The Corcoran Report 2Q17 ContentsSecond Quarter 2017 3 Overview 3/7 Market Wide 4 Sales 5 Inventory 6 Prices 7 Market Share

8 Resale Co-ops 9 Resale Condos 10 New Developments 11 Luxury 12/27 Neighborhoods 12/13 Williamsburg & Greenpoint 14/15 , Cobble Hill, Dumbo & Downtown 16/17 & Gowanus 18/19 Fort Greene, Clinton Hill & Prospect Heights 20/21 Carroll Gardens, & Red Hook 22/23 Bedford-Stuyvesant, Crown Heights, Lefferts Gardens & Bushwick 24/25 Kensington, Windsor Terrace, Ditmas Park, Flatbush & 26/27 South Brooklyn

28 Methodology

The following members of the The Corcoran Group made significant contributions to this report:

Kristy Hoffman I Steve Pak I Madison Rosenwald I Ryan Schleis I Brie Train 2Q Corcoran2017 Report Overview Brooklyn 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Brooklyn’s second quarter maintained Overview the pace set at the start of 2017 Closed Sales 1,459 1,248 17% 1,456 0% and improved on the sales activity Contracts Signed 1,186 1,036 14% 1,016 17% recorded in Second Quarter 2016. Inventory 1,723 2,234 -23% 2,063 -16% Challenged by limited resale Months of Supply 3.8 5.1 -25% 4.7 -20% inventory, buyers turned to new Average Days on Market 79 65 22% 89 -11% development properties in numbers Prices significant enough to boost market- Median Price $760K $599K 27% $700K 9% wide sales and prices overall. But Average Price $937K $756K 24% $951K -1% more aggressive pricing and the lack of low-priced inventory also Median PPSF $913 $904 1% $1,011 -10% generated some buyer resistance; the Average PPSF $954 $887 8% $1,028 -7% average days on market increased by Median Price by Bedroom two weeks compared to a year ago. Studio $510K $450K 13% $417K 22% 1 Bedroom $676K $630K 7% $645K 5% There were 17% more sales than a year ago, but the increase was 2 Bedroom $950K $997K -5% $1.075M -12% due entirely to closings in new 3+ Bedroom $1.830M $1.540M 19% $2.020M -9% developments. The number of large- scale development properties that commenced closings this quarter doubled versus Second Quarter 2016. Meanwhile, resale co-op sales were 6% lower year-over-year and resale CLOSED SALES 1,800 condo activity was unchanged.

While price metrics in many Brooklyn 1,500 neighborhoods backed off from s the highs seen during First Quarter, 1,200 Sale

there were still strong year-over-year ed

increases in all market segments. Clos 900 of

Driven by new development sales, er the market-wide average price of mb 600 $937,000 was the second-highest Nu seen since 2008; median price 300 climbed 27% year-over-year to 0 11 11 11 11 12 13 14 15 16 17 10 12 13 14 15 16 12 13 14 15 16 17 10 12 13 14 15 16

$760,000, topping last quarter’s high 1Q 2Q 3Q 4Q 1Q 1Q 1Q 1Q 1Q 1Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 2Q by 9%.

The Corcoran Group I p 3 BROOKLYN CORCORAN REPORT Market Wide 2Q 2017

Sales Brooklyn 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) There were 1,459 closings in Brooklyn Overview this quarter, 17% higher than last year Total Sales 1,459 1,248 17% 1,456 0% and the second highest number of Resale Co-ops 520 551 -6% 564 -8% closings during any second quarter Resale Condo 510 508 0% 447 14% since 2010. The number of sales during New Development 430 189 127% 445 -3% Second Quarter 2017 was also 25% Contracts Signed 1,186 1,036 14% 1,016 17% above the seven-year historical average. Days on Market New development closings led the Average Days on Market 79 65 22% 89 -11% increase in market wide sales as resale Days on Market by Type condo sales were level year-over-year Resale Co-ops 83 69 20% 89 -6% and resale co-op sales actually fell 6% Resale Condo 76 61 24% 90 -16% versus the same period. The increase Days on Market by Bedroom in new development introductions Studio 65 68 -6% 82 -22% throughout the borough in the last few 1 Bedroom 75 68 10% 95 -21% years, several of which were ready for 2 Bedroom 84 60 40% 86 -2% occupancy in recent months, enticed 3+ Bedroom 85 69 23% 90 -5% some Brooklyn buyers to buy in new Days on Market by Price developments. The new development market captured its second highest Under $350K 103 106 -3% 125 -18% market share of buyers in nearly five $350K to $500K 102 78 31% 100 2% years. Falling inventory in the resale co- $500K to $750K 75 56 34% 70 7% op market likely played a role in fewer $750K to $1M 59 48 22% 89 -33% resale co-op sales this quarter. $1M to $2M 66 60 10% 82 -19% $2M+ 103 84 22% 79 30% DAYS ON MARKET BY PRICE 120 Note that days on market statistics are 100 Days on Market 80 The length of time between list date and only based on resales as many new 60 development residences are sold before 40 sale date in Brooklyn increased by two being officially listed. 20 weeks compared to last year. Market 0 Under 350K 350K-500K 500K-750K750K-1M 1M-2M 2M+ exposure time for both resale condos DAYS ON MARKET and co-ops expanded by double-digits, 240 Reported signed contract activity rose likely due to rising prices. By bedroom 210 14% year-over-year, in contrast to type, studios were the only category to 180 what was experienced in Manhattan, sell faster than during Second Quarter 150 where activity was actually lower than 2016. Larger residences took the longest 120 a year ago. Every Brooklyn submarket time to find buyers. Apartments priced 90 experienced an annual increase in between $750K and $1M were the fastest 60 contract activity. selling price category of the quarter, at 30 59 days, followed by apartments priced 0

between $1M and $2M. 1Q11 2Q11 3Q11 1Q12 1Q13 1Q17 1Q15 4Q11 1Q16 1Q14 2Q13 2Q17 2Q12 3Q12 2Q15 3Q15 2Q16 3Q16 4Q12 4Q13 2Q14 3Q10 4Q10 4Q15 4Q14 3Q13 4Q16 3Q14

