1Q 2019
B RO O K LY N MARKET REPORT
B R O O K LY N SALES REPORT Q1 2019:
WINTER SLIDE SPRING UP?
MARKET HIGHLIGHTS 05 RECORDED SALES 07 PRICE PER SQUARE FOOT 11 CONTRACTS SIGNED 13 TIME ON THE MARKET 17 TOTAL INVENTORY 19 MONTHS OF SUPPLY 23
SOURCES Stribling & Associates proprietary database, ACRIS (Automated City Register Information System)
RESEARCHED & WRITTEN BY: Garrett Derderian
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. 4
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
5
“Amid a growing supply of high-priced inventory, the market slowdown pushed discounts higher.”
$956,226
129
6.2%
AVER AGE SALES PRICE
AVER AGE DAYS ON THE MARKET
AVER AGE DISCOUNT
$775,000
49%
31%
MEDIAN PRICE
SHARE OF
SHARE OF
INVENTORY
CLOSINGS
OVER $1M
OVER $1M
$749 AVER AGE PRICE PER SQUARE FOOT
6
RECORDED SALES BY PRO PE RT Y T YPE
TOTAL RECORDED SALES by UNIT TYPE
There were 2,078 recorded sales to date in the first quarter, a 5% decrease from one year ago. The
1Q 2019 PERCENTAGE OF UNITS
borough-wide discount was 6%, its highest Q1-level since 2012, when the discount averaged 7%.
26%
CONDO
Condo units were the most expensive property type, with an average PPSF of $1,004. Co-ops recorded an average PPSF of $587, while houses and townhouses averaged $596/SF. Houses and townhouses
20%
CO-OP
were the largest properties, averaging 2,368 square feet. Condos averaged 1,046 square feet, while TH/HOUSE
co-ops averaged 936 square feet.
54% 0%
Condos displayed price declines across all metrics, with their median down 4% to $800,000 and their
15%
30%
45%
60%
average down 5% to $972,869. Their average PPSF dropped 3%, and their average size declined 1%. Condos experienced an average discount of 5%. Co-ops followed a similar pattern, with their median price down 3% to $440,000 and their average price down 2% to $577,526. Their average PPSF grew
1Q 2019 AVERAGE PPSF $1,004
CONDO
3%, while their size dipped 0.4%. Their discount averaged 4%. $587
CO-OP
Houses and townhomes recorded only slight declines in their median and average prices. Their median price dropped 2% to $850,000 and their average price lost 0.4% to $1,089,040. Their average
TH/HOUSE
size was down 2%, contributing to the fall in prices. However, this subset also saw the largest discounts, averaging 8% off the initial asking price.
$596
$0
$240
$480
$720
$960
$1,200
1Q 2019 RECORDED SALES
1Q 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
AV E R AG E YOY PPSF
AV E R AG E SF
YOY
1,046 SF
CONDO
CONDO
26%
5%
$800,000 -4%
$972,869
-5%
$1,004
-3%
1,046
-1%
CO-OP
20%
4%
$440,000 -3%
$577,526
-2%
$587
3%
936
-0.4%
TH/ HOUSE
54%
8%
$850,000 -2%
$1,089,040 -0.4%
$596
5%
2,378
-2%
CO-OP
936 SF 2,378 SF
TH/HOUSE 0
7
500
1,000
1,500
2,000
2,500
1Q 2019 AVERAGE SIZE 1,046 SF
CONDO
RECORDED SALES
CO-OP
936 SF 2,378 SF
TH/HOUSE 0
BY PR I CE PO I NT
500
1,000
1,500
2,000
2,500
TOTAL RECORDED SALES by PRICE POINT 1Q 2019 PERCENTAGE OF UNITS
Sales in the $500K-1M cohort recorded the greatest share of closings with 48% of all deals, their largest Q1 share-to-date. Properties in this bracket averaged $705/SF and 1,357 square feet. Their median price dropped 3% to $725,000 while their average was down 2% to $735,227. Their average
48%
500K-1M
discount was 6%.
1M-2M
Units priced between $1-2M captured 24% of all closings, a Q1 record. They showed median and
2M-3M
average price dips of 1% to $1,359,250 and $1,400,417, respectively. Their average PPSF declined 3% to
22%
<500K
24% 5% 2%
3M+
$841, and their discount averaged 7%.
