Brooklyn Real Estate Market Report December 2018, provided by the Brooklyn Home Team at Keller Williams Realty Empire. Need help? Contact Us anytime.
Home sales have remained pretty consistent for most of the year. Overall, they have been below year ago levels, but not very significantly. In November there were 201 properties sold, that was down slightly from the 218 sales we saw last month and down from the 219 sales we had in November of last year. As for home prices, the median home price in Brooklyn took a dip last month, dropping to $718K. That’s down from the $750K median home price we had last month, but still up from the $680K median home price we had in November of last year. Regarding housing inventory, currently there is an 8.8 month supply of inventory which would indicate a market that is currently favoring buyers. The number of homes for sale also took a dip this month, falling to 1,899. That’s down from the 2,009 homes we had for sale last month, but still up from the 1,773 homes we had for sale in December of last year. And as for interest rates, right now the average interest rate for a 30-year fixed rate mortgage is 4.64%. Rates seem to have dropped recently so if you are in the market to buy or under contract, you should be trying to lock your rate asap.
We’ll continue to watch the market and keep you posted 🙂
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.
Month’s Supply in Brooklyn NY
- Homes on the Market: 1,899
- Homes selling each month: 215
- Month’s Supply: 8.8
What is Absorption Rate?
Absorption rate is the rate at which homes sell in a given area during a given time period. Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. For example, if there are 100 homes listed for sale in a certain area, and 10 homes sold over the last month, then the absorption rate is 10/100 = 10%. Being that closed sales are a lagging indicator, we calculate Absorption Rates using pending sales from the previous month and this gives us better insight as to where the market is right now.
An absorption rate of 20% or higher means that homes are selling quickly and the market favors sellers. Lower absorption rates mean that homes are not selling quickly and supply is much greater than demand, favoring buyers.Absorption Rate in Brooklyn NY
- Pending Sales Last Month: 198
- Homes on the Market: 1,899
- Absorption Rate: 10.4%
*Month’s supply and Absorption rate can vary by neighborhood and property type. For a local analysis of your neighborhood, contact us at https://www.bklynhometeam.com/localmarketreport
1 Family Homes for Sale in Brooklyn
Check today’s rates at: http://bit.ly/bhtinterestrates
2 Family Homes for Sale in Brooklyn
Brooklyn Home Sales
The Brooklyn Board of Realtors reported Brooklyn home sales at a rate of 201 homes during the month of November. This was a decrease of 7.8 percent from last month and a decrease of 8.2 percent from November of last year.
3 Family Homes for Sale in Brooklyn
Brooklyn Home Prices
The median home price in Brooklyn dropped to $718,000 in November, this is an decrease of 4.3 percent from October, and an increase of 5.6 percent compared to November of last year. The median home price has increased by approximately $38,000 in the last year.
Average Home Price in Brooklyn
Last month, the average home price for Brooklyn real estate were as follows:
- Average sale price for a single family home in Brooklyn was: $821,507
- Average sale price for a multi family home in Brooklyn was: $1,198,194
- Average sale price for a condo in Brooklyn was: $584,441
- Average sale price for a coop in Brooklyn was: $330,342
Condos for Sale in Brooklyn NY
Brooklyn Housing Inventory
There is currently a 8.8-month supply of housing inventory in Brooklyn, this is down from the 9.4-month supply we had in October, and down slightly from the 9 month supply we had in November of last year. Currently, there are 1,899 homes for sale in Brooklyn. This is a decrease of 5.9 percent compared to last month, and up 7.1% compared to December of last year when there were 1,773 homes for sale.
Coops for Sale in Brooklyn NY
Brooklyn real estate market report provided by the Brooklyn Home Team at Keller Williams Realty Empire.
The Brooklyn Home Team is a group of friendly, service driven real estate agents in Brooklyn NY. Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. The team approach is what separates us from the average Brooklyn real estate broker, because while most agents are one person doing several things, we have several agents doing one thing, and being great at it! This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Brooklyn Home Team, you’ll be in good hands, with people who care 🙂