The Corcoran Group I p 4 BROOKLYN CORCORAN REPORT Market Wide 2Q 2017

Inventory All Sales 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Following the most recent inventory peak in Inventory Second Quarter 2011, inventory subsequently Market Wide 1,723 2,234 -23% 2,063 -16% declined year-over-year through Second Resale Co-ops 632 963 -34% 878 -28% Quarter 2014. Since Third Quarter 2014, Resale Condos 604 872 -31% 689 -12% inventory rose during nine of the past twelve New Development 487 399 22% 496 -2% quarters. However, so far in 2017 buyers Months of Supply have experienced constricted inventory in Market Wide 3.8 5.1 -25% 4.7 -20% Brooklyn, particularly at the low-end and Resale Co-ops 4.8 4.7 2% 4.9 -3% in the resale co-op market. The year-over- Resale Condos 5.0 5.0 0% 4.3 19% year decrease accelerated during Second New Development 4.2 6.4 -34% 5.2 -19% Quarter 2017, declining 23% versus the same period a year ago. The low supply is due to resale listings as new development inventory actually grew compared to last year. In order ANNUAL CHANGE IN INVENTORY BY PRICE to meet the demand for home-ownership in

Brooklyn, new development properties are $2M+ becoming more common in neighborhoods $1M–$2M that historically did not offer much in the way $750K–$1M of new product. New development listings increased 22% from a year ago yet not by $500K–$750K nearly enough to boost the market wide $350K–$500K inventory figure. Under $350K

Market share of listings priced under -60% -50% -40% -30% -20% -10%0%10% $750,000 shrank versus last year, a trend seen in Brooklyn during the past several quarters. During Second Quarter 2017, LISTED CO-OP & CONDO INVENTORY apartments priced over $2M was the 4,000 only price category to have an increase in 3,500 number of listings compared to a year ago.

3,000 Months of Supply Based on sales during the last year and 2,500

current listed inventory levels, Brooklyn units 2,000 ed st has 3.8 months of supply. This figure Li 1,500 indicates an under-supplied market and is lower than last year’s figure, which was 1,000 5.1 months in Second Quarter 2016. With 500 the increase in sales and reduction in inventory, the market remains extremely 0 1Q11 1Q12 1Q13 1Q15 1Q17 2Q11 3Q11 4Q11 1Q14 1Q16 1Q10 2Q12 3Q12 2Q17 tight. All market segments are under- 2Q10 3Q10 4Q10 4Q12 2Q13 3Q13 4Q13 2Q14 3Q14 4Q14 2Q15 3Q15 4Q15 2Q16 3Q16 4Q16 supplied in Brooklyn. New developments Condo Co-op have the lowest months of supply, down from being in equilibrium last quarter. The resale condo market months of supply figure was unchanged versus a year ago. The Corcoran Group I p 5 BROOKLYN CORCORAN REPORT Market Wide 2Q 2017

Prices Brooklyn 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Second Quarter 2017 was a strong Prices quarter for sale prices in Brooklyn. Median Price $760K $599K 27% $700K 9% Average and median price grew Average Price $937K $756K 24% $951K -1% year-over-year to register the fourth Median PPSF $913 $904 1% $1,011 -10% consecutive quarter of double-digit Average PPSF $954 $887 8% $1,028 -7% annual price growth. In fact, overall Median Price by Type average and median price rose Resale Co-ops $420K $395K 6% $389K 8% year-over-year in every Brooklyn Resale Condo $845K $790K 7% $829K 2% submarket. Historically low inventory levels, high buyer demand, and an New Development $971K $775K 25% $1.300M -25% increase in new development sales Median Price by Bedroom all contributed to strong pricing this Studio $510K $450K 13% $417K 22% quarter. 1 Bedroom $676K $630K 7% $645K 5% 2 Bedroom $950K $997K -5% $1.075M -12% YEAR-OVER-YEAR 3+ Bedroom $1.830M $1.540M 19% $2.020M -9% PRICE CHANGE

$1,000,000

$800,000 price gain, fueled by sales of large last year. Two bedroom median price $600,000 residences in new developments, declined by 5% versus a year ago to

Price $400,000 particularly in Brooklyn Heights and $950,000 due to the market share Boerum Hill. Studios and one bedroom decline of two bedroom residences $200,000 median price also both grew versus located in northwest Brooklyn. $0 Median Price Average Price 2Q16 2Q17

This quarter’s median price reached HISTORICAL PRICES $1.2 $1,200 $760,000, 27% above last year’s $1.2 $1,200 figure and surpassed last quarter’s $1.0 $1,000 record high figure by 9%. Average $1.0 $1,000

and median price per square foot $0.8 $800 $0.8 $800 both increased year-over-year but Foot uare Foot

$0.6 $600 q backed off last quarter’s record highs $0.6

$600 Square r

by 7% and 10%, respectively. New Pe

Sale Price (Million ) $0.4 $400 ice Sale Price (Million ) $0.4 $400 Price Per S development median price increased Pr

25% versus Second Quarter 2016 $0.2 $200 and had the largest year-over- $0.2 $200 year gain compared to both resale $0 $0 $- $- markets. Annual median price gains for resale condo and resale co-ops Median PriceAverage PPSF Median PPSF Median PriceAverage PPSF Median PPSF were more modest this quarter.

