q3 2019 brooklyn - compass€¦ · condos were 30% of the market, a 6% increase since q3 2018....

Q 3 2 0 1 9

B RO O K LY N

M A R K E T R E P O R T

PRESSUREDSTABILITY

B R O O K LY NS A L E S R E P O R T Q 3 2 0 1 9 :

After many quarters of growth, Brooklyn

has slowed down. The rush to beat the

July 1st Mansion Tax hike helped bolster

sales in the second quarter, but that fuel

was not available this time around. The

borough's housing market continued

settling in response to economic pressure,

fewer properties on the market, and

higher prices.

3,022 sales were seen this quarter, a

modest 2% decline compared to the 11%

drop seen in Q3 2018. As with Manhattan,

this decrease is more appropriately

deemed a stabilization, evidenced by

slowing rates of decline. High levels of

inventory and many new developments in

Brooklyn the last few years gave buyers

excellent purchasing opportunities. Those

opportunities still exist, but are getting

harder to find.

Prices continue to creep upward as

Brooklyn expands vertically. Median and

average prices remain near their all-time

highs from Q2 2019, while properties

priced under $500K reached their lowest

levels this quarter and those $500K-1M

saw their highest. This change in price

distribution was met with an increased

time on the market. The percentage of

properties entering contract after 180 or

more days was the highest since Q2 2012.

As we brace for trade agreements, and

endure ongoing global political

uncertainty, we anticipate the end of the

year to continue trends seen this quarter.

Buyers have fewer properties to consider,

while sellers are deciding if now is the

right time to put their home on the

market, leading both sides to simply wait.

RORY GOLODNew York Regional President

ELIZABETH ANN STRIBLING-KIVLANSenior Managing Director

SOURCES

Proprietary database, ACRIS (Automated City Register Information System)

MARKET HIGHLIGHTS 06RECORDED SALES 08PRICE PER SQUARE FOOT 12CONTRACTS SIGNED 14TIME ON THE MARKET 18TOTAL INVENTORY 20MONTHS OF SUPPLY 24

RESEARCHED & WRITTEN BY:

Josh Chamberlain

5

NORTH BROOKLYN

EAST BROOKLYN

SOUTH BROOKLYN

• BUSHWICK• GREENPOINT• WILLIAMSBURG

• BATH BEACH• BAY RIDGE• BENSONHURST• BERGEN BEACH• BOROUGH PARK• BRIGHTON BEACH• CANARSIE

• CONEY ISLAND• DYKER HEIGHTS• EAST FLASHBUSH• FLATBUSH• FLATLANDS• FLOYD BENNETT FIELD• FORT HAMILTON

• GEORGETOWN• GERRITSEN BEACH• GRAVESEND• HOMECREST• KENSINGTON• MANHATTAN BEACH• MARINE PARK

• MIDWOOD• MILL BASIN• OCEAN PARKAWAY• PROSPECT PARK SOUTH• SHEEPSHEAD BAY• SUNSET PARK

• BEDFORD STUYVESANT• BROWNSVILLE• CROWN HEIGHTS• EAST NEW YORK• OCEAN HILL• PROSPECT LEFFERTS GARDENS• WINGATE

NORTHWEST BROOKLYN

• BOERUM HILL• BROOKLYN HEIGHTS• CARROLL GARDENS• CLINTON HILL• COBBLE HILL• COLUMBIA STREET

WATERFRONT DISTRICT• DOWNTOWN• DUMBO• FORT GREENE• GOWANUS• GREENWOOD• NAVY YARD• PARK SLOPE• PROSPECT HEIGHTS• RED HOOK• VINEGAR HILL• WINDSOR TERRACE

GEOGRAPHY covered in this

report is Brooklyn.

INVENTORY is calculated based

on all properties actively listed during

the quarter at the time the report

is prepared.

CONTRACT SIGNED figures for the

current quarter are based on publicly

reported transactions at the time the

report is prepared. The signed price

reflects the latest available

asking price.

