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The Brooklyn Beat: A Weekly Market Report - Dipping Supply but a Steady Heartbeat

  • 06/27/23
Hey there, market enthusiasts, your neighborhood real estate whiz, Javier with the Thrive Team at Compass, coming to you from the heart of NYC. I'm here to do what I do best: demystifying market numbers and guiding you through the wilds of real estate. Let's talk Brooklyn, shall we?
First things first, if you're a Brooklyn dweller or hopeful, you might want to keep an eye on supply. It's been seen taking a small dip - two tenths of a percent from last week to be exact. Now, don't you worry, this is a pretty standard trend for this time of year. Just as the summer sun starts dipping, so does housing supply. This little down tick could be the first of many, and it's worth keeping an eye on.
Now, you can't talk supply without demand - and in Brooklyn, the demand number has seen a slight increase. Just like that mystery hot dog vendor that always pops up when you're hungry, the market has a knack for keeping things interesting. That little increase could indicate a topping out, as demand usually starts to ease up in the summer months.
However, it's not all about the ups and downs. This market's pulse is steady and strong, and that's a good thing. The market pulse helps determine overall market health, and it seems like it might be getting a small boost as the supply starts to go down. So, while some of us might be working on our summer tans, the market's working on a solid pulse.
On the weekly side of things, Brooklyn saw 175 new listings - an 11% drop from the previous week. But don't fret. This is pretty much on par with the trend we've been observing all year. Plus, we've still got a decent number of contracts being signed each week (146 this past week, to be precise). While we're seeing a slight decrease compared to previous years, the consistency in weekly demand is a positive sign for the market.
Then, there's sales. Sales always tell an interesting story. We're looking at some preliminary data here (and remember, real estate data is a bit like a fine wine, it needs time to mature). But, we're seeing a similar uptick in sales price both in Brooklyn and Manhattan, indicating a gradual recovery that seems to have gotten a sudden boost.
You might be asking, what's causing this upswing? Well, while there's no single culprit, it seems like more expensive properties are starting to change hands more frequently. We're seeing an increase in sales over $4 million and between $2 to $4 million. As a result, the median sales price, which is sensitive to the types of homes being sold, has experienced a little spike.
Before we wrap things up, just remember that this data is a look back, like glancing in your rearview mirror. What's happening today in the market will come to light in about three to five months. As your local real estate guide, I'll be here to break down those numbers too, so don't be a stranger!
As always, navigating the real estate market is a bit like riding the Cyclone at Coney Island. It can be a wild ride, but it's a whole lot more fun when you know what to expect. Until next week, this is Javier Perez-Karam, signing off. Stay savvy, Brooklyn!

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