By bedroom type, three+ bedroom residences had the largest median

The Corcoran Group I p 6 1Q16 Price Point Comparison

8% 19%

21% 11% 0-350K

350K-500k 19% 21% 500K-750K

750K-1MM

BROOKLYN CORCORAN REPORT 1MM-2MM 1Q16 Price Point Comparison2Q 2017 2MM+

3% 8% 19% 19% 24%

21% Market Wide 4Q15 Bedroom Comparison 11% 15% 16%0-350K 350K-500k Market Share 21% 19% 23%9% 18% 500K-750K Comparing the market share of sales to active listings yields notable differences that can affect buyer’s searches and seller’s sales 750K-1MM efforts, as supply and demand may or may not match. Here we compare market share of sales and inventory by various measures.1M M-2MM 34% 1Q16 Price Point Comparison 2MM+ Studio Price Point PRICE POINT 0-350K 40% 1 Bed Similar to last quarter, the most notable 350K-500k 4Q15 Bedroom Comparison 2 Bed 8% 3% 4Q15 Propert11% y Type17% Comparison 500K-750K shift in sales by price point was the loss 19% 19% 24% 3+ Beds 750K-1MM of market share of sales at the low end. 21% 22% 7% 9% 16% 13% 1MM-2MM All price points under $750,000 lost 2Q17 11% 18% 2Q16 INVENTORY 0-350K 2MM+ 15% 16% market share while all price points over 350K-500k 33% 19% 19% 21% 500K-750K 18% $750,000 gained market share. 23% 34% 30% 750K-1MM 36St%udio 44% Bedrooms Under $350K $350K-$500K $500K-$750K40% $750K-$1M1MM-2MM $1M-$2M $2M+1 Bed 4Q15 Bedroom Comparison Resale Condo 2MM+ 4Q15 Neighborhood Sales Comparison2 Bed Two bedrooms had the largest Resale Co-op 4Q15 BEDROOMSProperty Type Comparison 3+ Beds divergence in market share of sales New Development 34% 0-350K Inventory Price6% Point Comparison versus last year, claiming 44% of buyers 9% 7% 13% 350K-500k 18% 3% 16% 22% Zone 1 19% 24% 11% 17% 33% 500K-750K a year ago compared to 40% this Zone 2 14% Zone 3 quarter. Studios claimed 9% of sales 33% 31%750K-1MM 2Q17 34% 22% 2Q16 INVENTORY15% Zone 4 13% 1MM-2MM Zone 5 but represent just 6% of listings. Three+ 6% 15% 30% Studio Zone 6 16% 36% 5% 2MM+ Studio 44% 41% Zone 7 bedrooms comprised 18% of sales, but 40% 1 Bed 41%6% 15% 6% Zone 8 1 Bed Resale Condo 18% 19%2 Bed 22% of available inventory this quarter. 23% 2 Be0-d350K 4Q15 Property Type Comparison Resale Co-op 3+ Beds 44% 3+ 35Be0Kds -500k Studio 1 Bedroom 2 Bedroom 3+ Bedroom New Development Property Type 34% 500K-750K 7% 6% 4Q14 Neighborhood Sales Comparison 16% 4Q15 Neighborhood Sales Comparison Market share of resale co-ops shrank this PROPERTY22% TYPE 750K-1MM 1MM-2MM 0-350K quarter to 34%, versus last year when 33% Inventory Price Point31% Comparison 11% 2MM+ 15% 13% 350K-500k 44% of sales were of this product type. Zone 1 11% 34%Zo28%ne 1 30% 17% 33% 500K-750K 12% Zone 2 36% Zone 2 35%Studio Current resale co-op inventory represents 44% 14% Zone 3 41%750K-1MM Zone 3 41% 1 Bed Zone 4 37% of the market. New Developments 22% 2Q17 2Q16Resale Condo Zone 4INVENTORY 8% 1MM-2MM Zone 5 13% Zone 5 2 Bed Resale Co-op 6% Zone 6 comprised 30% of sales this quarter, 2MM+ Zone 6 44%5% 6% 13%3+ Beds Zone 7 New Development Zone 7 6% 15% 37%7% 8% Zone 8 double its market share from a year ago. 34% 6% Zone 8 18% 6% 19% 22% 0-350K

Neighborhood Resale Condo Resale Co-op New Dev 350K-500k 31% Fort Greene, Clinton Hill & Prospect Heights 500K-750K 4Q15 Neighborhood15% Sales Comparison 4Q14NEIGHBORHOOD Neighborhood Sales Comparison Inventory Neighborhood Sales Comparison market share of sales grew the most 750K-1MM 28% Studio 41% 35% 1MM-2MM Studio this quarter, claiming 15% of sales versus 41% 1 Bed Inventory Price13% Point Comparison 11% 1 Bed 18% 2MM+ Zone 1 2 Bed 13% last year. Its inventory represents 33% Zone 1 Zone 1 34% 12% 35% 2 Bed Zone 2 Zone 2 Zone 2 44% 14% 3+ Beds just 9% of listings, however. All other Zone 3 Zone 3 11% Zone 3 3+ Beds 2Q17 Zone 4 37%2Q16 Zone 4INVENTORY Zone 4 8% neighborhoods had little to no change in Zone 5 Zone 5 6% Zone 5 Zone 6 Zone 6 9% Zone 6 5% terms of market share of sales relative Zone6% 7 13% Zone 7 Zone 7 6% 15% 9% Zone 8 7% Zone 8 9% to last year. Williamsburg / Greenpoint 6% 8% 6% 4% Zone 8 0-350K claimed 13% of sales but 18% of listings. 28% 350K-500k 35% Studio Williamsburg/ Brooklyn Heights/Cobble Park Slope/ Fort Greene/Clinton Carroll Gardens/Boerum Bedford–Stuyvesant/Crown Kensington/Windsor Terrace/ South 500K-750K Greenpoint Hill/Dumbo/Downtown Gowanus Hill/Prospect4Q14 Neighborhood Heights Sales Comparison Heights/Lefferts Gardens/Bushwick Ditmas Park/Flatbush/ Brooklyn Hill/Red Hook Inventory Neighborhood Sales Comparison 1 Bed 750K-1MM Prospect Park South 2 Bed 1MM-2MM The Corcoran Group I p 7 3+ Beds 37% 11% 2MM+ Zone 1 18% 34% 12% Zone 1 Zo35%ne 2 Zone 2 Zone 3 Zone 3 Zone 4 11% 8% Zone 4 Zone 5 Zone 5 Zone 6 9% Zone 6 6% 13% Zone 7 Zone 7 7% Zone 9%8 Studio 8% 9% 6% 4% Zone 8 1 Bed

2 Bed

3+ Beds

Inventory Neighborhood Sales Comparison

18% Zone 1 35% Zone 2 11% Zone 3 Zone 4

Zone 5

9% Zone 6 9% Zone 7 9% 6% 4% Zone 8 BROOKLYN CORCORAN REPORT Resale Co-ops 2Q 2017