RECORDED SALES figures for the

current quarter are based on known

closings recorded at the time the

report is prepared.

MEDIAN PRICE is the middle

price of a given dataset.

AVERAGE PRICE is the sum of all

prices divided by the total number

of properties.

MONTHS OF SUPPLY is an estimated

time it would take to sell all current

active listings based on the trailing

12-months sales rate.

TIME ON MARKET is calculated by

how many properties entered contract

during the quarter in the given period.

DISCOUNT is the percentage

difference between the initial list

and recorded sale price.

CURRENT QUARTER is reflective

of the initial day of the quarter until the

20th day of the closing month of the

quarter. These numbers will be updated

in subsequent reports to reflect the

dataset of the entire quarter.

QUARTERS

1Q: January 1 – March 31

2Q: April 1 – June 30

3Q: July 1 – September 30

4Q: October 1 – December 31

METHODOLOGY

6

MARKETHIGHLIGHTS

7

(record)

“

6.5%AVERAGE DISCOUNTAVERAGE SALES PRICE

$959,176

MEDIAN SALES PRICE

$780,000

AVERAGE PRICE PER SQUARE FOOT

$781

SHARE OF

INVENTORY

OVER $1M

52% 32%SHARE OF

CLOSINGS

OVER $1M

148

“Economic pressures forced prior growth to stabilize, while prices continued to rise.”

AVERAGE DAYS ON THE MARKET

8

Q 3 2 0 1 9 R E C O R D E D S A L E S

BY PROPERTY TYPE

There were 3,022 recorded sales to date in the third quarter, a 2% decrease from one year ago.

Condos were 30% of the market, a 6% increase since Q3 2018. Houses saw an equivalent decline to

50% of the market, the lowest of any third quarter since 2008. As Brooklyn continues to build up, this

change in market share is expected to continue.

On average, condos were the most expensive at $1,023/SF, while houses were the most affordable at

$581/SF. These were 2% and 5% decreases compared to this time last year. Co-ops were also more

affordable this quarter, their average PPSF dropping 4% to $677/SF. This continues the decline

observed in recent quarters, after multiple years of explosive year-over-year growth in Brooklyn.

However, the rate has been slowing since it started in Q1 2018, suggesting a trend reversal.

The borough-wide discount was 6.5%, a slight decrease from last quarter, but the highest Q3 discount

since 2011. Houses were the primary contributor to this, with a 10% average decline compared to their

list price.

All property types saw noticeable price increases. House and co-op median prices soared 17%, while

their average price climbed 8% and 12%, respectively. This was a result of higher prices in the lower

end of the market. Condos saw similar trends, though less prominent.

Q 3 2 0 1 9 P E R C E N T A G E O F U N I T S

Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

0%

20%

40%

60%

80%

100%

2019201820172016201520142013201220112010

<500K 500K-1M 1M-2M 2M-3M 3M+

TOTAL RECORDED SALES by UNIT TYPE

Q3 Historical Trends In Recorded Sales

TOTAL RECORDED SALES by PRICE POINT

TOTAL RECORDED SALES by SUBMARKET

<1% <1% <1% 1% 1% 1% 1% 2% 2%1% 1% 1% 2% 2% 3%

3% 4% 4%5%7% 9%

10%12%

15%

17% 18% 20%

36%36%

38%38%

38%

40%

39%

43%

45%

57% 55%51%

49%47%

41% 38%

33%29%

2%

5%

25%

46%

22%

30%

$1,023

1,042 SF

2,285 SF

880 SF

$677

$581

20%

50%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

22%

$893

$1,092

$1,350

2,437 SF

1,918 SF

1,364 SF

821 SF

3,073 SF

$547

$714

46%

25%

5%

2%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

12%

$1,115

$1,097

1,358 SF

1,902 SF

1,568 SF

1,288 SF

$676

$547

49%

21%

18%

0% 15% 30% 45% 60%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 500 1000 1500 2000 2500

