Brooklyn Real Estate Market Report July 2019. Courtesy of the Brooklyn Home Team at Keller Williams Realty Empire in Brooklyn NY.
Hello Summer, Goodbye Spring! As we write this the weather is 96 degrees outside so as you can imagine, people are barbecuing, going to beaches, dipping into pools, etc. As for us, we are reflecting on the first half of the year and gearing up for the next two quarters. So far this year we’ve seen a shift in the market whereby the trend has actually started reversing to trend more in favor of home buyers. The good news for homeowners is that home prices are still up, albeit at a more modest pace than years past. If this remains then it will make for a nice and balanced market. However, if the trend continues as it has been, then we may see ourselves shifting more and more into a buyer’s market.
Regarding home sales, they ticked up in June but were still below year ago levels. They have remained fairly consistent for most of the year, but overall, we have seen most months falling below the home sales of 2018.
As for home prices, they have continued to rise and they actually hit their highest of level of 2019 in June. Prices rose from May and were also up significantly compared to June of 2018. This is good news for home sellers out there.
When it comes to interest rates, they are still extremely low so money is cheap. Although interest rates are very low, we have not seen the same demand that we have sen over the last few years. It appears that buyers think the market is in their favor and as a result, they are being more picky and/or waiting until they find the right property.
And lastly, regarding inventory, it remained pretty much the same from May to June. Compared to June of last year however, inventory is still up and that has pretty much been the story for most of NYC and for most of 2019. There is currently 11.5 months supply of inventory in Brooklyn and this means that the market, as a whole, is favoring home buyers.
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.
Months Supply in Queens
- Homes on the Market: 2,183
- Homes selling each month: 189
- Month’s Supply: 11.5
Market in favor of: [ x ] Buyers [ ] Sellers [ ] Balanced
Curious how these numbers affect you? Contact us today for a Free Local Market Report: www.bklynhometeam.com/localmarketreport.
Brooklyn Home Sales
The Brooklyn Board of REALTORS® reported home sales at a rate of 195 in June, that’s UP 4.8% from May and DOWN 14.8% compared to June of last year.
Brooklyn Home Prices
The median home price in Brooklyn was $760,000 in June, that’s UP 13.4% from May, and UP 18.9% compared to June of last year.
There was a 11.5-month supply of housing inventory in June, that’s UP from the 11.4 month supply we had in May. There are currently a total of 2,183 homes for sale in Brooklyn. The total number of available homes for sale in Brooklyn has increased by 5.4% compared to June of last year when there were 2,071 homes for sale.
*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.