Versus Second Quarter 2012, resale Resale Co-ops 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) co-op closed sales activity was 6% Overview lower, the only property type in Sales 520 551 -6% 564 -8% Brooklyn to experience a year-over- Average Days on Market 83 69 20% 89 -6% year decline in sales. Co-op resales were also 8% lower than last quarter. Inventory 632 963 -34% 878 -28% A steep decline in available listings Months of Supply 4.8 4.7 3% 4.9 -3% coincided with the decline in sales. The Prices days on market increase to 83 days Median Price $420K $395K 6% $389K 8% is likely due to low inventory causing Average Price $528K $518K 2% $505K 5% lingering listings to finally sell. Median PPSF $533 $701 -24% $573 -7% Average and median price in the co-op Average PPSF $597 $741 -19% $629 -5% market has risen year-over-year for Median Price by Bedroom eleven consecutive quarters. Buyers Studio $349K $342K 2% $340K 3% enticed by the relative values in the 1 Bedroom $425K $478K -11% $416K 2% resale co-op market paid an average 2 Bedroom $650K $763K -15% $623K 4% price of $528,000, 2% higher than a 3+ Bedroom $1.190M $1.204M -1% $1.085M 10% year ago. Median price was $420,000,

AVAILABLE CO-OP RESIDENCES RESALE CO-OP YEAR-OVER-YEAR PRICE

$800,000

$600,000

Price $400,000

$200,000

$0 Median Price Average Price 2Q16 2Q17 a 6% increase from a year ago and 233 Court Street I WEB# 5146631 127 Park Place I WEB# 5145906 the second highest figure since Third Quarter 2011. Median price for one and two bedrooms dipped by double- RESALE CO-OP HISTORICAL PRICES digits compared to Second Quarter $0.8 $800 2016 but the median price figure for three plus bedrooms was nearly level $0.6 $600 while studio median price rose 2% uare Foot

$0.4 $400 q versus the same period. Both price per square foot figures were lower Sale Price (Million ) $0.2 $200 Price Per S compared to last quarter and last year due to an increase in market share $- $0 of sales in neighborhoods south of Prospect Park. Median PriceAverage PPSF Median PPSF

The Corcoran Group I p 8 BROOKLYN CORCORAN REPORT Resale Condos 2Q 2017

There was a nearly equal number of Resale Condos 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) closings in the resale condo market Overview compared to last year, but compared Sales 510 508 0% 447 14% to First Quarter 2017 resale condo sales grew 14%. In the face of the Average Days on Market 76 61 24% 90 -16% significant uptick in new development Inventory 604 872 -31% 689 -12% sales, the resale condo market held Months of Supply 5.0 5.0 0% 4.3 19% steady, likely due to moderated Prices annual price gains seen this quarter Median Price $845K $790K 7% $829K 2% compared to recent quarters. Average Price $956K $935K 2% $952K 0% Median PPSF $932 $930 0% $955 -2% RESALE CONDO Average PPSF $884 $887 0% $912 -3% YEAR-OVER-YEAR PRICE Median Price by Bedroom $1,000,000 Studio $680K $675K 1% $570K 19% $800,000 1 Bedroom $750K $800K -6% $750K 0%

$600,000 2 Bedroom $1.060M $1.161M -9% $1.073M -1%

Price $400,000 3+ Bedroom $1.585M $1.925M -18% $1.249M 27%

$200,000

$0 AVAILABLE CONDO RESIDENCES Median Price Average Price 2Q16 2Q17

Compared to Second Quarter 2016, there were 31% fewer apartments available for sale this quarter. Yet, despite the drop in inventory, steady sales kept months of supply unchanged. Marketing time increased to 76 days on average, higher than last year but lower than the 90 day average days on market last quarter. 130 Furman Street I WEB# 3800724 90 Furman Street I WEB# 5151754 The average sale price of a resale condo in Brooklyn was $956,000, RESALE CONDOS HISTORICAL PRICES a 2% increase year-over-year and $2.0 $1,200 nearly level with last quarter’s record high figure. Median price was 2% $1.0 $1,000 higher than last quarter’s nine-year $0.8 $800 record high figure of $829,000.

Median and average price per square $0.6 $600

foot figures were both even with last uare Foot q year, but dipped slightly compared to $0.4 $400 Sale Price (Million )

First Quarter 2017. Price Per S $0.2 $200

$0.0 $0

Median PriceAverage PPSF Median PPSF The Corcoran Group I p 9 BROOKLYN CORCORAN REPORT New Developments 2Q 2017

Numerous new developments New Developments 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) commenced closings this quarter, Sales 430 189 127% 445 -3% contributing to higher overall new Inventory 487 399 22% 496 -2% development sales activity compared Months of Supply 4.2 6.4 -34% 5.2 -19% to last year. Relative to last quarter, new development sales were just 3% Prices lower. Several new developments Median Price $971K $775K 25% $1.300M -25% throughout the borough commenced Average Price $1.376M $966K 42% $1.515M -9% closings this quarter such as 550 Median PPSF $1,131 $995 14% $1,218 -7% Vandberbilt, The Vue Condominium, Average PPSF $1,143 $1,016 12% $1,287 -11% and 500 Waverly. Median Price by Bedroom NEW DEVELOPMENT Studio $611K $599K 2% $575K 6% YEAR-OVER-YEAR PRICE 1 Bedroom $804K $670K 20% $850K -5%

$2,000,000 2 Bedroom $1.125M $1.185M -5% $1.526M -26% 3+ Bedroom $2.318M $1.368M 69% $2.290M 1% $1,600,000

$1,200,000

Price $800,000 AVAILABLE NEW DEVELOPMENT RESIDENCES

$400,000

$0 Median Price Average Price 2Q16 2Q17

South Brooklyn notably claimed nearly 20% of the new development market, atypically claiming the second highest market share of new development closings in all of Brooklyn. Versus last year, Brooklyn Heights,Cobble Hill, Dumbo & Downtown new development sales activity was up due to closings at Pierhouse and 200 Water Street. The Greenpoint The Standish While average and median price NEW DEVELOPMENT HISTORICAL PRICES increased by double-digits compared $1.4 $1,400 to a year ago, price metrics dipped below First Quarter where record $1.2 $1,200 and near-record highs resulted from $1.0 $1,000 closings at The Boerum and 51 Jay. $800 Average price per square foot grew $0.8 uare Foot 12% year-over-year but was 11% below $0.6 $600 q the figure last quarter. Median price of Sale Price (Million )

