Hello everyone! Today, we will discuss the current state of the Brooklyn real estate market. In recent weeks, the market has seen a slow uptrend in both supply and demand. With the help of Noah and John from Urban Digs, we have compiled this comprehensive Brooklyn market update.
Supply and Demand in Brooklyn
First, let's talk about the supply side. There are currently 3,037 listings in Brooklyn, a slight increase from previous weeks. Although the trend is upward, the pace of growth is relatively slow. In addition, new listing activity is below the trend, which means there is a continued tightness in the Brooklyn market.
On the demand side, there are 1,577 pending sales in Brooklyn, which is also increasing, but at a slightly faster pace compared to the supply. Demand has increased by 3.1%, the most significant jump since February. However, compared to previous years, demand is still relatively low.
A Balanced Market
Taking both supply and demand into account, Brooklyn's market pulse is more balanced compared to Manhattan. While Manhattan is in a phase of recovery, Brooklyn is hovering between a neutral and buyer's market.
Weekly Supply and Demand
Regarding weekly new listings, supply has increased by 11%, reaching 211 listings. It's the second time in the last six months that supply has surpassed 200 listings. This is still a relatively low number compared to previous years when weekly supply averaged over 300 listings.
Contract signings have also increased, but only slightly. The upward trend is visible but much lower than it used to be. This could be attributed to some macro issues that are affecting the market.
Brooklyn's Rental Market
In the rental sector, rental rates are down, and new listings are popping up. However, prices have not seen a significant drop, and the market seems to be at a stalemate. The number of new rental listings has increased by about 10% compared to March 2022, but prices are not rising like they did last year. This indicates that renters and buyers in Brooklyn have limited leverage in the current market.
In summary, the Brooklyn real estate market is currently characterized by a slow but steady uptrend in both supply and demand. Buyers and renters may face challenges due to limited leverage and anemic new listings. As always, we will keep an eye on the market and provide updates as the situation evolves.