Brooklyn Real Estate Market Report Feb 2019. Provided by the Brooklyn Home Team at Keller Williams Realty Empire, a group of friendly, service driven real estate agents in Brooklyn NY.
Brooklyn Market Insights
Here are just a few of the Brooklyn real estate numbers we’re tracking for you right now. According to the Brooklyn Board of Realtors, the number of home sales ROSE to 216 in the month of January. And the median home price for existing Brooklyn homes DROPPED to $694,000 in the month of January. That’s DOWN 1.4% from last month and DOWN 4.3% from this same time last year. Finally, according to Freddie Mac the national average for a 30-year fixed rate mortgage is DOWN from last month to 4.45%.
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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Single Family Homes for Sale in Brooklyn
By Rafael Reyes, Sales Manager with Loan Depot in Astoria, Queens.
An unexpected drop in mortgage rates in late 2018 has inspired some home buyers into action ahead of the busy spring sales season, spurring an early rush of mortgage applications. The average 30-year fixed mortgage rate was expected to hover above 5 percent in 2019, but instead fell to ten-month lows around 4.46 percent for the week of January 31st.
This drop in mortgage rates caused the Mortgage Banker’s Association January mortgage rate forecast to revise the 30-year fixed mortgage rate down from 5.1 percent to an average of 4.8 percent in 2019 — the same average for all of last year. The average rate is expected to stay below 5 percent through 2021.
As rates took a dip, house price appreciation is also expected to soften. According to the latest CoreLogic Home Price Insights Report, home prices jumped 5.1 percent between November 2017 and November 2018. By November of this year, that growth rate should slow to 4.8 percent.
Potential homebuyers who are crossing their fingers and waiting for home prices to fall further may miss the affordability boat if mortgage rates creep up again. A severe shortage in both new construction and existing housing stock means homebuyers won’t see much decline, if any, in home prices in the foreseeable future.
For more information on the mortgage market, or for a free consultation, contact rafael Reyes at:
2 Family Homes for Sale in Brooklyn
Brooklyn Home Sales
The Brooklyn Board of REALTORS® reported home sales at a rate of 216 in January, that’s UP from 197 sales in December, and DOWN 9.6% from this same time last year.
3 Family Homes for Sale in Brooklyn
Brooklyn Home Prices
The median home price in Brooklyn DECREASED to $684,444 in January, that’s DOWN 1.4% from January, and DOWN 4.3% from this same time last year. This equates to a DROP of $30,556 in the past year for the median home price.
Condos for Sale in Brooklyn
Brooklyn Inventory – Month’s Supply
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: 1,879
- Homes selling each month: 207
- Month’s Supply: 9.1
There was a 9.1-month supply of housing inventory in January, that’s UP from the 8.5 month supply we had in December. The total number of available homes for sale in Brooklyn has decreased .8% from December, and increased 7.7% compared to January of last year.
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.