- The Brooklyn real estate market is experiencing tighter supply with 3,188 listings, down 11% YoY but up 3.7% this month.
- Demand is showing weaker signs, sitting at 439 contracts signed for the 30-day 'liquidity' measure.
- With a 53% listing success rate, sellers face a challenging market, while buyers might see new opportunities.
We are in the last stretch of September, the month of cozy sweaters, pumpkin spice lattes, and... let's not kid ourselves—crunching some intriguing numbers on the Brooklyn real estate market. If spreadsheets had a season, it'd be fall, my friends. 🍂
The Good, the Bad, and the Ugly Supply Trends
First, grab your magnifying glass; we're playing detective on Brooklyn's current supply situation. Right now, we have 3,188 listings on the market. If you're imagining a bustling digital marketplace full of charming brownstones and modern lofts, you're not wrong! However, supply is about 11% down year over year, even though it's up by 3.7% this month. So, while new properties are trickling in, it's not exactly a flood. Without extra inventory, we might see upward pressure on the prices.
Show Me the Money, or Rather the Demand
Now, let's pivot to what's really making headlines—the "liquidity," a 30-day snapshot of deal volume, aka new contracts signed. Currently, we're at 439 contracts signed. The market is notably weaker this year than in the last couple of years. Not doom and gloom, mind you, but it's like your favorite TV show being on hiatus—you miss the buzz.
What Are the Odds?
Success rate, you ask? Let's just say if you listed your apartment back in May, you had about a 53% chance of finding a buyer. That's like flipping a coin and hoping it lands on the side that sells your property.
Zooming into this week's updates, 193 listings have made their debut. That's down by 13%. On the flip side, the weekly contract signings also dipped by 17%, with only 97 of them. So it's less of a dip and more of a little stumble. Kinda like when you miss that last step, but you style it out so no one notices.
So What's the Takeaway?
There's a definite shift happening in the market. Buyers have some breathing room, finally. If you're looking to buy, the slightly weakened liquidity could be a buy signal. It's a classic 'hold my beer' moment as we wait to see if the market will balance out.
But on the sell side, let's just say you should probably perfect your sales pitch—and maybe throw in some incentives like a year's supply of artisanal Brooklyn pickles or a private rooftop concert (socially distanced, of course).