Brooklyn 2016 11

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Signed Contracts Current Month Prior Month % Prior Year % Market Wide 1 Nov 2016 Oct 2016 Change Nov 2015 Change Average Sale Price $1,108,134 $1,293,124 -14% $1,137,144 -3% Median Sale Price $907,500 $962,500 -6% $950,000 -4% Average Price per Square Foot $817 $928 -12% $815 0% Average Days on Market 54 56 -4% 49 10% Difference from Last Ask to Sale -0.65% -1.25% N/A 0.06% N/A Percent of Sales Sold Below Ask 38% 42% N/A 41% N/A Listed Apartment Inventory 2 2,235 2,263 -1% 2,052 0% Number of Contracts Signed 414 371 12% 426 -3% Bedroom Type Nov 2015 Nov 2016 -2% -4% Reflects % Change -1% 2% Studio 1 2 3+ Price per Square Foot $0 $200 $400 $600 $800 $1,000 $1,200 $1,013 $961 $1,028 $711 $989 $954 $982 $717 November 2016 The Corcoran Report Brooklyn Monthly Market Snapshot Market Wide Summary November was a robust month for sales in Brooklyn compared to October. Contracts rose 12% month-over-month, in contrast to the past five years trend of sales activity declining in November versus October. There were 9% more apartments listed for sale versus a year ago, the second highest year-over-year inventory gain of 2016. Average and median sale price dipped versus last month and last year and three out of four bedroom categories had annual price per square foot declines as well. Contributing to lower prices were fewer sales located in Williamsburg, as well as a lower market share of new development sales overall. This month the average price negotiated was 0.65% off the asking price and 38% of sales were negotiated, compared to more than 40% last month and last year. Average days on market was 10% higher year-over-year but lower than last month.

Transcript of Brooklyn 2016 11

Page 1: Brooklyn 2016 11

Signed Contracts

Current Month Prior Month % Prior Year %Market Wide1 Nov 2016 Oct 2016 Change Nov 2015 Change

Average Sale Price $1,108,134 $1,293,124 -14% $1,137,144 -3%

Median Sale Price $907,500 $962,500 -6% $950,000 -4%

Average Price per Square Foot $817 $928 -12% $815 0%

Average Days on Market 54 56 -4% 49 10%

Difference from Last Ask to Sale -0.65% -1.25% N/A 0.06% N/A

Percent of Sales Sold Below Ask 38% 42% N/A 41% N/A

Listed Apartment Inventory 2 2,235 2,263 -1% 2,052 0%

Number of Contracts Signed 414 371 12% 426 -3%

Bedroom Type

Nov 2015 Nov 2016

-2% -4%Reflects % Change -1% 2%

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November 2016The Corcoran ReportBrooklyn Monthly Market Snapshot

Market Wide Summary

November was a robust month for sales in Brooklyn compared to October. Contracts rose 12% month-over-month, in contrast

to the past five years trend of sales activity declining in November versus October. There were 9% more apartments listed

for sale versus a year ago, the second highest year-over-year inventory gain of 2016. Average and median sale price dipped

versus last month and last year and three out of four bedroom categories had annual price per square foot declines as well.

Contributing to lower prices were fewer sales located in Williamsburg, as well as a lower market share of new development

sales overall. This month the average price negotiated was 0.65% off the asking price and 38% of sales were negotiated,

compared to more than 40% last month and last year. Average days on market was 10% higher year-over-year but lower

than last month.

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1. Statistics are based on Corcoran Group’s monthly-signed contract data, with the exception of “Listed Inventory” and “Number of Contracts Signed”.

Statistics include condominium, co-operative and townhouse sales unless otherwise noted.

2. Statistics include condominium and co-operatives only.

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. The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.

Brooklyn Apartment Listings

Total November listed inventory rose 9% compared to last year, but was down 1% month-over-month. On trend with the

past two years, the annual rise in inventory was driven by condo listings. There were 14% more new listings on the market

compared to last November, the strongest year-over-year increase in new listings since March.

November 2016The Corcoran ReportBrooklyn Monthly Market Snapshot

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Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16

Apt listings 2,052 1,877 1,956 2,097 2,276 2,346 2,245 2,189 2,175 1,988 2,282 2,263 2,235

New Listings 360 270 370 449 600 606 567 598 417 325 666 494 411