0%
10%
20%
30%
40%
50%
Sales priced between $2-3M, with 5% of all deals, comprised the one category with median and average price increases. This bracketâ&#x20AC;&#x2122;s median price increased 0.2% to $2,350,000 and its average was up 1% to $2,405,853. These escalations can largely be attributed to a 6% increase in average size. This bracket also noted the greatest discount rate of any tranche, at 10%.
1Q 2019 AVERAGE PPSF
$705
500K-1M
Properties priced $3M and above, with 2% of all sales, experienced precipitous declines from one year
1M-2M
ago. There, the median price dropped 6% to $3,479,500 and the average fell 10% to $3,764,006.
2M-3M
$841 $1,001 $1,166
3M+
1Q 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
$476
<500K
$0 YOY
AV E R AG E PRICE
YOY
AV E R AG E YOY PPSF
$300
$600
$900
$,1200
$1,500
AV E R AG E YOY SF
<500K
22%
6%
$362,000
-5%
$358,312
-3%
$476
1%
886
-2%
5 0 0 K-1 M
48%
6%
$725,000
-3%
$735,227
-2%
$705
3%
1,357
3%
1M-2M
24%
7%
$1,359,250
-1%
$1,400,417
-1%
$841
-3%
2,011
-1%
2M-3M
5%
10%
$2,350,000
0.2%
$2,405,853
1%
$1,001
-10%
2,629
6%
3M+
2%
5%
$3,479,500
-6%
$3,764,006
-10%
$1,166
-2%
3,419
-10%
1Q 2019 AVERAGE SIZE 886 SF
<500K
1,357 SF
500K-1M
2,011 SF
1M-2M 2M-3M
2,629 SF 3,419 SF
3M+ 0
800
1,600
2,400
3,200
4,000
886
<500K
SF
1,357 SF
500K-1M
2,011 SF
1M-2M
RECORDED SALES
2M-3M
2,629 SF 3,419 SF
3M+ 0
800
1,600
2,400
3,200
4,000
TOTAL RECORDED SALES by SUBMARKET
BY S U B MAR KET North Brooklyn captured 10% of recorded sales and measured price declines across all metrics. There,
1Q 2019 PERCENTAGE OF UNITS NORTH
the median price dropped 1% to $994,500 and the average price fell 5% to $1,179,503. The area’s average PPSF slid 3% to $1,028. The average discount in the submarket was 6%.
10% 23%
NORTHWEST
Northwest Brooklyn, with 23% of all sales, showed similar price changes to North Brooklyn. Its median fell 1% to $1,145,000 and its average dropped 4% to $1,427,535. Likewise, its average PPSF declined 6%,
18%
EAST
49%
SOUTH
the most of any market, to $1,041. The market had an average discount of 5%.
0%
10%
20%
30%
40%
50%
60%
East Brooklyn captured 18% of all transactions and logged modest price shifts. Its median dipped 0.5% to $731,570 and its average ticked up 3% to $844,039. The area’s average PPSF increased 6% to $673, while its size dropped 5% to 1,850 square feet. Its average discount was 5%. South Brooklyn, with 49% of all transactions, recorded the greatest price drops. This submarket experienced a median price decline of 4% to $649,500 and an average price drop of 6% to $748,842. However, its average PPSF improved 4% to $543, but was offset by a 1% drop in size. This market noted the greatest discounts, averaging 7% off the initial asking price.
