Brooklyn Real Estate Market Report April 2019. Courtesy of the Brooklyn Home Team at Keller Williams Realty Empire.
According to the Brooklyn Board of Realtors, the number of home sales rose to 178 in the month of March. That’s UP 8.5% from February, and DOWN 21.2% compared to March of last year.
As for home prices, the median home price for existing Brooklyn homes dropped to $705K in March. That’s DOWN 2.8% from February, and DOWN .1% compared to March of last year.
Regarding inventory, at the end of March there were 2,050 homes for sale in Brooklyn. That’s UP 2.2% from February, and UP 13.2% compared to March of last year.
Finally, according to Freddie Mac the national average for a 30-year fixed rate mortgage is currently 4.25%.
What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
Months Supply in Queens
- Homes on the Market: 2,050
- Homes selling each month: 196
- Month’s Supply: 10.4
To learn more about how these numbers affect you, Contact Us online or give us a call at 347-846-1182.
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New Single Family Homes for Sale in Brooklyn
|Getting a mortgage just became cheaper, given the Federal Reserve’s decision to put a moratorium on interest rate hikes this year. Economists predict that this decision will stimulate mortgage demand and, therefore, increase home sales in the second quarter CY2019.|
Yields on U.S. Treasury notes primarily influence mortgage rates; however, the Fed and the state of the economy also impacts long-term fixed mortgage rates. Locking in the Fed benchmark rate will be more beneficial to homeowners with adjustable-rate mortgages (ARM), and home equity lines of credit (HELOC), which are affected by the prime rate.
New 2 Family Homes for Sale in Brooklyn
Brooklyn Home Sales
The Brooklyn Board of REALTORS® reported home sales at a rate of 178 in March, that’s UP from 164 sales in February and DOWN 21.2% from this same time last year.
New 3 Family Homes for Sale in Brooklyn
Brooklyn Home Prices
The median home price in Brooklyn DECREASED to $705,000 in March, that’s DOWN 2.8% from February, and DOWN .1% from March of last year. This equates to a $1,000 decline in the median home price for Brooklyn NY.
New Condos for Sale in Brooklyn
Brooklyn Housing Inventory
There was a 10.4-month supply of housing inventory in March, that’s UP from the 10.1 month supply we had in February. There are currently a total of 2,050 homes for sale in Brooklyn. The total number of available homes for sale in Brooklyn has increased by 13.2% compared to last year when there were 1,811 homes for sale.
New Coops for Sale in Brooklyn
*The opinions expressed in this Brooklyn Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Brooklyn real estate agents and other expert sources. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The Brooklyn Home Team at Keller Williams Realty Empire does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. The Brooklyn Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report.