TH/HOUSE

CO-OP

CONDO

0% 10% 20% 30% 40% 50%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $300 $600 $900 $1200 $1500

3M+

2M-3M

1M-2M

500K-1M

<500K

0 800 1600 2400 3200 4000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 10% 20% 30% 40% 50% 60%

SOUTH

EAST

NORTHWEST

NORTH

$0 $625 $1250 $1875 $2500

SOUTH

EAST

NORTHWEST

NORTH

$0 $240 $480 $720 $960 $1200

SOUTH

EAST

NORTHWEST

NORTH

RECORDEDSALES

% UNITS

AVERAGEDISCOUNT

MEDIANPRICE

YOY AVERAGE PRICE

YOY AVERAGEPPSF

YOY AVERAGE SF

YOY

CONDO 30% 4% $815,000 4.5% $1,016,453 5% $1,023 -2% 1,042 -4%

CO-OP 20% 4% $457,000 17% $583,658 12% $677 -3.5% 880 -2%

TH/

HOUSE50% 10% $880,000 17% $1,073,492 8% $581 -5% 2,285 -5%

9


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

0%

20%

40%

60%

80%

100%

2019201820172016201520142013201220112010

<500K 500K-1M 1M-2M 2M-3M 3M+





<1% <1% <1% 1% 1% 1% 1% 2% 2%1% 1% 1% 2% 2% 3%

3% 4% 4%5%7% 9%

10%12%

15%

17% 18% 20%

36%36%

38%38%

38%

40%

39%

43%

45%

57% 55%51%

49%47%

41% 38%

33%29%

2%

5%

25%

46%

22%

30%

$1,023

1,042 SF

2,285 SF

880 SF

$677

$581

20%

50%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

22%

$893

$1,092

$1,350

2,437 SF

1,918 SF

1,364 SF

821 SF

3,073 SF

$547

$714

46%

25%

5%

2%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

12%

$1,115

$1,097

1,358 SF

1,902 SF

1,568 SF

1,288 SF

$676

$547

49%

21%

18%

0% 15% 30% 45% 60%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 500 1000 1500 2000 2500

TH/HOUSE

CO-OP

CONDO

0% 10% 20% 30% 40% 50%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $300 $600 $900 $1200 $1500

3M+

2M-3M

1M-2M

500K-1M

<500K

0 800 1600 2400 3200 4000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 10% 20% 30% 40% 50% 60%

SOUTH

EAST

NORTHWEST

NORTH

$0 $625 $1250 $1875 $2500

SOUTH

EAST

NORTHWEST

NORTH

$0 $240 $480 $720 $960 $1200

SOUTH

EAST

NORTHWEST

NORTH

Q 3 2 0 1 9 R E C O R D E D S A L E S

BY PRICE POINT

46% of sales were in the $500K-1M range, the greatest of any price bracket. These properties

averaged $714/SF and 1,364 SF. The average PPSF here fell 2% despite no change in average size and

increases of 3% and 2% in median and average price, respectively. While the 6% discount in this group

is lower than last quarter, it is still the highest seen in the third quarter since 2010, and in general since

2012.

Properties priced $1M-2M were 25% of sales, the highest ever seen. Prices declined modestly here,

typical of this price point which has historically seen fluctuations year-over-year of 2% or less in either

direction.

The under $500K price point captured 22% market share, the second lowest of all time, the lowest

being last quarter. Properties in this group were 14% smaller on average compared to last quarter, but

even with a 7% increase in average price only saw a 2% increase in average PPSF.

Properties $3M and above were noticeably smaller this quarter (-15%). Average price declined by 12%

while average PPSF increased 3%, indicating prices followed size accordingly.