NORTH
$1,028
NORTHWEST
$1,041
EAST
$673
SOUTH
$543 $0
1Q 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
1Q 2019 AVERAGE PPSF
$480
$720
$960
$1,200
1Q 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
NORTH
10%
6%
$994,500
-1%
$1,179,503
-5%
$1,028
-3%
1,395
-1%
NORTHWEST
23%
5%
$1,145,000 -1%
$1,427,535
-4%
$1,041
-6%
1,663
9%
EAST
18%
5%
$731,570
-0.5% $844,039
3%
$673
6%
1,850
-5%
SOUTH
49%
7%
$649,500
-4%
-6%
$543
4%
1,562
-1%
$748,842
NORTH
1,395 SF
NORTHWEST
1,663
EAST
SF
1,850 SF
SOUTH $0
9
$240
1,562 SF $625
$1,250
$1,875
$2,500
H I S T O R I C Trends A L T R EIn ND S I N R E CSales ORDED SALES Historical Recorded
TOTAL RECORDED SALES by UNIT TYPE N O RTH 1 Q 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 26% CONDO
N O RTH W EST B RO O K LY N
485 UNITS: 23%
0.3% 0.2% 0.0% 0% 1% 1% 5% 5% 6%
1% 1%
1%
1%
1%
2%
3%
3%
9% 16%
367 UNITS: 18%
20%
15%
30%
45%
2%
6%
5%
5%
23%
24%
45%
48%
21%
54% 0%
2%
19%
80% TH/HOUSE
3%
11%
E AST B RO O K LY N
199 UNITS: 10% CO-OP
100%
40%
60%
39% 38% 40% 40%
1Q 2019 AVERAGE PPSF $1,004
CONDO
60%
44% 46%
$587
CO-OP TH/HOUSE
42%
$596
$0
$240
$480
$720
$960
$1,200
40%
1Q 2019 AVERAGE SIZE 54%
1,046 SF
CONDO CO-OP
936
55%
54% 49%
46%
20%
SF
36% 31%
2,378 SF
TH/HOUSE 0
500
1,000
27%
S O U TH B RO O K LY N 1,500 2,000 2,500
24%
22%
1,027 UNITS: 49%
0%
TOTAL RECORDED SALES by PRICE POINT 10
1Q 2019 PERCENTAGE OF UNITS <500K
22%
1Q10 <500K
1Q11
1Q12
1Q13
500K-1M
1Q14
1Q15
1M-2M
1Q16
1Q17 2M-3M
1Q18
1Q19 3M+
PRICE PER SQUARE FOOT
11
PRICE TRENDS
$1,000
$1,010,744 $810,000
$940
$1,200,000
$956,226 $775,000
$1,100,000
$880
$1,000,000
$820
$900,000
$760
$721
$800,000
Average Price Per Square Foot Since 1Q10
2010
12
Average PPSF
2011
2012
Median Price
2013
2014
Average Price
2015
2016
2017
2018
$749
$747
$809
$856
$797
$828
$877
$899
$906
$832
$862
$822
$758
$796
$811
$810
$756
$753
$758
$768
$723
$731
$739
$708
$671
$674
$616
$400
$667
$300,000 $666
$460 $629
$400,000
$599
$520
$611
$500,000
$636
$580
$604
$600,000
$599
$640
$594
$700,000
$583
$700
20 19
$200,000
CONTRACTS SIGNED BY PRO PE RT Y T YPE
TOTAL CONTRACTS SIGNED by UNIT TYPE
There were 1,705 contracts signed across Brooklyn in the first quarter, a 12% increase from this
1Q 2019 PERCENTAGE OF UNITS
time last year. Co-ops moved the fastest: 43% were signed in the first 59 days, while 20% took 180
CONDO
44%
days or longer. Condos reported 34% signed in the first 59 days, while 23% took 180 days or longer; and 30% of houses and townhouses were under contract within 59 days, while 25% took over 180
23%
CO-OP
days to get signed. Condos totaled 44% of all contracts and noted price improvements across all metrics. Their median
33%
TH/HOUSE
price increased 5% to $900,000 and their average price was up 4% to $1,114,807. Their average PPSF
0%
10%
20%
30%
40%
50%
grew an accompanying 6% to $1,081, despite a marginal drop in size to 1,047 square feet.
1Q 2019 AVERAGE PPSF
Co-ops, with a 23% share, recorded mixed price changes. The median price remained flat at $499,000 despite an average price drop of 7% to $631,405, resulting from fewer high-priced outlier
$1,081
CONDO
deals. Their average size was also down 7%, contributing to the fall. Houses and townhouses constituted 33% of all contracts and showed mixed price adjustments. Their median price jumped 5% to $1,249,000, but their average price fell 3% to $1,518,809. These homes had the highest average PPSF increase, up 8% to $643. Their size remained stable, up 0.1% to 2,493 square feet.
