• Brooklyn's real estate market is demonstrating a two-steps-forward, one-step-back trend in supply, staying well below the levels seen in 2021, while demand is showing an encouraging rise, particularly in terms of pending sales.  
• Weekly data shows a significant drop in new properties entering the market compared to peak season, suggesting a potential weakening of supply. In contrast, demand remains strong, with a steady number of contracts being signed each week.
• The trend of properties going off-market is declining, suggesting sellers are more confident in the market and expect to secure a deal. Combined with relatively balanced inventory trends, the Brooklyn market currently presents a fairly balanced playing field for both buyers and sellers.

Today I’m bringing you the weekly lowdown on the Brooklyn real estate market. Let's get to it.  

First up on our list, supply. Currently, we've got 3,306 things trying to sell. If we were to describe it, it'd be like that old Paula Abdul tune - two steps forward, one step back. It's climbing, but at a slower pace. We're definitely not where we were in 2020-2021, but hey, we're still in the game. 

Now, moving on to the more exciting bit – pending sales. We have 2,063 listings in contract waiting to close, and boy, has the curve accelerated! Now, that's what we want to see. Sure, it's not where it was in the 2021 "gangbusters" year, but it's doing way better than 2022, which was already going sideways and starting to decline at this point. Strength in the close? We're all for it.

Supply and demand are playing a game of cat and mouse, with demand outperforming supply and pushing up on the poles. We're at the highest point in terms of pulse and liquidity since we started marching higher from last year. We might not be as "frothy" as last year (let's face it, that was a wild ride), but we're still moving upwards.

Looking at the weekly numbers, 176 new things came into the market, and this is where we see some contrast. Our peak week saw about 260 new things compared to now, that's almost a 50% drop. Now, before you start hyperventilating, let's put this into perspective. Demand is holding strong, only down by about 20% from its peak. That's something to celebrate, folks!

Activity in deal volume is staying higher for longer, and we're not seeing that seasonal fade just yet. The net inventory trend, which includes stuff going into contract, off market, and on market, is playing quite a balancing act. It's been a boring supply story, with negligible movement. However, a decline in off market suggests that sellers think it's a strong market, which is a good sign for us.

When you put it all together, we're looking at a balanced market. Both parties need to put in some effort to get a deal done, but hey, that's real estate for ya! It's like a dance, and we're just here to make sure you don't step on any toes.

That's it for the Brooklyn market update, my friends. Remember, I'm here for all your real estate needs, so don't hesitate to get in touch. Here's to finding your dream home in the city that never sleeps!