Oh, Brooklyn! You never cease to amaze me. When everyone thought the summer slowdown would finally show up, you confidently smirked and said, "Hold my drink!" So let's talk numbers and charts - which anyone who knows me knows it is my favorite part!
First, supply has seen a bit of a dip in our beloved borough, down 3% on the week. A little "elevator drop" instead of a gentle "escalator descent," as our witty friends at UrbanDigs would say. As the summer heats up, we're seeing the listings starting to simmer down, a typical seasonal rhythm—nothing out of the ordinary. But this isn't a doomsday prophecy. Oh no, it's far from that.
Here's where things start to get interesting: pending sales in Brooklyn are doing a rather unseasonal jig, with a total of 2,125 listings contracted and awaiting closure. That's right, my friends! The heat hasn't scared off our prospective buyers. In fact, it's like the promise of sun-kissed rooftops and backyard barbecues is attracting them. Brooklyn has seemingly decided to throw a curveball, with numbers that should have plateaued by now ticking upwards instead.
Regarding contract activity, Brooklyn is scoring over the historical average with a monthly activity of 668. Comparing the last two months, May was impressive, but June decided to play hard-to-get. All in all, our dear Brooklyn is holding on, refusing to be outshone by its flashier sibling, Manhattan.
As for the weekly numbers, buckle up for the rollercoaster ride. Over the past seven days, we've seen a surprising 8% uptick in listings. Yes, despite the shortened week courtesy of our Independence Day celebrations. This isn't what we would typically expect, but hey, stranger things have happened.
Now, if you're bracing for the next dip in our ride, you guessed it. Contract signings, a marker of Brooklyn demand, fell by 14% over the last seven days. But hey, let's not worry. It's an entirely expected short-week slump. On the other hand, the increase in active listings certainly got me scratching my head a bit. But then again, we are in Brooklyn, and the borough likes to keep us on our toes.
Now, for my finale, let's talk Open House-to-Contract activity. As if we're talking golf, lower scores are golden. Back in the sizzling market of March 2022, the market was hot, and Brooklyn was on fire, dropping to a low of four and a half. Fast forward to today, and things have definitely cooled down, with a score of seven and a half for June. But hold on to your hats; the overall trend seems to be that Brooklyn's doing better than Manhattan on this front. It seems Brooklyn is outpacing Manhattan in its real estate hustle.
In conclusion, don't get deceived by the weekly fluctuations. Brooklyn's got its own rhythm, and it's dancing to its tune. Demand remains strong heading into the summer, and it appears our sellers aren't sweating too much to get deals signed. Brooklyn is proving itself as the robust, reliable borough we know and love.
Until next time, keep thriving!