%UNITS

AVERAGEDISCOUNT

MEDIANPRICE

YOY AVERAGE PRICE

YOY AVERAGEPPSF

YOY AVERAGE SF

YOY

<500K 22% 7% $360,000 6% $355,750 7% $547 2% 821 -14%

500K-1M 46% 6% $730,000 3% $738,911 2% $714 -2% 1,364 0%

1M-2M 25% 7% $1,350,000 -3% $1,396,071 -2% $893 0% 1,918 -1%

2M-3M 5% 7% $2,300,000 -1% $2,348,311 -1% $1,092 4% 2,437 -7%

3M+ 2% 7% $3,540,500 -8% $3,877,670 -12% $1,350 3% 3,073 -15%

RECORDEDSALES

10

Q 3 2 0 1 9 R E C O R D E D S A L E S

BY SUBMARKET

South Brooklyn accounted for 49% of sales this quarter, where the average price increased 2% and

crossed $800K, the highest seen in the submarket. While prices here were the lowest of any submarket,

it was the only one to see increases in all price metrics, despite 5% smaller properties on average.

These properties also saw the largest discount.

Northwest Brooklyn had the second most sales, with 21% market share. Properties here were noticeably

smaller (-12%), but prices dropped accordingly, leading to a 3% decrease in average PPSF. Prices were

the highest of any submarket despite the respective 13% and 4% declines in average and median price.

The average discount of 3% was the lowest of the regions.

East Brooklyn saw 18% of transactions. These were the largest properties on average, despite a 10%

decline in average size compared to this time last year. Prices followed this drop in size, though the 3%

increase in average PPSF indicates properties were still more expensive.

North Brooklyn saw the fewest number of sales, but properties here were 8% more expensive than this

time last year. The lower half of the market saw the majority of the change, evidenced by the 5%

decline in median price and limited change in average price.

%UNITS

AVERAGEDISCOUNT

MEDIANPRICE

YOY AVERAGE PRICE

YOY AVERAGEPPSF

YOY AVERAGE SF

YOY

NORTH 12% 6% $995,000 -5% $1,181,900 -1% $1,115 8% 1,288 -8%

NORTHWEST 21% 3% $1,205,000 -4% $1,375,984 -13% $1,097 -3% 1,358 -12%

EAST 18% 7% $725,000 -7% $858,877 -9% $676 3% 1,902 -10%

SOUTH 49% 8% $685,000 1% $800,973 2% $547 1% 1,568 -5%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

0%

20%

40%

60%

80%

100%

2019201820172016201520142013201220112010

<500K 500K-1M 1M-2M 2M-3M 3M+





<1% <1% <1% 1% 1% 1% 1% 2% 2%1% 1% 1% 2% 2% 3%

3% 4% 4%5%7% 9%

10%12%

15%

17% 18% 20%

36%36%

38%38%

38%

40%

39%

43%

45%

57% 55%51%

49%47%

41% 38%

33%29%

2%

5%

25%

46%

22%

30%

$1,023

1,042 SF

2,285 SF

880 SF

$677

$581

20%

50%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

22%

$893

$1,092

$1,350

2,437 SF

1,918 SF

1,364 SF

821 SF

3,073 SF

$547

$714

46%

25%

5%

2%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

12%

$1,115

$1,097

1,358 SF

1,902 SF

1,568 SF

1,288 SF

$676

$547

49%

21%

18%

0% 15% 30% 45% 60%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 500 1000 1500 2000 2500

TH/HOUSE

CO-OP

CONDO

0% 10% 20% 30% 40% 50%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $300 $600 $900 $1200 $1500

3M+

2M-3M

1M-2M

500K-1M

<500K

0 800 1600 2400 3200 4000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 10% 20% 30% 40% 50% 60%

