2nd Quarter Brooklyn Sales Market Recap
The blistering pace of the Brooklyn real estate market has eased slightly with fewer sales and more inventory. The median sales price slipped 1.9% to $780,000 from the same period last year to the third highest level ever recorded and the first decline after twenty-two consecutive increases. Luxury median sales price, representing the top 10% of all sales, declined 2.1% to $2,467,500 with a 4.4% lower price threshold of $1.840,000. The number of sales declined year over year for the second consecutive quarter after 10 consecutive quarters of gains. Sales fell 5.7% to 2,683 from the year-ago quarter.
The absorption rate, the number of months to sell all listing inventory at the current rate of sales, was 3 months, up from 2.4 months in the year-ago quarter. The average days on the market rose 15.1% to 107 days, and listing discounts slipped to 2.6% from 2.9% in the prior-year quarter. Take a look at the graph below and click here to view the full 2nd quarter Brooklyn sales market report.