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Wednesday, 22 January 2020
Agent Resource Center
Agent Resource Center

Brooklyn Real Estate Market Report: MAY 2019

Written by Posted On Tuesday, 28 May 2019 08:04

Market Snapshot

According to the Brooklyn Board of Realtors, the number of home sales rose to 193 in April. That’s UP 8.4% from March, but DOWN 7.2% compared to April of last year.

As for home prices, the median home price for existing Brooklyn homes dropped to $650K in April. That’s DOWN 7.8% from March, and unchanged compared to April of last year.

Regarding housing inventory in Brooklyn, in April there were a total of 2,148 homes for sale in Brooklyn (as per BNYMLS). That’s UP 3.8% from March, and UP 12.7% compared to April of last year.

As for interest rates, they are still low and this in turn with the Spring season has led to an uptick in demand which should result in an increase of home sales over the next few months.

We’ll continue to watch the market and keep you posted ?

Months Supply

What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.

Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.

Months Supply in Queens

  • Homes on the Market: 2,148
  • Homes selling each month: 192
  • Month’s Supply: 11.2

Market in favor of: [ x ] Buyers [ ] Sellers [ ] Balanced

 


To learn more about how these numbers affect you, Contact Us online or give us a call at 347-846-1182.


 

Interest Rates

Brooklyn Home Sales

 

The Brooklyn Board of REALTORS® reported home sales at a rate of 193 in April, that’s UP 8.4% from March but DOWN 7.2% compared to April of last year.

 

Brooklyn Home Prices

The median home price in Brooklyn dropped to $650,000 in April, that’s DOWN 7.8% from March, and unchanged compared to April of last year.

 

Brooklyn Housing Inventory

There was a 11.2-month supply of housing inventory in April, that’s UP from the 10.4 month supply we had in March. There are currently a total of 2,148 homes for sale in Brooklyn. The total number of available homes for sale in Brooklyn has increased by 12.7% compared to last year when there were 1,906 homes for sale.

 

*The opinions expressed in this Brooklyn Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Brooklyn real estate agents and other expert sources. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The Brooklyn Home Team at Keller Williams Realty Empire does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. The Brooklyn Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report.

 

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Brooklyn Home Team at Keller Williams Realty

The Brooklyn Home Team is a team of friendly, service driven real estate agents in Brooklyn NY. Our Agents are not only experts at what they do, but more importantly they are driven by their desire to help people. The team approach is our unique value to Brooklyn home buyers & sellers because while most agents are one person doing many things, we have several agents doing ONE thing and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Brooklyn Home Team, you'll be in good hands with people who care! 
 
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