• Brooklyn's real estate supply stands at 3,089, dropping slower than Manhattan, resembling a malfunctioning escalator.
  • Pending sales in Brooklyn remain strong, with a surprising 4% uptick during summer; 125 of the 126 new listings went under contract within a week.
  • Post-COVID, Brooklyn's market showcased an impressive demand from late 2020 to early 2022, hinting at another potential surge.


Hey everyone! I was away for a few weeks, and happy to be back and bring you your weekly Brooklyn market update. Ready to ride the real estate roller coaster with me? Let's dive in! 🎢

Starting off with Brooklyn's supply – it's currently at 3,089. It's dropping, but not as dramatically as its Manhattan counterpart. Think of it as one of those broken escalators in the subway: you thought you'd coast, but now you're huffing and puffing up the stairs. We're down by about 2%, so Brooklyn is holding its own, slowly inching toward the 3,000 mark.


Now, let's shimmy over to pending sales. These are still looking robust, with 2,045 listings in contract waiting for that final handshake. A little fun fact here – this usually dips in summer. But guess what? Brooklyn's defying expectations! We're up by 4%, and it looks like this trend is sunbathing through summer. So, keep those shades on and watch this space.


What's even more intriguing is the correlation between Brooklyn and Manhattan. The forces that play in Manhattan seem to be echoing in Brooklyn from February to August. It's like Manhattan's sneezing and Brooklyn's catching a slight cold. Interesting, right?


But let's look at the weekly numbers. Supply is at 126 listings, down by a staggering 18%! This might sound like we're on a strict real estate diet, but it's actually close to the lowest we've seen in years. Good news, though the anticipated property buffet is likely to begin by mid-September. So, sellers, where ya at? Maybe jump into the fray before everyone else does.


On the contract side, things are looking peachy. We've had 125 deals signed in Brooklyn over the past week, up by 7%. Now, this isn't record-breaking, but given that there were 126 new listings and 125 went into contract, sellers should be doing the cha-cha right now. Demand is still at a summery simmer, but it's definitely not melting away like an ice cream cone left in the sun.


And if you're wondering whether now's a good time to list, the answer is a big, resounding "Probably!" Our lovely liquidity chart is lounging in the neutral zone. There's a potential seasonal slowdown, but I'm optimistic about the post-Labor Day festivities. Sellers, it's looking like a neutral listing environment in Brooklyn, but remember, the climate index, which measures market dynamics, is showing strength due to the decline in supply.


One more thing to note: in the aftermath of COVID-19, Brooklyn was like a sprinter off the blocks, showcasing outstanding demand levels from late 2020 into early 2022. If history gives us any hints, we might be gearing up for another sprint. Only time will tell, but if you're a seller, you may want to lace up those running shoes.


To wrap it all up, Brooklyn's been doing its own funky dance, different from Manhattan's waltz. But isn't that what we love about Brooklyn? Always a beat of its own, always a story to tell.


Until next week, Brooklynites, keep thriving and jiving in this ever-evolving real estate rhythm! 🕺🏙️🎶


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