First quarter market reports show that one-three family homes in Brooklyn are selling at a brisk pace, supporting our own observations last month.
The number of sales, at 984, is up over 37% from last quarter and almost 12% from 1st Q 2010. More significantly, homes took a lot less time to sellâjust 57 days, compared to last quarterâs 119 days and 1st Q Â 2010âs 106 days. Â In the Northwest submarket, which covers brownstone Brooklyn, sales were also up by 53.4% vs. last quarter and 42.4% vs. last yearâs 1st Q.
What does this mean to the home seller? If youâve been waiting on the sidelines for an improved market, your wait may be over. And while more supply may be added to the market over the coming months, it likely wonât be enough to affect the brisk pace of sales. We think the supply of 1-3 family houses will remain constrained, so youâll continue to have the opportunity to sell at a good price. Thatâs assuming your property is positioned and presented the right way.
What does this mean to the home buyer? You might soon have more homes to choose fromâbut less time to make your decision. So, as always, do your homework, get informed, and make sure you can act with confidence.
Please contact me if youâd like to discuss market conditions in more detail and how they might impact your real estate plans. Just email me or give me a call at 917-568-6525.
