Brooklyn Real Estate Market Report June 2019. Courtesy of the Brooklyn Home Team at Keller Williams Realty Empire in Brooklyn NY.
Summer is officially here, but unfortunately mother nature didn’t get the memo 🙂 So far we’ve seen fairly mild temperatures and most people are just craving a nice beach day in the 80’s. As for the Brooklyn real estate market, it has continued it’s trend of stable interest rates, declining sales, and steady inventory.
Regarding home sales, they continued to decline in May, dropping below April levels, and below May 2018 levels as well. In general, home sales have been decreasing this year and in our opinion, this can attributed more to buyer hesitation than buyer demand. It seems that buyers are out there looking at homes, but for some reason they seem to be waiting for good deals or just hesitating to make offers.
As for home prices, they are still up slightly compared to May of last year, however, they are down when compared to the first quarter of this year. The median home price in May was exactly the same as that of April 2019.
When it comes to interest rates, they are still at historically low levels so it is a great time to lock in a mortgage at a great interest rate. The fact that we have interest rates in the 4’s right now means that the rest of this year should remain fairly steady.
And lastly, when we look at the inventory trends in Brooklyn, it is clear that the number of homes for sale has been growing every month this year. If inventory continues to grow and sales continue to decline, then we may start to experience a market that leans more and more in favor of home buyers.
We’ll continue to watch the market and keep you posted.
New Homes for Sale in Brooklyn NY
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: 2,173
- Homes selling each month: 190
- Month’s Supply: 11.4
Market in favor of: [ x ] Buyers [ ] Sellers [ ] Balanced
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Brooklyn Home Sales
The Brooklyn Board of REALTORS® reported home sales at a rate of 185 in May, that’s DOWN 4.6% from April and DOWN 8.9% compared to May of last year.
Brooklyn Home Prices
The median home price in Brooklyn was $665,000 in May, that’s unchanged from April, and UP 3.3% compared to May of last year.
There was a 11.4-month supply of housing inventory in May, that’s UP from the 11.2 month supply we had in April. There are currently a total of 2,173 homes for sale in Brooklyn. The total number of available homes for sale in Brooklyn has increased by 9.5% compared to May of last year when there were 1,985 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.