Hey there, Brooklynites! It's your favorite NYC real estate agent back with another market update.
Grab a cup of coffee, sit back, and let's dive into this week's quirky numbers in the Brooklyn real estate market.
First things first, Brooklyn's supply has been a little lackluster this year, and it seems to be continuing its lackluster streak. This week, we saw a 1.5% downtick in supply, making an already tight market even tighter. What's the deal, Brooklyn? Are we just not in the mood to sell?
Now, let's talk pending sales. The number of properties waiting to close is 1,697, a 2% increase from last week. While this might seem like a weak trend, it's still an upward movement, which is something we can appreciate in these times. However, it's worth noting that Brooklyn is lagging in its recovery of liquidity compared to Manhattan. Remember when Brooklyn led the way during the pandemic? Seems like Manhattan is now taking the lead, leaving us trailing behind. But hey, as long as we're moving up and to the right, we're still making progress, right?
Another interesting tidbit to consider is the market pulse in Brooklyn, which seems to favor sellers. While it's a tight market, the supply-demand balance leans more towards sellers, creating a different dynamic compared to Manhattan. So, if you're a seller in Brooklyn, this might be your time to shine.
Now, let's take a closer look at the weekly numbers. This week, 186 new properties came onto the market, which is a 13% decrease from the previous week. But let's not get too down about it; after all, we've seen a trend of underwhelming supply for the past couple of years. Maybe we're just embracing our quirky side and keeping things interesting.
As for weekly contract signings in Brooklyn, we saw 159 this week, a 6% decrease from last week. While this might seem like a bit of a bummer, it's essential to remember that we're in the midst of holidays and spring break, so a dip in contract signings is expected. That said, it would be great if we could get a little boost to help those contract signings pick up the pace.
So, what does this all mean for you, dear Brooklynites?
It means that we're still in a tight market, with supply struggling to keep up with demand. Sellers seem to have the upper hand right now, but it's essential to keep an eye on the market's fluctuations.
Until next time, Brooklyn! Keep it quirky and stay thriving.