Willhousing, a RealEstate Rentals Sales and Management

04/04/2024

Do something your future self will THANK YOU for

04/03/2024

You decide.

03/25/2024

02/22/2024

is the most important meal of the day but don’t forget to -brain something healthy

02/15/2024

Wishing you a very Happy Valentine

01/10/2024

Enjoying Life to the fullest One day at a time. While enjoying tasty food and more .eats …+... thank you ❤️♾️.

11/29/2023

Nothing good or great ever comes easy, it takes time, work, persistence, patience and a plan.

11/18/2023

a look at ho Brooklyn Is doing on the market for Q3

Third Quarter 2023 showed signs of stabilization, noting that record-high figures in 2022 continue to impact our statistics. Although high mortgage rates and exceptionally low inventory continue to weigh the market down, sales are normalizing towards pre-Covid levels. With this in mind, we hope that gradual improvements in the economic outlook such as the pause in interest rate hikes and lower inflation, along with reemerging value in the real estate market, will encourage buyers and sellers to reenter what seems to be a steadying Brooklyn market.
Brooklyn remains a market in demand, but sales slowed again this quarter in the face of buyer hesitancy and low supply. At just under 1,500 closings totaling $1.567B, the number and dollar volume of sales each fell over 20% annually. Although the year-over-year declines were versus last year’s near-record highs. Contracts signed fell to their lowest third quarter level since 2014, as buyers continue to take a “wait-and-see” approach to market conditions.
One of the biggest impediments to sales is incredibly low inventory. Active listings shrank 20% year-over-year to 1,558, the eighth consecutive quarter with an annual decrease and the second lowest overall inventory in nine years. All product types saw very low inventory levels, as potential sellers with advantageous mortgage rates held onto their homes and very few new developments opened for sales in Third Quarter 2023. Among submarkets, all but one saw a decline in inventory, including two areas with an over 40% drop in active listings. These factors will likely continue to impact the market in quarters ahead.
Statistically speaking, Brooklyn pricing rose this quarter, but largely due to changes in the distribution of sales by price point and product type that accompanied more high-priced new development sales. Median price increased a nominal 1% year-over-year to $810K due to a greater share of sales over $2M and a smaller share under $350K. The growth in new development sales, particularly at the high end, drove average price and price per square foot up 9% and 5%, respectively, to some of their highest levels ever. However, resale condo and co-op pricing saw annual declines.

Contracts Signed
743
-23% YEAR OVER YEAR
-38% QUARTER OVER QUARTER
Contracts signed dipped to their lowest third quarter total since 2014.
Closed Sales
1,466
-29% YEAR OVER YEAR
+7% QUARTER OVER QUARTER
Closings declined versus last year's near-record high, reaching their lowest third quarter level since 2016.
Inventory
1,558
-20% YEAR OVER YEAR
-5% QUARTER OVER QUARTER
Inventory reached its lowest point since 2013.
Days on Market
74
+19% YEAR OVER YEAR
-14% QUARTER OVER QUARTER
Days on market rose year-over-year for all price segments and unit types.
Median Price
$810K
+1% YEAR OVER YEAR
+5% QUARTER OVER QUARTER
Median price was stable with a year ago.
Average PPSF
$1,109
+5% YEAR OVER YEAR
+1% QUARTER OVER QUARTER
Average price per square foot reached a record high.
Overview

11/15/2023

11/11/2023

Warm, and Bright.. that’s what I like. and that’s what I Be…

09/18/2023

A weekend getaway is really good for you. Take a break from all the in life and enjoy the