Brooklyn 3Q Residential Sales Update: Some Gains, Some Losses The Latest Numbers From the Corcoran Report

There was a downward blip in sales overall during the first two quarters of 2016 (iStock)

To date, 2016 has been a slightly-mixed-but-recovering bag for sales of residential co-ops and condos in Brooklyn. While most indicators are up year-to-year and over the third quarter of 2015, there was a downward blip in sales overall during the first two quarters of 2016.

According to the recent Corcoran Report for Q3 2016, the median price for Brooklyn condo resales increased 9% over third quarter 2015, and increased 8% over second quarter 2016. The average price increased 8% and 6% respectively.

The median price for Brooklyn co-op resales showed a very positive change of 22% over third quarter 2015, and a 19% change over second quarter 2016. The average price change for Brooklyn co-ops was a positive 18% and 19% respectively.

The figures estimated by the Real Estate Board of New York (REBNY) New York City Residential Sales Report were slightly different, as they include all residential sales, condominiums, co-ops, homes and super luxury condo units in one group. Their overall pattern was the same though, showing an increase over third quarter 2015 with a decrease in second quarter 2016.

Perhaps the most significant change in the market is in inventory. Market wide, the overall number of units available increased by 7% since third quarter 2015, though there was a drop of 4% since second quarter 2016. Specifically, co-op units for resale dropped 3% from third quarter 2015 in a market with overall increases in inventory, particularly new development, which was up by 40% from third quarter 2015. According to the Corcoran Report, “this influx of new development units helped total condo inventory to claim a 58% market share, the highest seen since 2011.”


Related Articles

9 Manhattan Luxury Residential Properties Signed Into Contract Last Week

It Was the First Time Since December That the Number of Sales Was Below 10

Northern Manhattan Residential Sales Hit a Blip

Elliman Reveals Latest 2Q Numbers for the Area

REBNY: Average Sales Prices for Manhattan, Brooklyn, and Queens Co-ops Set Records in 3Q 2017

Queens Condo Average Sales Price Also Go Strong in Same Quarter

Brooklyn Heights Condos at Former Library Site Go on Sale

Sales Recently Launched for One Clinton

Report: 3-Week Luxury Sales Streak Peters Out

Only 15 $4M+ Properties Signed into Contract Last Week

2018 Brooklyn Residential Market Wrap-Up: Rising Inventory, Slow Sales

Corcoran Unveiled Its Latest Survey of the Borough