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.”