Welcome to our Brooklyn Real Estate Market report for the month of March 2019. Provided by the Brooklyn Home Team at Keller Williams Realty Empire.
Brooklyn Real Estate Market Insights
According to the Brooklyn Board of Realtors, the number of home sales DROPPED to 164 in the month of February. That’s DOWN 24.4% from January and DOWN 10.9% from February of last year.
As for home prices, the median home price for existing Brooklyn homes also DROPPED to $725K in the month of February. That’s UP 5.2% from last month and DOWN 3.3% 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 4.17%.
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Single Family Homes for Sale in Brooklyn
|The 30-year fixed-rate mortgage averaged 4.35% during the week of February 28, remaining virtually unchanged from the prior week and the lowest since February 2018. Despite the median listing price nationwide now 7% higher than a year ago at $295,000, the impact of rates coming back down (and potentially staying down for at least a little while longer) brings renewed hope for the housing market this spring in terms of demand for borrowers.|
2 Family Homes for Sale in Brooklyn
Brooklyn Home Sales
The Brooklyn Board of REALTORS® reported home sales at a rate of 164 in February, that’s DOWN from 217 sales in January, and DOWN 10.9% from this same time last year.
3 Family Homes for Sale in Brooklyn
Brooklyn Home Prices
The median home price in Brooklyn INCREASED to $725K in February, that’s UP 5.2% from January, and DOWN 3.3% from this same time last year. This equates to a DROP of $25K 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: 1,983
- Homes selling each month: 197
- Month’s Supply: 10.1
There was a 10.1-month supply of housing inventory in February, that’s UP from the 9.1 month supply we had in January. The total number of available homes for sale in Brooklyn has increased by 4.3% compared to last month.
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.