• Brooklyn's property listings showed a slight decline this week with a total count of 3227, indicating a nearly stagnant market, while Manhattan continues to enjoy an influx of new listings.
• Despite low sales numbers from Brooklyn in the past month, there is good news; a recent uptick in new liquidity to 476. This suggests a potential turnaround, with Brooklyn taking strides in sync with Manhattan.
• Although Brooklyn’s real estate market seems free of bidding wars for the time being, the trend in upscale $2+ million listings showed a disheartening sequential drop, painting a more nuanced picture of the market scenario.

Hey there, urbanites, New Yorkers, or anyone else fascinated by the ever-twisting roller coaster that is NYC’s real estate market; you’re in for an absolute treat today. Grab your notebooks or maybe a calculator since we’re doing numbers, and let’s dive into this week’s Brooklyn market report.

Inventory

Brooklyn! Diverse, spirited, and filled with real estate surprises, much like its artisanal markets. As of this week, we have 3227 properties waiting to be paired with their rightful owners, which is a wee bit lower than what we saw last week. Not exactly a party-starter, huh?

Demand

It’s been a peculiar few months. Brooklyn went easy on the sales numbers, documenting a modest 432 deals in the last 30 days, trailing far behind Manhattan’s glitz and glamour (and by that, I mean its 1900 new offerings). We might need to step up our game.

That said, not all hope is lost. Buckle up for some good news - there was a brief uptick in new liquidity this week to 476, a step that Brooklyn took right alongside Manhattan, suggesting a possible turnaround. Fingers crossed!

Mirroring this faint pulse of positivity, we observed a miniscule yet much-needed bump in contract signings in the last seven days. We added 3 to our deals signed, from 95 to 98 this week - not quite our usual September mojo of 530 signings, but hey, who’s counting? (Okay, I am, but let’s focus on the positives.)

Luxury

As we stroll into the upscale lanes of Brooklyn - the realm of the $2 million plus listings – we arrive at a reality that’s less grandeur more ‘eeek’! The trend’s been a gradual decline that has stretched out over months, and looks a lot like spooky season came early to Brooklyn’s luxury market.

Conclusion

The overall feel this week is a mix – it’s got some chill, a dash of suspense, topped off with a tiny bit of a thrill. Some might even describe it as a ‘buyer’s market.’ The feared bidding wars seem to be alien to Brooklyn for the time being.

The numbers paint a rather complex picture, don’t they? But, well, that’s NYC real estate for you. Despite the odds and market temperament, remember that the best investment you can make is in a home that you love (and can potentially flip for a profit a few years down the line). 

Don’t be afraid to make moves when the market is slow. Like I always say, the NYC real estate market is just like a New York minute – blink and you’ll miss it.

Stay savvy, keep your eyes on the prize, and happy hunting folks!