Hello, all you city folks, beachgoers, and avocado toast lovers! Yes, the weekly numbers from the market are here, served hot and crispy, just like your favorite summer fries!
Let's dive into it. This time we’re focusing on the vibrant borough of Brooklyn, where even the real estate market has its own rhythm and swagger. What a great time to take the pulse of this hip locale!
Brooklyn’s current supply is sitting pretty at 3,260 listings. A 1% dip from last week? Yes, but hey, it's summer in the city. This is what we'd expect - it’s as predictable as the ice cream truck song all over the borough. The real buzz isn’t around supply; it's showing us its usual summer sunbathing routine.
The real story? It's all about demand. The pending sales in Brooklyn stand at a robust 2,120 listings. That's a 2% rise on the week, outdoing last year's numbers. You'd have to jump in your DeLorean and go back to 2021 to see a similar late-season uptick. Not quite the same volume, but hey, it's a sequel, not a rerun. This suggests a robust second quarter for our dear borough.
We saw an interesting pattern in June. The market came in hot, took a brief siesta, and then finished the month on a high note again. Not unlike a good summer party, right? And though the market pulse at 65 remains neutral, it's knocking on the sellers’ door, like a neighbor asking for a cup of sugar.
Now, let's talk weeklies! Brooklyn saw 126 new listings, down about 28% from last week. This number is low enough to rival January's. With 4th of July celebrations, next week might see even fewer listings. Could we see negative growth on the chart? Only time will tell.
On the demand side, 149 contracts were signed over the last seven days - a small 2% increase from last week. It's noteworthy that for the first time, 2023’s numbers have surpassed the corresponding figures from last year. It's clear the buyers aren't done with their summer shopping yet!
Now, the rental market. For Brooklyn, the higher-end rentals are showing a bit of a dance of their own. There's a slight bump up and then a bump down in asking rents. Not significant enough to suggest a price drop, but the widening gap between inventory and new listings could be a harbinger of slight price adjustments.
The mid-end rentals, between $3,000 and $6,000, are a different ballgame. Prices remain strong, with trends suggesting stability or possibly a slight downtick. The lower-end rentals, under $3,000, are a hot market. There's a chance for price increases here if the tight gap between new listings and rental activity continues.
All in all, the Brooklyn market is sizzling with excitement. It's a neutral market that’s good for both buyers and sellers. The numbers are looking pretty much like we'd expect at this time of the year - nothing too surprising or scary. But then, isn’t that the beauty of the Brooklyn market?
Whether you're looking to buy, sell, or rent, it's clear that Brooklyn is an attractive option right now. The rhythm of the market is upbeat, and the notes are playing out just fine. So, keep an eye out on these trends and enjoy the real estate ride.
Remember, if you've got any real estate needs or just fancy a chat about Brooklyn’s real estate scene, I'm here! Enjoy the sun, the surf, and of course, the city!