It's no surprise that home sales in Brooklyn, NY fell to the lowest level in 11 years illustrating the devastating effect of the Covid 19 shutdown on Real Estate in the second quarter of this year. To be specific, buyers purchased 1,481 properties between July and September of 2020. That was 43% below the 3rd Quarter of 2019 when 2,596 properties sold.
In the Brooklyn luxury residential market sales fell approximately 36% from 236 deals last year to 150 this year. To break it down further, condominium sales fell 41% to 461. Sales of one to three family homes fell 43% to a total of 704.
The good news is that home prices stayed firm, with an average price of $969,377.00 for a home which translates into just an 0.8% price decrease from the same period last year.
The median sales price saw no change from last year to this year, staying at $790,000.00.
There is no doubt that sales activity has increased since the lock down restrictions have eased up, however there will still be a lot of ups and downs ahead of us before we see a consistent uptrend in deals to contract and closed deals.
Some good news, in the past few weeks, the number of luxury residential contracts signed in Brooklyn has increased slightly over previous weeks.
To be continued ...
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
Your Brooklyn Agents and Brokers