CO-OP
$624
TH/HOUSE
$643
$0
$240
$480
$720
$960
$1200
1Q 2019 CONTR ACTS SIGNED
1Q 2019 AVERAGE SIZE % UNITS
13
MEDIAN PRICE
YOY
AV E R AG E PRICE
YOY
AV E R AG E PPSF
YOY
AV E R AG E SF
YOY
1,047 SF
CONDO
CONDO
44%
$900,000
5%
$1,114,807
4%
$1,081
6%
1,047
-0.1%
CO - O P
23%
$499,000
0%
$631,405
-7%
$624
2%
908
-7%
TOWNHOME/ HOUSE
33%
$1,249,000
5%
$1,518,809
-3%
$643
8%
2,493
0.1%
CO-OP
908
SF
2,493 SF
TH/HOUSE 0
600
1,200
1,800
2,400
3,000
1Q 2019 AVERAGE SIZE 1,047 SF
CONDO
CONTRACTS SIGNED
CO-OP
908
SF
2,493 SF
TH/HOUSE 0
BY PR I CE PO I NT
600
1,200
1,800
2,400
3,000
TOTAL CONTRACTS SIGNED by PRICE POINT
Contracts priced between $500K-1M totaled 43% of all deals, the most of any category. Those priced between $1-2M followed with 30%, while those priced less than $500K made up 16%. Contracts above $3M captured a 4% share, while the $2-3M bracket took 6%.
1Q 2019 PERCENTAGE OF UNITS 16%
<500K
43%
500K-1M
Properties that entered contract above $3M recorded both median and average price declines. Their
1M-2M
median fell 8% to $3,600,000 and their average lost 10%, at $3,929,227. These units did see an average
2M-3M
PPSF increase of 8% to $1,317, but it was offset by a size decrease of 11% to 3,433 square feet.
30% 6% 4%
3M+
The $2-3M bracket recorded healthier increases, with its median price up 3% to $2,495,000 and its
0%
10%
20%
30%
40%
50%
average price up 1% to $2,482,830. Likewise, its average PPSF grew 2% to $1,152, despite a 2% dip in size 1Q 2019 AVERAGE PPSF
to 2,426 square feet. Units priced between $1-2M recorded slightly smaller gains. There, the median price ticked up 1% to $1,385,000 and the average price grew 0.5% to $1,423,590. They experienced an average PPSF increase of 4% to $958, while their average size remained flat at 1,813 square feet.
$529
<500K 500K-1M
$821
1M-2M
$958
2M-3M
MEDIAN PRICE
YOY
$1,317
3M+
1Q 2019 CONTR ACTS SIGNED % UNITS
$1,152
$0 AV E R AG E PRICE
YOY
AV E R AG E PPSF
YOY
AV E R AG E SF
$560
$840
$1,120
$1,400
YOY
1Q 2019 AVERAGE SIZE
<500K
16%
$370,000
-1%
$370,821
-0.1%
$529
1%
812
3%
5 0 0 K-1 M
43%
$745,000
1%
$756,538
1%
$821
9%
1,186
1%
1M-2M
30%
$1,385,000 1%
$1,423,590
0.5%
$958
4%
1,813
0.2%
1M-2M
2M-3M
6%
$2,495,000 3%
$2,482,830
1%
$1,152
2%
2,426
-2%
2M-3M
3M+
4%
$3,600,000 -8%
$3,929,227
-10%
$1,317
8%
3,433
-11%
3M+
812 SF
<500K
1,186 SF
500K-1M
1,813 SF 2,426
SF
3,433 SF 0
14
$280
800
1,600
2,400
3,200
4,000
812 SF
<500K
1,186 SF
500K-1M
1,813 SF
1M-2M
CONTRACTS SIGNED
2,426
2M-3M
SF
3,433 SF
3M+ 0
800
1,600
2,400
3,200
4,000
TOTAL CONTRACTS SIGNED by SUBMARKET
BY S U B MAR KET North Brooklyn captured 14% of all deals and noted significant price increases. There, the median price surged 7% to $1,099,000 while the average grew 6% to $1,305,296. These increases can largely be attributed to the now-canceled L-train shutdown, which had been putting downward pressure on prices over the past year. Northwest Brooklyn, with 35% of all contracts, recorded a median price drop of 0.4% to $1,195,000. Its average price was down 8%, the most of any market, to $1,493,820. Still, these remained the highest
1Q 2019 PERCENTAGE OF UNITS NORTH
14% 35%
NORTHWEST 16%
EAST
36%
SOUTH
prices of any Brooklyn submarket. The average PPSF was up 5% to $1,170, but an outsized average
0%
8%
16%
24%
32%
40%
size drop of 12% mitigated the increase. East Brooklyn, with 16% of contracts, was the only market where all price metrics grew across the board. There, the median price was up 1% to $887,000, the average price increased 3% to $1,082,915, and the average PPSF surged 16% to $723. These units were the largest of all the submarkets, averaging 1,817 square feet.
of any market. Both the median and average were up 6% to $663,444 and $774,481, respectively. Their average PPSF was stable, dipping 1% to $563, while their average size grew 11% to 1,538 square feet.