SOUTH

EAST

NORTHWEST

NORTH

$0 $625 $1250 $1875 $2500

SOUTH

EAST

NORTHWEST

NORTH

$0 $240 $480 $720 $960 $1200

SOUTH

EAST

NORTHWEST

NORTH

RECORDEDSALES

11

H I S T O R I C A L T R E N D S I N R E C O R D E D S A L E S


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

0%

20%

40%

60%

80%

100%

2019201820172016201520142013201220112010

<500K 500K-1M 1M-2M 2M-3M 3M+





<1% <1% <1% 1% 1% 1% 1% 2% 2%1% 1% 1% 2% 2% 3%

3% 4% 4%5%7% 9%

10%12%

15%

17% 18% 20%

36%36%

38%38%

38%

40%

39%

43%

45%

57% 55%51%

49%47%

41% 38%

33%29%

2%

5%

25%

46%

22%

30%

$1,023

1,042 SF

2,285 SF

880 SF

$677

$581

20%

50%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

22%

$893

$1,092

$1,350

2,437 SF

1,918 SF

1,364 SF

821 SF

3,073 SF

$547

$714

46%

25%

5%

2%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

12%

$1,115

$1,097

1,358 SF

1,902 SF

1,568 SF

1,288 SF

$676

$547

49%

21%

18%

0% 15% 30% 45% 60%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 500 1000 1500 2000 2500

TH/HOUSE

CO-OP

CONDO

0% 10% 20% 30% 40% 50%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $300 $600 $900 $1200 $1500

3M+

2M-3M

1M-2M

500K-1M

<500K

0 800 1600 2400 3200 4000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 10% 20% 30% 40% 50% 60%

SOUTH

EAST

NORTHWEST

NORTH

$0 $625 $1250 $1875 $2500

SOUTH

EAST

NORTHWEST

NORTH

$0 $240 $480 $720 $960 $1200

SOUTH

EAST

NORTHWEST

NORTH

NORTH BROOKLYN

363 UNITS: 12%EAST BROOKLYN

544 UNITS: 18%

NORTHWEST BROOKLYN

635 UNITS: 21%

SOUTH BROOKLYN

1 ,480 UNITS: 49%

12

PRICE PERSQUARE FOOT

13

$719Average Price Per Square Foot Since 1Q10

Average PPSF Median Price Average Price

$895,186 $959,176

$697,500 $780,000

$400

$460

$520

$580

$640

$700

$760

$820

$880

$940

$1000

2019201820172016201520142013201220112010

$200000

$300000

$400000

$500000

$600000

$700000

$800000

$900000

$1000000

$1100000

$1200000

$567

$577

$592

$588

$585

$606

$595

$580

$594

$64

2

$627

$625

$624

$665

$694

$670

$668

$707

$717

$720

$718

$773

$783

$759

$729

$777

$820

$791

$860

$868

$847

$814

$793

$839

$806

$746

$752

$813

$781

P R I C E T R E N D S

14

Q 3 2 0 1 9 C O N T R A C T S S I G N E D

BY PROPERTY TYPE

There were 1,694 contracts signed across Brooklyn in the third quarter, a 6% increase from this

time last year. Co-ops moved the fastest with 36% signed in the first 59 days and 19% taking longer

than 180 days. Condos saw 30% signed in the first 59 days and 29% signed after 180 days. Houses

saw 31% signed within 59 days and 24% after 180 days. The average days on market was 143 days,

a 29% increase compared to this time last year.

Condos were 41% of contracts signed and were smaller than this time last year by 8% on average.

The average price followed, declining 5%, leading to an increase in average PPSF of 4%. 30% of

condos were signed in the first 59 days, while 29% were signed after 180 days.

Co-ops were 21% of contracts and were also smaller than this time last year by 9% on average.

Price drops in this category exceeded the change in size, leading to a 3% decrease in average SF.

36% of co-ops were signed within 59 days, and 29% after 180 days, the fastest of the three

property types.

Houses and townhomes were 38% of contracts signed. Prices in the lower half of the market were

reduced, as evidenced by the decreased median price and limited change in average size. 31%

entered contract in the first 59 days, compared to 38% one year ago.

