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.Â 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. JustÂ email me orÂ give me a call at 917-568-6525.
Year-end reports on the Brooklyn real estate market were released this past week. While sales volume declined in the 4th quarter 2010, average sales prices for Brooklyn homes increased year over year, indicating a recovering real estate market.Â While the reduced volume was likely due to the expiration of the federal homebuyer tax credit on 9/30/10, one market report showed an increase in home prices of 18.7% in Northwest Brooklyn, and an 8.9% increase for brownstones in that same submarket.
What have we been seeing in the market? A continued strong demand forÂ homes in brownstone Brooklynâespecially for one-to-four family brownstones, townhouses and row houses in landmark neighborhoods such as Brooklyn Heights, Cobble Hill, Carroll Gardens, Boerum Hill and Park Slope. And historic buildings that have been modernized always carry a premium.
What does this mean for sellers? If youâve been waiting for some market recovery, here it is–so now may be a good time to sell, before more supply is added to the market. Buyers should also consider jumping in–weâve clearly passed the bottom of the market, and prices are recovering. For both groups, itâs important to do your homework about whatâs happening in the market and your neighborhood, and, of course, to assess your personal and financial situation and objectives.
For guidance on what this all means to you, please give me a call at 917-568-6525 or send me an email atÂ firstname.lastname@example.org.