15
NORTHWEST
$1,170
YOY
AV E R AG E PRICE
YOY
AV E R AG E YOY PPSF
AV E R AG E YOY SF
NORTH
14%
$1,099,000 7%
$1,305,296
6%
$1,070
-1%
1,367
5%
NORTHWEST
35%
$1,195,000 -0.4%
$1,493,820
-8%
$1,170
5%
1,468
-12%
EAST
16%
$887,000
$1,082,915
3%
$723
16%
1,817
1%
SOUTH
36%
$663,444 6%
$774,481
6%
$563
-1%
1,538
11%
1%
$723
SOUTH
$563
$0
$350
$700
$1,050
$1,400
1Q 2019 AVERAGE SIZE
1Q 2019 CONTR ACTS SIGNED MEDIAN PRICE
$1,070
NORTH
EAST
South Brooklyn totaled 36% of all contracts and posted the greatest median and average price increases
% UNITS
1Q 2019 AVERAGE PPSF
NORTH
1,367 SF
NORTHWEST
1,468
SF
1,817 SF
EAST
1,538 SF
SOUTH $0
$400
$800
$1,200 $1,600 $2,000
N O RTH B RO O K LY N
1,705
E AST B RO O K LY N
243 UNITS: 14%
266 UNITS: 16%
TOTAL UNITS
TOTAL CONTRACTS SIGNED by UNIT TYPE N O RTH W EST B RO O K LY N
590 UNITS: 35%
1Q 2019 PERCENTAGE OF UNITS CONDO
44%
3M+
2M-3M 23%
CO-OP
107 UNITS 6% 33%
TH/HOUSE 0%
10%
20%
30%
<500K
40%
1M-2M $1,081
CONDO CO-OP
281 UNITS 16%
50%
1Q 2019 AVERAGE PPSF
509 UNITS 30%
1Q 2019 CONTRACTS SIGNED BY PRICE POINT
$624
TH/HOUSE
500K- 1M
$643
$0
$240
$480
$720
$960
1,047 SF
CONDO CO-OP
908
S O U TH B RO O K LY N
606 UNITS: 36%
SF
2,493 SF
TH/HOUSE 0
600
1,200
1,800
2,400
733 UNITS 43%
$1200
1Q 2019 AVERAGE SIZE
16
77 UNITS 4%
3,000
10%
OF CONTR ACTS SIGNED WERE ABOVE $2M
TIME ON THE MARKET
17
TYPE
CONDO
19%
CO-OP
19%
PRICE BRACKET
2M-3M
9%
3M+
8%
SUBMARKET
8%
13%
15%
EAST BROOKLYN
14%
SOUTH BROOKLYN
0%
18% 17%
20% 0-29 DAYS
30-59 DAYS
23% 31%
18% 44%
18%
40% 60-89 DAYS
20%
16%
11%
10% 11%
32%
17%
11%
22%
21%
NORTHWEST BROOKLYN
18%
19%
10%
20%
18%
11%
12%
8%
15%
15%
NORTH BROOKLYN
10%
19%
23%
18%
13%
13%
19%
17%
1M-2M
25%
20%
10%
13%
18%
19%
500K-1M
16%
19%
20%
13%
11%
13%
13%
23%
20%
14%
19%
14%
<500K
10%
13% 23%
11%
H-TH
18
15%
23%
23%
10%
22%
17%
13%
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 4,995 actively listed properties on the market at the end of 1Q19. Houses and
1Q 2019 PERCENTAGE OF UNITS
townhouses comprised the largest share of inventory, with 49% of all active units. They had an
CONDO
31%
average PPSF of $693 and an average size of 2,579 square feet. Condos captured 31% of inventory, and were the most expensive property type, averaging $1,062/SF. They measured an average of 1,184 square feet. Co-ops, with 20% of inventory, were the most
20%
CO-OP
49%
TH/HOUSE
affordable, averaging $618/SF and 1,141 square feet.
0%
Condos recorded healthy price increases in Q1. Their median rose 3% to $920,000 and their average
12%
24%
36%
48%
60%
grew 4% to $1,275,609. These numbers were boosted by an average PPSF increase of 6%, despite a
1Q 2019 AVERAGE PPSF
5% reduction in size. Co-ops showed mixed results, with a median price increase of 2% to $485,000 and an average price
$1,062
CONDO
drop of 12% to $668,789. Their average PPSF climbed a slight 3% but was offset by a drastic 11% CO-OP
decrease in size. Houses and townhouses enjoyed the greatest price increases. Their median was up 6% to
$618
TH/HOUSE
$693
$1,380,000 and their average grew 5% to $1,681,679. Their average PPSF was up 3%, while their size $0
remained relatively flat, increasing only 0.3%.