$0.4 $400 Price Per S one and three+ bedroom residences in new developments displayed large $0.2 $200 annual gains while two bedroom $- $0 median price declined versus Second Quarter 2016. Median PriceAverage PPSF Median PPSF The Corcoran Group I p 10 BROOKLYN CORCORAN REPORT Luxury 2Q 2017

The luxury market is defined as the top Luxury 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) 10% of closed sales in terms of price. Prices In Second Quarter 2017 the luxury Median Price $2.465M $1.823M 35% $2.450M 1% threshold, which marks the entry point Average Price $2.793M $2.051M 36% $2.877M -3% into the luxury category, was $1.77M. This was 19% above the threshold in Median PPSF $1,434 $1,313 9% $1,408 2% Second Quarter 2016, yet 11% below Average PPSF $1,366 $1,260 8% $1,457 -6% last quarter’s figure, which was nearly Luxury Threshold $1.767M $1.488M 19% $1.995M -11% $2M. The luxury average price was 36% above last year’s figure, but 3% below MARKET SHARE OF LUXURY SALES the record high figure of $2.8M from 100% First Quarter 2017. Median price 20% reached $2.4M, 35% above last year’s 80% 60% 70% figure and surpassing last quarter’s 80% record high figure by 1%. Average and 57% 40% median price per square foot both also rose versus the same period a 20% 23% 23% 13% year ago; median price per square 0% 7% 7% 2Q17 2Q16 1Q17 foot grew 9% year-over-year to $1,434 New Dev Resale Condo Resale Coop per square foot. New development 45 Willow Street I WEB# 5121979 skewed overall luxury prices higher, as it comprised 70% of closings in LUXURY MEDIAN PRICE AND AVERAGE PPSF the luxury market at properties such as The Boerum, 51 Jay Street and $3.0M $1,800

345 Carroll. Just a year ago, new $2.5M $1,500 developments only claimed 20% of $2.0M $1,200

the luxury market. uare Foot q

$1.5M $900 e Price Per S Median Pric e $1.0M $600 g Aver a $500K $300

$0 $0

Median PriceAverage PPSF

The Corcoran Group I p 11 Williamsburg & Greenpoint Sales were up significantly versus a year ago, up 39% and the second largest increase in sales activity in the borough.

193 308 75 $970K $1,055 Sales Inventory Days on Market Median Price Average PPSF Annual Change +39% -13% +37% +10% -7%

226 South Second Street I WEB# 5166725 on corcoran.com BROOKLYN CORCORAN REPORT Williamsburg & 2Q 2017 Greenpoint

Closed sales in Williamsburg and 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Greenpoint jumped 39% compared Overview to last year, driven by a high number Sales 193 139 39% 195 -1% of closings at The Oosten and The Williamsberry. Inventory fell by 13% Average Days on Market 75 54 37% 100 -25% versus last year to 308 listings, likely Inventory 308 356 -13% 309 0% due to a slow pace of new development introductions. Listings spent more time Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) on market than last year – 54 days in Prices Second Quarter 2016 versus 75 days Median Price $381K $382K 0% $403K -5% this quarter. Average Price $425K $338K 26% $455K -7% Median PPSF $982 NA NA $931 6% Average and median Average PPSF $982 NA NA $932 5% condo price experienced Median Price by Bedroom annual gains Studio NA $408K NA $280K NA 1 Bedroom $381K $375K 2% $468K -19% Median condo price was 10% higher 2 Bedroom $668K NA NA $483K 38% than Second Quarter 2016. Average 3+ Bedroom NA $395K NA NA NA price rose 6% year-over-year to Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) $1.118MM but was down 6% from the Prices previous quarter. Average price per Median Price $980K $894K 10% $999M -2% square foot declined 7% year-over- Average Price $1.118M $1.058M 6% $1.194M -6% year to $1,055, driven by a shift in Median PPSF $1,139 $1,198 -5% $1,128 1% market share to smaller residences. Average PPSF $1,055 $1,133 -7% $1,149 -8% Compared to last year, all bedroom Median Price by Bedrooms types in the condo market except for Studio $678K $628K 8% $550K 23% studios experienced declines in median 1 Bedroom $792K $875K -10% $800K -1% price figures. One bedrooms and three 2 Bedroom $1.250M $1.368M -9% $1.258M -1% plus bedrooms experienced double- 3+ Bedroom $1.995M $2.673M -25% $2.566M -22% digit declines, down 10% and 25% year- over-year, respectively.

The Corcoran Group I p 13 Brooklyn Heights, Cobble Hill, Dumbo & Downtown A high number of new development closings contributed to the increase in sales and prices.

211 196 64 $1.238M $1,382 Sales Inventory Days on Market Median Price Average PPSF Annual Change +38% -13% -5% +24% +12%

130 Furman Street I WEB# 3800724 on corcoran.com BROOKLYN CORCORAN REPORT Brooklyn Heights,Cobble Hill, 2Q 2017 Dumbo & Downtown