1M-2M

525 UNITS31%

2M-3M

119 UNITS7%

500K- 1M

711 UNITS42%

3M+

51 UNITS3%

<500K

288 UNITS17%

Q3 2019 CONTRACTS

SIGNED BY PRICE POINT


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

TOTAL CONTRACTS SIGNED by UNIT TYPE

TOTAL CONTRACTS SIGNED by PRICE POINT

TOTAL CONTRACTS SIGNED by SUBMARKET

41%

$1,104

988 SF

2,482 SF

872 SF

$620

$624

21%

38%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

17%

$959

$1,029

$1,185

2,720 SF

1,833 SF

1,178 SF

806 SF

3,869 SF

$524

$809

42%

31%

7%

3%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$1,102

$1,184

1,459 SF

1,944 SF

1,550 SF

1,263 SF

$696

$566

39%

31%

17%

0% 10% 20% 30% 40% 50%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 600 1200 1800 2400 3000

TH/HOUSE

CO-OP

CONDO

0% 10% 20% 30% 40% 50%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $280 $560 $840 $1120 $1400

3M+

2M-3M

1M-2M

500K-1M

<500K

0 800 1600 2400 3200 4000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 8% 16% 24% 32% 40%

SOUTH

EAST

NORTHWEST

NORTH

0 400 800 1200 1600 2000

SOUTH

EAST

NORTHWEST

NORTH

$0 $350 $700 $1050 $1400

SOUTH

EAST

NORTHWEST

NORTH

% UNITS

MEDIANPRICE

YOY AVERAGE PRICE

YOY AVERAGEPPSF

YOY AVERAGE SF

YOY

CONDO 41% $899,000 0% $1,079,820 -5% $1,104 4% 988 -8%

CO-OP 21% $459,500 -6% $569,907 -10% $620 -3% 872 -9%

TOWNHOME/HOUSE

38% $1,249,500 -4% $1,475,377 -2% $624 -3% 2,482 -1%

CONTRACTSSIGNED

15

1M-2M

525 UNITS31%

2M-3M

119 UNITS7%

500K- 1M

711 UNITS42%

3M+

51 UNITS3%

<500K

288 UNITS17%

Q3 2019 CONTRACTS



Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E




41%

$1,104

988 SF

2,482 SF

872 SF

$620

$624

21%

38%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

17%

$959

$1,029

$1,185

2,720 SF

1,833 SF

1,178 SF

806 SF

3,869 SF

$524

$809

42%

31%

7%

3%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$1,102

$1,184

1,459 SF

1,944 SF

1,550 SF

1,263 SF

$696

$566

39%

31%

17%

0% 10% 20% 30% 40% 50%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 600 1200 1800 2400 3000

TH/HOUSE

CO-OP

CONDO

0% 10% 20% 30% 40% 50%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $280 $560 $840 $1120 $1400

3M+

2M-3M

1M-2M

500K-1M

<500K

0 800 1600 2400 3200 4000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 8% 16% 24% 32% 40%

SOUTH

EAST

NORTHWEST

NORTH

0 400 800 1200 1600 2000

SOUTH

EAST

NORTHWEST

NORTH

$0 $350 $700 $1050 $1400

SOUTH

EAST

NORTHWEST

NORTH


BY PRICE POINT

Contracts between $500K-1M climbed to 42% of all deals, the largest share in any third quarter since

2009. These properties were slightly smaller on average (-2%), but prices remained steady, leading to an

increase in average PPSF of 3% compared to this time last year. This bracket also moved the fastest,

with 34% of contracts happening in the first 59 days.

The $1M-2M price range saw the second highest market share at 31%, down 1% compared to last quarter,

but still the second highest historically. These properties also saw limited change, getting 2% smaller on

average and 1% more expensive.

The $3M+ bracket had the most change, but only accounted for 3% of all contracts. Average price in

this market fell 6%, dropping under $4M for the first time since Q3 2014. Larger properties were signed

on average, and time on the market was longer than this time last year, but saw an improvement over

last quarter.

