The Corcoran Group recently released their Fourth Quarter Market Report for Brooklyn. The report indicates that although there has been more inventory available in the borough, transactions are down 10 year over year for the period. On the neighborhood front, the area of Carroll Garden, Boerum Hill & Red Hook were up the most in sales for the quarter. Park Slope & Gowanus section saw the biggest drop.
According to Corcoran, the borough “stayed on trend” with activity for the year as sales were moderate compared to 2018. Overall there were 1,257 sales that closed for the quarter. This was 10% down year over year. Contracts signed during the period was also down (9%) as pricier units went into the market for the quarter. Buyers had more choices with inventory growth causing the days on the market to grow 7% with the median amount of time being 97 days. The median price for properties increased 2% to $678,000 from 2018. Inventory was up 10% with 2,141 properties hitting the market.
As to neighborhoods in Brooklyn inventory was up in all areas. Sales however was a mixed bag. Below is a breakdown of the Fourth quarter results per neighborhood:
Williamsburg & Greenpoint– Sales were up 16% from 2018 with 157 sales during the quarter. Overall inventory was down 12% (216) however median price in the area increase by 2% to $992,000.
Brooklyn Heights, Cobble Hill, DUMBO & Downtown– There were 131 sales for the period which was a decrease of activity of 10% year over year. Inventory was up significantly at 41% (389) with a median price of $890,000. Prices remained the same in for the quarter.
Park Slope & Gowanus– Sales were down 40% (68) from 2018. Inventory was up 16% (152) from the fourth quarter of 2018 which have caused median prices to drop 2% to $1.09 million.
Fort Greene, Clinton Hill & Prospect Heights– Fourth quarter sales were up by 8% (131) in the period despite inventory dropping by 18% (140). Median prices for the period increased to $958,000 which is a 13% bump.
Carroll Gardens, Boerum Hill & Red Hook– The area saw the most significant increase in sales as there was a 76% (122) increase for the quarter. Inventory grew by 16% (71) year over year with median prices falling by 19% to $960,000.
Bedford-Stuyvestant, Crown Heights, Lefferts Gardens & Bushwick– Sales were down 4% (133) for the quarter while inventory creeped higher by 6 percent (255). With the vast amount of inventory on the market we saw median prices drop to $610,000. This was a 12% drop from the same period last year.
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