Closed sales in Brooklyn Heights, 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Cobble Hill, Dumbo, and Downtown Overview Brooklyn were up 38% from Second Sales 211 153 38% 302 -30% Quarter 2016 to 211 sales in Second Quarter 2017. New development sales Average Days on Market 64 68 -5% 84 -23% claimed over a third of total sales. Inventory 196 226 -13% 182 8% Inventory was 13% lower than last year as currently selling new developments Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) reached the end of their selling cycle. Prices Listings spent an average of 64 Median Price $775K $615K 26% $615K 26% days before entering into contract, Average Price $894K $900K -1% $823K 9% compared to 68 days on average this Median PPSF $853 $946 -10% $874 -2% time last year. Average PPSF $960 $1,097 -13% $917 5% Median Price by Bedroom Average condo price was Studio $420K $360K 17% $365K 15% 1 Bedroom $717K $585K 23% $590K 22% the highest on record 2 Bedroom $1.175M $1.200M -2% $855K 37% 3+ Bedroom $2.220M $1.700M 31% $1.913M 16% Price metrics in the co-op market Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) varied this quarter. Median sale price in Prices the co-op market was up a significant Median Price $1.700M $1.307M 30% $1.730M -2% 26% from last year while average price Average Price $2.110M $1.443M 46% $2.001M 5% remained unchanged versus the same Median PPSF $1,345 $1,198 12% $1,295 4% period. Average and median price per Average PPSF $1,437 $1,270 13% $1,401 3% square foot figures both declined year- Median Price by Bedroom over-year, by 13% and 10%, respectively. Studio $683K $695K -2% $565K 21% Median price for all bedroom types in the co-op market rose except for two 1 Bedroom $950K $973K -2% $940K 1% bedrooms. Median price for three plus 2 Bedroom $1.813M $1.360M 33% $1.593M 14% bedrooms rose by 31% to $2.22MM, 3+ Bedroom $3.600M $2.422M 49% $2.425M 48% while two bedrooms were down 2% from this time last year. annual price improvements compared square foot. Median price for the two The trend of having the highest to the co-op market. Average price bedrooms and three plus bedrooms average condo sale price compared rose 46%, driven by numerous new saw double digit increases, at 33% and to other areas in Brooklyn continued development closings. Median price 49%, respectively, driven by strong new from the previous quarter into Second increased as well, up 30% to $1.7MM. development sales. However, studios Quarter 2017. The condo market in The average price per square foot and one bedrooms both declined 2% Brooklyn Heights, Cobble Hill, Dumbo, increased 13% year-over-year, the year-over-year. and had vast second highest on record at $1,437 per

The Corcoran Group I p 15 Park Slope & Gowanus Median price increased versus both last quarter and last year, driven higher by the co-op market.

92 150 53 $997K $1,097 Sales Inventory Days on Market Median Price Average PPSF

Annual Change -10% +47% -3% +6% +1%

35 Garfield Place I WEB# 5103821 on corcoran.com BROOKLYN CORCORAN REPORT Park Slope & 2Q 2017 Gowanus

Closed sales in Park Slope and 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Gowanus declined 10% year-over- Overview year but increased 12% from the Sales 92 102 -10% 82 12% previous quarter. Despite the decline year-over year, market share of sales Average Days on Market 53 54 -3% 71 -26% in the borough remained level with Inventory 150 102 47% 126 19% last year. Inventory increased 47% versus last year due to several new Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) developments introductions such as Prices 8 Saint Marks Place and a handful Median Price $925K $743K 25% $625K 48% of multifamily condo conversions. Average Price $1.003M $813K 23% $771K 30% Listings spent an average of 53 days Median PPSF $1,000 $986 1% $939 6% on the market, the lowest figure in the Average PPSF $1,028 $964 7% $1,004 2% borough. Median Price by Bedroom All co-op price figures improved Studio NA $371K NA $344K NA relative to last quarter and last year. 1 Bedroom $753K $532K 42% $580K 30% Median and average price saw double- 2 Bedroom $955K $901K 6% $985M -3% digit gains versus last year, up 25% 3+ Bedroom $1.750M $1.225M 43% $1.400M 25% and 23%, respectively. Median price Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) for all bedroom types experienced Prices gains versus last year. One bedrooms Median Price $1.213M $1.288M -6% $1.240M -2% and three plus bedrooms increased by Average Price $1.321M $1.328M -1% $1.271M 4% double-digits compared to year ago. Median PPSF $1,148 $1,138 1% $1,093 5% Average PPSF $1,112 $1,140 -2% $1,106 1% Days on market was the Median Price by Bedroom lowest in the borough Studio $610K NA NA $475K 28% 1 Bedroom $800K $670K 19% $775K 3% The condo market underperformed 2 Bedroom $1.226M $1.115M 10% $1.175M 4% compared to the co-op market in 3+ Bedroom $2.023M $1.750M 16% $1.585M 28% Park Slope and Gowanus as many pricing metrics were down versus last year. Average price, median price, and average price per square foot all declined slightly. Median price fell by 6% versus last year while average price was virtually unchanged. Average price per square foot was down 2% to $1,112 per square foot in Second Quarter 2017 from the record high of $1,140 per square foot during Second Quarter 2016.

The Corcoran Group I p 17 Fort Greene, Clinton Hill & Prospect Heights

Despite the year-over-year decrease in inventory, sales were 40% higher than last year.

224 152 89 $880K $979 Sales Inventory Days on Market Median Price Average PPSF Annual Change +40% -8% +70% +20% +8%

1 Grand Army Plaza I WEB# 5149794 on corcoran.com BROOKLYN CORCORAN REPORT Fort Greene, Clinton Hill 2Q 2017 & Prospect Heights

Sales activity in Fort Greene, Clinton 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Hill and Prospect Heights increased the Overview most relative to the entire borough, Sales 224 160 40% 155 44% mainly due to new developments such as 550 Vanderbilt and 500 Waverly, Average Days on Market 89 53 70% 71 26% which accounted for more than a Inventory 152 166 -8% 141 8% quarter of all sales. Sales in Second Quarter 2017 rose 40% year-over- Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) year and were also up 44% from the Prices previous quarter. Inventory dropped 8% Median Price $677K $645K 5% $650K 4% from Second Quarter 2016. Average Average Price $735K $695K 6% $761K -3% days on market was 89 days, 70% Median PPSF $758 $788 -4% $846 -10% higher than last year which was skewed Average PPSF $789 $802 -2% $861 -8% by closings of a few expensive listings Median Price by Bedroom that lingered on the market for almost Studio $349K $450K -22% $405K -14% a year. 1 Bedroom $561K $569K -1% $620K -10% Average condo price 2 Bedroom $715K $775K -8% $760K -6% 3+ Bedroom $1.250M $1.500M -17% $1.350M -7% per square foot was the Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) highest on record Prices Median Price $900K $895K 1% $889K 1% Average and median co-op price Average Price $1.028M $950K 8% $975K 5% figures both increased by 6% and 5%, Median PPSF $1,054 $969 9% $979 8% respectively. Average price per square Average PPSF $996 $924 8% $919 8% foot was down 2% versus last year to Median Price by Bedroom $789 per square foot. Median price for Studio $611K $539K 13% $623K -2% all bedroom types declined compared 1 Bedroom $863K $664K 30% $790K 9% to Second Quarter 2016 as well as First 2 Bedroom $1.040M $1.175M -11% $963K 8% Quarter 2017. 3+ Bedroom $1.900M $1.126M 69% $1.520M 25% The condo market performed better than the co-op market in terms of year-over-year price gains, as all price metrics saw growth. Average price per square foot for condos increased 8% to $996 surpassing record high figure of $924 per square foot in Second Quarter 2016. All bedroom types except two bedrooms experienced gains in median price with three plus bedrooms increasing the most by 69% compared to last year.

