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.