$240
$480
$720
$960
$1,200
1Q 2019 INVENTORY % UNITS
MEDIAN PRICE
YOY
AV E R AG E PRICE
YOY
AV E R AG E PPSF
YOY
AV E R AG E SF
YOY
CONDO
31%
$920,000
3%
$1,275,609
4%
$1,062
6%
1,184
-5%
CO - O P
20%
$485,000
2%
$668,789
-12%
$618
3%
1,141
-11%
TOWNHOME/ HOUSE
49%
$1,380,000 6%
$1,681,679
5%
$693
3%
2,579
0.3%
1Q 2019 AVERAGE SIZE CONDO
1,184 SF
CO-OP
1,141 SF 2,579 SF
TH/HOUSE 0
19
600
1,200
1,800
2,400
3,000
1Q 2019 AVERAGE SIZE
TOTAL INVENTORY
CONDO
1,184 SF
CO-OP
1,141 SF 2,579 SF
TH/HOUSE 0
BY PR I CE PO I NT
600
1,200
1,800
2,400
3,000
TOTAL INVENTORY by PRICE POINT
Properties priced between $500K-1M totaled 37% of all active listings. Units listed between $1-2M held a 33% share, while those priced under $500K made up 14%.
1Q 2019 PERCENTAGE OF UNITS 14%
<500K
Unit share under $500K recorded its lowest Q1 level-to-date and fell considerably below the 10-year Q1 average of 33%. Conversely, unit share for the $1-2M and $2-3M bracket reached record Q1 highs.
1M-2M
The $2-3M bracket totaled 9% of inventory, while listings priced $3M and above measured 7%, slightly
2M-3M
below the 8% share they held in 1Q16.
37%
500K-1M 33% 9% 7%
3M+
Inventory priced under $500K was the only cohort to show price increases across all measures. Its
0%
8%
16%
24%
32%
40%
median price jumped 11% to $379,000 and its average grew an accompanying 9% to $374,389. The bracketâ&#x20AC;&#x2122;s average PPSF surged 8% to $514, while its average size dropped 3% to 830 square feet. Units priced $3M and above saw a median price dip of 0.2% to $3,992,500 and an average price plunge of 6% to $4,582,372. Nevertheless, their average PPSF was up 3% to $1,364, although it was
1Q 2019 AVERAGE PPSF
1M-2M
The greatest PPSF increase was for units priced between $2-3M, where it increased 8% to $1,068.
2M-3M
$840 $1,068 $1,364
3M+
1Q 2019 INVENTORY MEDIAN PRICE
$726
500K-1M
offset by a 3% drop in size to 3,812 square feet.
% UNITS
$514
<500K
$0 YOY
AV E R AG E PRICE
YOY
AV E R AG E PPSF
YOY
AV E R AG E SF
<500K
14%
$379,000
11%
$374,389
9%
$514
8%
830
-3%
$600
$900
$1,200
$1,500
5 0 0 K-1 M
37%
$749,000
0%
$752,959
-0.2%
$726
2%
1,303
-3%
1M-2M
33%
$1,400,000 -2%
$1,459,742
-0.2%
$840
-0.3%
2,123
-2%
2M-3M
9%
$2,399,999 0%
$2,444,216
-0.1%
$1,068
8%
2,751
-6%
3M+
7%
$3,992,500 -0.2%
$4,582,372
-6%
$1,364
3%
3,812
-3%
1Q 2019 AVERAGE SIZE 830 SF
<500K
1,303
500K-1M
SF
2,123 SF
1M-2M
2,751 SF
2M-3M
3,812 SF
3M+ 0
20
$300
YOY
1,000
2,000
3,000
4,000
5,000
830 SF
<500K
1,303
500K-1M
SF
2,123 SF
1M-2M
TOTAL INVENTORY
2,751 SF
2M-3M
3,812 SF
3M+ 0
1,000
2,000
3,000
4,000
5,000
TOTAL INVENTORY by SUBMARKET
BY S U B MAR KET North Brooklyn, with 11% of inventory, noted mild price drops across all measures. The areaâ&#x20AC;&#x2122;s median price declined 4% to $1,345,000 and its average price dipped 1% to $1,698,254. Its average PPSF was down 3% to $1,052, while its average size increased 2% to 1,856 square feet. Many of these listings have lingered on the market, a result of the proposed L-train shutdown. Northwest Brooklyn, with 22% of listings, remained the most expensive market. There, the median price was unchanged at $1,450,000, while the average price slipped 7% to $1,918,677. The average
1Q 2019 PERCENTAGE OF UNITS NORTH
11% 22%
NORTHWEST 16%
EAST
50%
SOUTH
PPSF was up 3% to $1,240, but the average size fell 4% to 1,754 square feet.
