23

13%

36%

2010 <500K

2011

2012

2013

500K-1M

2014

2015

1M-2M

2016

2017 2M-3M

14%

13%

2018

2019 3M+


MONTHS OF SUPPLY

24


Q3 2019

Q3 201 8

665

4,824 ACTIVE INVENTORY

CONR ACTS SIGNED PER MONTH

7.3

MONTHS OF SUPPLY

25

4,991

614

ACTIVE INVENTORY

CONR ACTS SIGNED PER MONTH

8.1

MONTHS OF SUPPLY


compass.com

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.


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