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THE CORCORAN GROUP | BROOKLYN | Q4 2016
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the corcoran report
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Dear Friend,
Since 1998, Corcoran has tracked sales and market activity in Brooklyn in this first-of-its-kind report. Our reports and statistics are highly regarded sources of real estate intelligence, trusted by reporters and industry insiders alike.
I am delighted to share with you our Q4 Brooklyn Report. Inside you will find a detailed analysis of residential real estate sales that closed in Brooklyn in Q4 2016 (October 1st through December 31st).
Key Findings of the Fourth Quarter Report:
- Prices continue to break records. Despite a slower pace in the resale market, a pronounced tilt towards the high-end in the borough coupled with active investment in new development properties drove Brooklyn's prices higher in the Fourth Quarter. The median price reached a new high of $732,000 (up 33%) and the median price per square foot held firm at $882.
- Fewer sales, except in new development. It is no exaggeration to say that new development is setting the pace in Brooklyn. Although the number of properties sold in the Fourth Quarter were off 26% from the same quarter one year prior, the appetite for new developments generated 7% more sales in that market segment.
- Significant numbers of new developments reaching the market. New development inventory has doubled over last year, boosting available listings by 13% overall, and by 50% between $1M and $2M.
Please do not hesitate to reach out if you have any questions about The Corcoran Report or the Brooklyn market in general. I welcome the opportunity to be of assistance to you.
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Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. The Corcoran Group is a licensed real estate broker located at 660 Madison Avenue, New York, NY 10065. All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer.
©2017 The Corcoran Group. All Rights Reserved.
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