0%
12%
24%
36%
48%
60%
East Brooklyn made up 16% of all active listings and saw mixed shifts in the first quarter. The median priced noted a slight weakening of 0.3%, but the average price grew 5% to $1,254,698. The average PPSF was up 1% to $677, but the average size was down 6% to 2,160 square feet. Still, these remained the largest properties of any submarket.
witness substantial increases across all metrics. The median price rose 8% to $840,000 while the average price jumped 9% to $1,058,470. Its average PPSF was up 3% to $625, while average size
$1,240
EAST
$677
SOUTH
$625
$0
swelled 4% to 1,783 square feet. 1Q 2019 INVENTORY MEDIAN PRICE
$1,052
NORTH NORTHWEST
South Brooklyn, the largest market by area, captured 50% of inventory and was the only market to
% UNITS
1Q 2019 AVERAGE PPSF
YOY
AV E R AG E PRICE
YOY
AV E R AG E YOY PPSF
AV E R AG E YOY SF
NORTH
11%
$1,345,000 -4%
$1,698,254
-1%
$1,052
-3%
1,856
2%
NORTHWEST
22%
$1,450,000 0%
$1,918,677
-7%
$1,240
3%
1,754
-4%
EAST
16%
$990,000 -0.3%
$1,254,698
5%
$677
1%
2,160
-6%
SOUTH
50%
$840,000 8%
$1,058,470
9%
$625
3%
1,783
4%
$700
$1,050
$1,400
1Q 2019 AVERAGE SIZE NORTH
1,856 SF
NORTHWEST
1,754 SF 2,160 SF
EAST
1,783 SF
SOUTH $0
21
$350
$500
$1,000 $1,500 $2,000 $2,500
H I INVENTORY STORICAL INVENTORY HISTORICAL
TOTAL INVENTORY by UNIT TYPE
100%
1Q 2019 PERCENTAGE OF UNITS N O RTH B RO O K LY N CONDO 31%
8%
E AST B RO O K LY N
574 UNITS: 11%
2%
10%
3% 3%
3%
6%
5%
8%
6%
12% 13%
5%
8% 8%
80%
49%
1,105 UNITS: 22% 12%
2%
6%
8%
7%
9%
18%
TH/HOUSE 0%
1% 2%
805 UNITS: 16%
20%
CO-OP
N O RTH W EST B RO O K LY N
1% 1%
24%
36%
48%
22% 36%
60%
28% 37%
29% 32%
34%
33%
1Q 2019 AVERAGE PPSF $1,062
CONDO
39%
60%
37% CO-OP
$618 36%
TH/HOUSE
$693 $0
$240
$480
$720
$960
$1,200
40%
36%
39% 38%
1Q 2019 AVERAGE SIZE
37% 54%
1,184 SF
CONDO
50% CO-OP
50%
20%
1,141 SF
42% 36%
2,579 SF
TH/HOUSE 0
600
1,200
1,800
31% 21%
S O U TH B RO O K LY N 2,400 3,000
20%
2, 511 UNITS: 50%
0%
TOTAL INVENTORY by PRICE POINT 22
1Q 2019 PERCENTAGE OF UNITS <500K
14%
1Q10 <500K
1Q11
1Q12
1Q13
500K-1M
1Q14
1Q15
1M-2M
1Q16
1Q17 2M-3M
17%
14%
1Q18
1Q19 3M+
MONTHS OF SUPPLY
23
1 Q 2019
4,995 ACTIVE INVENTORY
1 Q 201 8
581
CONR ACTS SIGNED PER MONTH
8.6
MONTHS OF SUPPLY
24
4,871
579
ACTIVE INVENTORY
CONR ACTS SIGNED PER MONTH
8.4
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.