The Corcoran Group I p 19 Carroll Gardens, Boerum Hill & Red Hook Condo median and average price per square foot reached new record highs at $1.430MM and $1,197 per square foot, respectively.

90 72 64 $1.290M $1,197 Sales Inventory Days on Market Median Price Average PPSF

Annual Change -7% +16% +2% +18% +20%

279 State Street I WEB# 5140076 on corcoran.com BROOKLYN CORCORAN REPORT Carroll Gardens, 2Q 2017 Boerum Hill & Red Hook

Sales in Carroll Gardens, Boerum Hill, 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) and Red Hook fell by 7% versus last Overview year and 11% versus last quarter as Sales 90 97 -7% 101 -11% fewer new developments commenced closings. Listed inventory increased 16% Average Days on Market 64 63 2% 77 -16% over the last year. At an average of 64 Inventory 72 62 16% 62 16% days, the length of time from listing to contract date was virtually the same Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) compared to last year, but lower than Prices the average of 77 days last quarter. Median Price $855K $985K -13% $821K 4% Average Price $797K $975K -18% $997K -20% Sales fell 7% Median PPSF $1,114 $1,017 10% $994 12% Average PPSF $1,116 $1,035 8% $971 15% versus last year Median Price by Bedroom Studio $470K $399K 18% $450K 4% Average and median co-op prices skewed lower this quarter, largely due 1 Bedroom $727K $583K 25% $652K 11% to 75% of sales being under $1MM. 2 Bedroom $918K $1.095M -16% $1.160M -21% Comparatively, average and median 3+ Bedroom $1.077M $1.925M -44% $1.743M -38% price saw double-digit declines at 18% Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) and 13%, respectively. Prices Median Price $1.430M $1.150M 24% $1.175M 22% The condo market outperformed the Average Price $1.654M $1.245M 33% $1.346M 23% co-op market significantly as all condo Median PPSF $1,223 $1,016 20% $1,117 10% price metrics rose by double-digits Average PPSF $1,198 $994 21% $1,150 4% compared to Second Quarter 2016. Median price and average price per Median Price by Bedroom square foot both increased by 33% Studio $760K NA NA $725K 5% and 24%, respectively, reaching their 1 Bedroom $740K $800K -8% $750K -1% highest figures in over nine years. New 2 Bedroom $1.195M $1.191M 0% $1.175M 2% development closings at 345 Carroll 3+ Bedroom $2.225M $1.394M 60% $2.080M 7% made up of over one-third of all condo sales, skewing figures higher.

The Corcoran Group I p 21 Bedford-Stuyvesant, Crown Heights, Lefferts Gardens & Bushwick Sales fell 2% slightly versus last year, likely due to constricted inventory.

89 95 91 $691K $694 Sales Inventory Days on Market Median Price Average PPSF Annual Change -2% -34% +6% +21% +7%

52 Harman Street I WEB# 3879013 on corcoran.com BROOKLYN CORCORAN REPORT Bedford-Stuyvesant, Crown Heights, 2Q 2017 Lefferts Gardens & Bushwick

Sales activity in Bedford-Stuyvesant, 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Crown Heights, Lefferts Gardens & Overview Bushwick fell by 2% in Second Quarter Sales 89 91 -2% 96 -7% 2017 versus last year and dipped by 7% Average Days on Market 91 86 6% 86 6% versus last quarter. All price metrics experienced gains compared to Second Inventory 95 145 -34% 125 -24% Quarter 2016, with the overall median price reaching a new high record at Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) $690,500, up 8% year-over-year. As Prices with other areas of Brooklyn, days Median Price $435K $445K -2% $323K 35% on market increased versus Second Average Price $436K $481K -9% $362K 20% Quarter 2016, likely advanced by some Median PPSF $544 $477 14% $420 29% buyer resistance to rising prices. Average PPSF $595 $577 3% $396 50% Median Price by Bedroom Condo median Studio NA $170K NA $158K NA price reached a new 1 Bedroom $421K $370K 14% $323K 31% 2 Bedroom $555K $654K -15% $450K 23% record high 3+ Bedroom NA NA NA $483K NA The co-op market displayed mixed Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) trends as the median and average price Prices fell by 2% and 9%, respectively but Median Price $716K $580K 23% $673K 6% average price per square foot increased Average Price $734K $656K 12% $747 K -2% by 3% versus Second Quarter 2016. Median PPSF $796 $709 12% $769 4% Year-over-year median and average Average PPSF $698 $652 7% $760 -8% price declines were driven by a shift in Median Price by Bedroom market share to smaller residences. The Studio NA NA NA $399K NA average price per square foot was up 1 Bedroom $675K $592K 14% $538K 25% 3% year-over-year at $595 per square 2 Bedroom $803K $820K -2% $899K -11% foot. 3+ Bedroom $808K $860K -6% $929K -13% Condo average price and median price figures saw significant increases of 12% and 23%, respectively. These increases were partially due to a shrinking market share of sales below $500,000. Condo average price per square foot increased 7% above last year’s figure to $698 per square foot, reaching its second highest point in over nine years. Newly renovated condos converted from multifamily townhomes continue to push the average price per square foot up in this area.

The Corcoran Group I p 23 Kensington,Windsor Terrace, Ditmas Park, Flatbush & Prospect Park South

Sales declined 4% versus last year, but market share of sales remained nearly unchanged.

