Ah, Brooklyn – the borough that perfectly melds the charm of a tight-knit community with the allure of the big city. As a long-time resident of the good old BK, I'm always keeping my finger on the pulse of the local market. So, let's dive into last week's market numbers and see what's been happening in our beloved Brooklyn.
First and foremost, let's talk about supply. Over the past month, we've seen a slight increase in available listings, with the current number standing at 3,127 – that's up 1.5% from last week and about 100 units more than a month ago. While these numbers might not be making headlines, it's worth noting that this is the highest it's been for the year so far. Nevertheless, the supply increase has been relatively modest overall.
On the other hand, pending sales, a measure of demand, have seen a more significant uptick. The latest figures show 1,718 pending sales, representing a 4.5% increase from the previous week. This is one of the largest percentage increases we've seen this year, indicating that the demand for Brooklyn properties is on the rise. The momentum in pending sales suggests that the market could be heating up, even if supply remains somewhat constrained.
Now, let's take a look at the weekly market numbers. Over the past week, 261 new listings have hit the market – a massive 35% increase compared to the same time last year. This is the highest weekly number we've seen for Brooklyn in 2023, surpassing the next highest week by a margin of 20%. This influx of new listings suggests that the supply side of the Brooklyn market may be finally waking up, even as the typical active season draws to a close.
Contract signings in Brooklyn have also experienced a significant boost, with 175 contracts signed in the past week – a 7% increase compared to the holiday slowdown. This is the highest number of weekly contract signings we've seen this year, and it's clear that the Brooklyn market is starting to gain momentum. While the seasonal patterns often dictate the ebb and flow of the market, it's worth keeping an eye on these numbers as they could defy expectations and continue to climb.
In summary, the Brooklyn real estate market is showing signs of growth, with demand increasing and supply slowly catching up. While it's impossible to predict the future with certainty, the current trends suggest that we could be in for an interesting and potentially prosperous season ahead. Stay tuned to our blog for more updates and insights from the Thrive Team at Compass – your local real estate experts.