- Market-wide: April showed indicators of a market that is continuing to tighten; price negotiability shrank, days on market dropped in all categories, fewer units than ever before were signed below their asking price and average price as well as ppsf rose.
April saw a decline in market share of units under $500K to 11%. This is the lowest market share (as well as the smallest actual number) since we began tracking the figure in November 2007. The second highest price bracket, $3MM to $5MM, has the highest market share (and the second highest actual number) we have seen in the same time period.
- Condos: One-bedroom units saw the biggest gain in average price per square foot, up 18% to $1,545. Two and three bedroom units experienced lower year-over-year growth, at 2% and 3% respectively. Days on market fell 27% versus April 2013.
- Co-ops:Days on market fell a noteworthy 33%, down to 86 days from 128 a year ago. The average discount between the last asking price and sale price shrank from 2.4% to just 0.3% in April. Smaller units saw larger annual price gains; studio ppsf was up 33% to $968 and one bedroom ppsf was rose 15% to $975.
- The average days on market decreased year-over-year by a significant 52%.
- Double digit price per square foot growth in all bedroom type contributed to a 23% increase year-over-year in the Brooklyn Market overall. In April the average sale price was $1,146,330 and average ppsf rose to $814.
- In April buyers paid, on average, 2.5% over last asking price (with 52% of contracts signing above asking price and 16% signed at asking price).
- Year-over-year contracts signed decreased by 17%, but month-over-month saw a 5% increase.
• Total available inventory in Brooklyn increased 14% versus last month and by 3% versus last year. There were 21% more new listings compared to last month, but 44% less than April 2013.
Full reports may be accessed below: