The Elliman Report: Q2-2018 Brooklyn Sales Prepared by Miller

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The Elliman Report: Q2-2018 Brooklyn Sales Prepared by Miller Q2 2018 BROOKLYN SALES REPORT Quarterly Survey of Residential Sales Brooklyn Market Matrix Q2–2018 %∆ (QTR) Q1–2018 %∆ (YR) Q1–2017 CO-OPS, CONDOS & 1-3 FAMILY Average Sales Price $984,047 0.2% $982,093 -1.4% $997,654 Median Sales Price $780,000 -1.9% $795,000 -1.9% $795,000 DASHBOARD Number of Sales 2,683 11.3% 2,411 -5.7% 2,845 year-over-year Days on Market (From Last List Date) 107 27.4% 84 15.1% 93 Listing Discount (From Last List Price) 2.6% 5.0% 2.9% PRICES Listing Inventory 2,675 30.9% 2,043 18.5% 2,257 Median Sales Price 1.9% Absorption Rate (mos) 3.0 20.0% 2.5 25.0% 2.4 Year-to-Date Q2–2018 %∆ (QTR) Q1–2018 %∆ (YR) Q1–2017 PACE Average Sales Price (YTD) $983,122 N/A N/A -1.3% $995,819 Absorption Rate 0.6 mos. Median Sales Price (YTD) $785,000 N/A N/A 0.4% $782,071 Number of Sales (YTD) 5,094 N/A N/A -9.8% 5,645 SALES MEDIAN SALES PRICE BROOKLYN NUMBER OF SALES Closed Sales 5.7% $1,000,000 5,000 INVENTORY Total Inventory 18.5% $800,000 4,000 $600,000 3,000 MARKETING TIME Days on Market 14 days $400,000 2,000 NEGOTIABILITY $200,000 1,000 Listing Discount 0.3% $0 0 • After setting a record in the prior 08 09 10 11 12 13 14 15 16 17 18 quarter, median sales price slipped from the prior and prior year quarters While the Brooklyn housing market continued third highest level on record. By property type, • Sales slipped overall across most its blistering pace with near-record prices and both co-op and single family properties posted price segments on a year over year chronicallyMEDIAN SALES low inventory,PRICE the intensityBROOK of theLY Nyear COND overO year gains in medianNUMBER sales OF SALES price. basis • After eleven consecutive quarters market eased slightly with fewer sales and more The median sales price of a co-op rose 1.2% to $1,000,000 1,000 of year over year declines, listing inventory. Median sales price slipped 1.9% to $428,000, and median sales price of a 1-3 family inventory expanded $780,000$800,000 from the same period last year to the increased 3% to $856,000 respectively from800 the third$600,000 highest level ever recorded and the first prior-year quarter. Median sales price for600 the The Douglas Elliman Report series is decline after twenty-two consecutive increases. remaining property types on a year over year $400,000 400 recognized as the industry standard for Average sales price slipped 1.4% to $984,047 basis declined 4.4% to $860,000 for condos; 200 providing the state of the residential real estate over$200,000 the same period. Of the last eight quarters, 10.1% to $890,000 for new development. market. The report includes an extensive suite 0 five quarters$0 08saw new09 median10 sales11 price12 Luxury13 median14 15sales price,16 representing17 18 the top of tools to help readers objectively identify records reached; one quarter saw the second 10% of all sales, declined 2.1% to $2,467,500 and measure market trends, provide historical context to current information and provide highest level on record; two quarters saw the with a 4.4% lower price threshold of $1,840,000. comprehensive analysis of the results. MEDIAN SALES PRICE BROOKLYN CO-OP NUMBER OF SALES $500,000 1,000 PREPARED BY MILLER SAMUEL REAL ESTATE APPRAISAL AND CONSULTING SERVICES$400,000 800 Covering the New York City metropolitan area $300,000 600 $200,000 400 $100,000 200 $0 0 08 09 10 11 12 13 14 15 16 17 18 MEDIAN SALES PRICE BROOKLYN 1-3 FAMILY NUMBER OF SALES $950,000 2,500 $850,000 2,000 $750,000 1.500 $650,000 1.000 $550,000 500 0 $450,000 08 09 10 11 12 13 14 15 16 17 18 MEDIAN SALES PRICE BROOKLYN LUXURY NUMBER OF SALES $3,000,000 500 $2,400,000 400 $1,800,000 300 $1,200,000 200 $600,000 100 $00 08 09 10 11 12 13 14 15 16 17 18 0 AVERAGE PRICE PER SQ FT NEW DEVELOPMENT % OF ALL BROOKLYN SALES $1,500 25% 20% $1,200 15% $900 $600 10% $300 5% 0% $0 08 09 10 11 12 13 14 15 16 17 18 Q2-2018 The Elliman Report • Quarterly Survey of Brooklyn Residential Sales On a regional basis, all submarkets saw a consecutive quarter after ten consecutive 15.1% to 107 days, and listing discount slipped year over year rise in median sales price: quarters of gains. Sales fell 5.7% to 2,683 from to 2.6% from 2.9% in the prior-year quarter. North, $1,037,500 up 4.3%; South, $642,500 the year-ago quarter. The absorption rate, the The market share of bidding wars, defined as up 2.6%; East, $775,000 up 6.4%; Northwest, number of months to sell all listing inventory sales where the purchase price was above the $1,178,300 up 2.5%; Brownstone, $2,400,000 at the current rate of sales, was 3 months, up listing price at the time of the contract, rose 4.6% up 7.9%. After eleven consecutive quarters from 2.4 months in the year-ago quarter. For the to a 27.8% share over the same period. of year over year declines, listing inventory context of how fast this pace was, Manhattan BROOKLYN expanded 18.5% to 2,675. The number of showedMEDIAN aSALES pace PRICE of 8 months during the NUMBER OF SALES sales declined year over year for the second same$1,000,000 period. The average days on market rose 5,000 $800,000 4,000 CONDOS $600,000 Condo Market Matrix Q2–2018 %∆ (QTR) Q1–2018 %∆ (YR) Q1–20173,000 Average Sales Price $1,100,282 5.3% $1,045,015 -5.3% $1,161,431 Average$400,000 Price Per Sq Ft $1,031 -4.8% $1,083 -7.8% $1,1182,000 • Price trend indicators and BROOKLYN MedianMEDIAN Sales SALES Price PRICE $860,000 0.2% $858,177 -4.4%NUMBER OF$900,000 SALES number of sales continued Number$1,000,000$200,000 of Sales 823 14.0% 722 -11.9% 1,000934 to decline 5,000 Days on Market (From Last List Date) 115 27.8% 90 17.3% 98 • Marketing time expanded as $0 0 negotiability tightened Listing$800,000 Discount 08(From 09Last List10 Price) 11 1.9%12 13 14 153.1% 16 17 18 4,0002.5% Listing Inventory 773 29.9% 595 -5.4% 817 • Listing inventory slipped as market pace remained brisk Absorption$600,000 Rate (Mos) 2.8 12.0% 2.5 7.7% 3,0002.6 BROOKLYN CONDO MEDIAN$400,000 SALES PRICE NUMBER OF SALES2,000 $1,000,000 1,000 Quintiles Med. Sales Price %∆ (YR) $800,000$200,000 1,000800 5/5 $2,100,400 -2.6% $600,000 600 4/5 $1,160,322 -4.2% $0 0400 3/5 $860,000 -4.4% $400,000 08 09 10 11 12 13 14 15 16 17 18 200 2/5 $666,953 -4.7% $200,000 0 1/5 $391,312 -14.1% $0 08 09 10 11 12 13 14 15 16 17 18 MEDIAN SALES PRICE BROOKLYN CONDO NUMBER OF SALES Co-op Market Matrix Q2–2018 %∆ (QTR) Q1–2018 %∆ (YR) Q1–20171,000 CO-OPS $1,000,000MEDIAN SALES PRICE BROOKLYN CO-OP NUMBER OF SALES Average$800,000 Sales Price $563,709 -2.1% $575,917 -3.6% $584,529800 $500,000 1,000 Median Sales Price $428,000 0.0% $428,211 1.2% $423,000600 • Price trend indicators showed $600,000 Number$400,000 of Sales 517 7.3% 482 -3.0% 800533 mixed results $400,000 400 Days$300,000 on Market (From Last List Date) 102 29.1% 79 39.7% 60073 $200,000 200 • Number of sales and listing Listing$200,000 Discount (From Last List Price) -0.3% 3.2% -0.1%4000 inventory declined $0 08 09 10 11 12 13 14 15 16 17 18 Listing$100,000 Inventory 398 5.6% 377 -10.8% 200446 Absorption$0 Rate (Mos) 2.3 0.0% 2.3 -8.0% 0 2.5 • Expanded marketing time 08 09 10 11 12 13 14 15 16 17 18 with nominal negotiability MEDIAN SALES PRICE BROOKLYN CO-OP NUMBER OF SALES $500,000 1,000 Quintiles Med. Sales Price %∆ (YR) MEDIAN$400,000 SALES PRICE BROOKLYN 1-3 FAMILY NUMBER OF SALES800 5/5 $1,088,600 -7.4% $300,000 600 4/5 $615,000 -5.4% $950,000 2,500 $850,000$200,000 2,000400 3/5 $428,000 1.2% $750,000$100,000 1.500200 2/5 $305,000 5.9% $650,000$0 1.0000 1/5 $210,000 18.2% 08 09 10 11 12 13 14 15 16 17 18 $550,000 500 0 $450,000 08 09 10 11 12 13 14 15 16 17 18 Visit our website to browse listings and learn more about market trends MEDIAN SALES PRICE BROOKLYN 1-3 FAMILY NUMBER OF SALES $950,000 2,500 $850,000MEDIAN SALES PRICE BROOKLYN LUXURY NUMBER OF SALES2,000 $750,000 1.500 $3,000,000 500 $650,000 1.000 $2,400,000$550,000 500400 0 $1,800,000$450,000 08 09 10 11 12 13 14 15 16 17 18 300 $1,200,000 200 $600,000 100 $00 08 09 10 11 12 13 14 15 16 17 18 0 MEDIAN SALES PRICE BROOKLYN LUXURY NUMBER OF SALES $3,000,000 500 $2,400,000AVERAGE PRICE PER SQ FT NEW DEVELOPMENT % OF ALL BROOKLYN SALES400 $1,800,000 300 $1,500 25% 200 $1,200,000 20% $1,200 $600,000 100 15% $900 $00 08 09 10 11 12 13 14 15 16 17 18 0 $600 10% $300 5% 0% $0 08 09 10 11 12 13 14 15 16 17 18 AVERAGE PRICE PER SQ FT NEW DEVELOPMENT % OF ALL BROOKLYN SALES $1,500 25% 20% $1,200 15% $900 $600 10% $300 5% 0% $0 08 09 10 11 12 13 14 15 16 17 18 MEDIAN SALES PRICE BROOKLYN NUMBER OF SALES $1,000,000 5,000 $800,000 4,000 $600,000 3,000 $400,000 2,000 $200,000 1,000 $0 0 08 09 10 11 12 13 14 15 16 17 18 MEDIAN SALES PRICE BROOKLYN CONDO NUMBER OF SALES $1,000,000 1,000 $800,000 800 $600,000 600 $400,000 400 $200,000 200 0 $0 08 09 10 11 12 13 14 15 16 17 18 The Elliman Report • Quarterly Survey of Brooklyn Residential Sales MEDIAN SALES PRICE BROOKLYN CO-OP NUMBERQ2 -2018OF SALES $500,000 1,000 1-3 Family Market Matrix Q2–2018 %∆ (QTR) Q1–2018 %∆ (YR) Q1–2017 $400,000 800 1-3 FAMILY Average Sales Price $1,074,630 -2.9% $1,106,656 2.7% $1,046,440 $300,000 600 • Median sales price rose year Average Price Per Sq Ft $571 13.7% $502 19.5% $478 $200,000 400 over year for the 23 of the past Median Sales Price $856,000 -4.9% $900,000 3.0% $830,750 24 months Number$100,000 of Sales 1,343 11.3% 1,207 -2.5% 2001,378 Days on Market$0 (From Last List Date) 93 80 0 108 • Number of sales declined annually 08 09 10 11 12 13 14 15 16 17 18 for three of the past four quarters Listing Discount (From Last List Price) 6.1% 8.5% 5.3% Listing Inventory 1,504 40.4% 1,071 51.3% 994 • Negotiability expanded as listing Absorption Rate (Mos) 3.4 25.9% 2.7 54.5% 2.2 inventory jumped BROOKLYN 1-3 FAMILY Quintiles Med.
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