74 155 60 $500K $635 Sales Inventory Days on Market Median Price Average PPSF

Annual Change -4% -24% -13% +6% +12%

223 East 8th Street I WEB# 5162192 on corcoran.com BROOKLYN CORCORAN REPORT Kensington, Windsor Terrace, 2Q 2017 Ditmas Park, Flatbush & Prospect Park South

During Second Quarter 2017 sales fell 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) by 4% year-over-year, mainly due to Overview constricted and declining inventory. Sales 74 77 -4% 68 8% Inventory dipped 24% from last year. Average Days on Market 60 69 -13% 85 -30% In the tight market, contracts were signed faster than last year in 60 days Inventory 155 204 -24% 159 -3% versus 69 days. Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) All co-op price metrics improved Prices from versus last year. Year-over- Median Price $462K $455K 2% $399K 16% year median and average co-op Average Price $507K $468K 8% $421K 20% price figures were up 2% and 8%, Median PPSF $611 $542 13% $568 8% respectively. A shift in market share to Average PPSF $588 $551 7% $584 1% larger residences contributed to these price trends. Median Price by Bedroom Studio $270K $275K -2% $203K 33% 1 Bedroom $425K $425K 0% $395K 8% Both condo and co-op 2 Bedroom $650K $583K 11% $623K 4% prices had annual gains 3+ Bedroom $875K NA NA NA NA Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) All condo price metrics set new Prices records in Second Quarter 2017. The Median Price $760K $583K 30% $645K 18% average and median condo price were Average Price $770K $564K 37% $669K 15% both significantly higher compared to Median PPSF $759 $673 13% $695 9% last year. Like the co-op market, condo Average PPSF $739 $585 26% $723 2% market price increases were also Median Price by Bedroom driven by a greater number of sales of larger residences. Median price, rose Studio NA NA NA NA NA 30% year-over-year to $760,000 and 1 Bedroom $570K $396K 44% $530K 7% surpassed the previous high just last 2 Bedroom $748K $603K 24% $740K 1% quarter. Average price per square foot 3+ Bedroom $855K $699K 22% NA NA also set a new record, increasing 26% from last year to $739 per square foot.

The Corcoran Group I p 25 South Brooklyn Inventory declined substantially versus a year ago, down 39% and the largest inventory decrease in the borough.

485 595 106 $354K $551 Sales Inventory Days on Market Median Price Average PPSF Annual Change +13% -39% +17% +11% +10%

638 Jerome Street I WEB# 5173632 on corcoran.com BROOKLYN CORCORAN REPORT South Brooklyn 2Q 2017

South Brooklyn sales activity 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) increased compared to both last Overview quarter and last year by 6% and Sales 485 429 13% 457 6% 13%, respectively. The increase Average Days on Market 106 90 17% 112 -5% in sales activity was strongly driven by many new development Inventory 595 973 -39% 957 -38% transactions in Sheepshead Bay, particularly at The Vue and at 3611 Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Shore Parkway. Listings took the Prices longest to sell compared to other Median Price $287K $260K 10% $275K 4% areas of the borough at 106 average Average Price $307K $284K 8% $318K -3% days on market. Median PPSF $379 $414 -8% $405 -6% Average PPSF $390 $439 -11% $419 -7% New development sales Median Price by Bedroom fueled condo price gains Studio $177K $142K 25% NA NA 1 Bedroom $275K $250K 10% $240K 15% Co-op median price increased 10% 2 Bedroom $389K $365K 7% $400K -3% and average price grew 8%, relative 3+ Bedroom $620K $518K 20% $575K 8% to last year. All co-op bedroom types Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) experienced price growth especially Prices studios and three plus bedrooms, Median Price $583K $523K 11% $563K 4% rising by 25% and 20% year-over- Average Price $648K $560K 16% $595K 9% year, respectively. Median PPSF $606 $494 23% $557 9% All condo price metrics reached Average PPSF $619 $521 19% $552 12% a nine year record this quarter. Median Price by Bedroom Median price grew 11% year-over- Studio $183K NA NA NA NA year to $583,000 while average 1 Bedroom $340K $382K -11% $469K -28% price per square foot jumped 19% 2 Bedroom $650K $683K -5% $625K 4% to $619 per square foot. Fueling the 3+ Bedroom $1.082M NA NA $700K 55% price gains were numerous new development sales, including four penthouse closings at The Vue.

The Corcoran Group I p 27 BROOKLYN CORCORAN REPORT 2Q 2017 Methodology

Source – Sales counts and figures in this report are based on publicly reported closed sales information via The Automated City Register Information System (ACRIS) and compiled using PropertyShark, an independent research firm, as well as from Corcoran’s proprietary listings database.

Metrics Number of unit sales Average unit sales per building: per square foot (SF): Closed Sales figures for the current Above 20 Units Above $2,500 SF $2,000 - $2,500 SF 10 to 20 Units quarter are based on known closings $1,500 - $2,000 SF 3 to 9 Units $1,250 - $1,500 SF recorded at the time the report is 1 to 2 Units $1,000 - $1,250 SF $750 - $1,000 SF prepared and projected through the end $500 - $750 SF of the quarter taking into account typical Below $500 SF No SF Available seasonality and public reporting timing.

Contracts Signed figures for the current quarter are based on reported signed contracts at the time the report is prepared and projected through the end of the quarter taking into account typical seasonality.

Days on market averages how long a unit takes to sell and is calculated by subtracting contract date from list date. Units on the market longer than three years and shorter than one day are considered outliers and removed from the data to prevent significant skewing. New developments are excluded because many available, unsold units are held off the market for long periods of time.

Average Price per Square Foot is the Median Price and Price per Square Foot Months of Supply is an estimate of how average price divided by the average are the middle or midpoint price where long it would take to sell all currently listed square footage. In prior Corcoran Reports half of sales fall below and half fall above units based on the average closed sales this was calculated as an average of all this number. per month over the last twelve months. prices per square foot, which gives a Six to nine months is considered supply- number less skewed by high price sales Inventory is a count of all currently demand equilibrium. and more similar to a median price per listed units and is measured two weeks square foot. The two metrics are now before the end of the quarter. It does not Previous Quarter statistics for separated to give more insight to market include unsold yet unlisted units in new sales and prices are revised in the dynamics. developments (“shadow” inventory). subsequent report once data is available for the full quarter period.

The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065.

The Corcoran Group I p 28