Contracts under $500K saw noticeably less interest this quarter. Only 8% entered contract in the first 29

days, compared to 14% a year ago.

% UNITS

MEDIANPRICE

YOY AVERAGE PRICE

YOY AVERAGEPPSF

YOY AVERAGE SF

YOY

<500K 17% $379,000 2% $369,008 3% $524 0% 806 -6%

500K-1M 42% $735,000 1% $745,634 0% $809 3% 1,178 -2%

1M-2M 31% $1,395,000 0% $1,429,957 -1% $959 1% 1,833 -2%

2M-3M 7% $2,395,000 0% $2,410,408 -2% $1,029 1% 2,720 -7%

3M+ 3% $3,795,000 -1% $3,957,873 -6% $1,185 -3% 3,869 3%

CONTRACTSSIGNED

16

CONTRACTSSIGNEDBY SUBMARKET

North Brooklyn accounted for 13% of contracts. Properties here were smaller on average and had

higher median and average prices compared to this time last year. This led to an increased

average PPSF, which climbed 3% year-over-year.

Northwest Brooklyn saw 31% of contracts signed, where prices in the lower end of the market

increased, and properties got slightly more expensive, climbing 3% in average PPSF. Only 12% of

contracts were signed in the first 29 days, compared to 19% last quarter, and 20% in Q3 of 2018.

East Brooklyn captured 17% of the market and experienced the most change. Median and average

prices fell here by 9% and 5%, respectively, while average size dropped 10%. This led to a modest

increase in average PPSF of 4%. Properties here were generally on the market the same duration

as they were last year, but many that did not sell within 90 days sat on the market 180 days or

more.

South Brooklyn saw 39% of contracts, once again the highest of any submarket, though this was

down 4% from the same time last year. Properties were slightly more affordable here, but have

continued to see limited growth in price since 2017.

1M-2M

525 UNITS31%

2M-3M

119 UNITS7%

500K- 1M

711 UNITS42%

3M+

51 UNITS3%

<500K

288 UNITS17%

Q3 2019 CONTRACTS



Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E




41%

$1,104

988 SF

2,482 SF

872 SF

$620

$624

21%

38%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

17%

$959

$1,029

$1,185

2,720 SF

1,833 SF

1,178 SF

806 SF

3,869 SF

$524

$809

42%

31%

7%

3%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$1,102

$1,184

1,459 SF

1,944 SF

1,550 SF

1,263 SF

$696

$566

39%

31%

17%

0% 10% 20% 30% 40% 50%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 600 1200 1800 2400 3000

TH/HOUSE

CO-OP

CONDO

0% 10% 20% 30% 40% 50%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $280 $560 $840 $1120 $1400

3M+

2M-3M

1M-2M

500K-1M

<500K

0 800 1600 2400 3200 4000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 8% 16% 24% 32% 40%

SOUTH

EAST

NORTHWEST

NORTH

0 400 800 1200 1600 2000

SOUTH

EAST

NORTHWEST

NORTH

$0 $350 $700 $1050 $1400

SOUTH

EAST

NORTHWEST

NORTH


%UNITS

MEDIANPRICE

YOY AVERAGE PRICE

YOY AVERAGEPPSF

YOY AVERAGE SF

YOY

NORTH 13% $1,105,889 5% $1,274,442 3% $1,102 3% 1,263 -4%

NORTHWEST 31% $1,250,000 5% $1,514,294 -5% $1,184 3% 1,459 -5%

EAST 17% $899,000 -9% $1,111,247 -5% $696 4% 1,944 -10%

SOUTH 39% $689,500 -1% $782,175 -7% $566 -1% 1,550 -4%

17

1M-2M

525 UNITS31%

2M-3M

119 UNITS7%

500K- 1M

711 UNITS42%

3M+

51 UNITS3%

<500K

288 UNITS17%

Q3 2019 CONTRACTS



Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E




41%

$1,104

988 SF

2,482 SF

872 SF

$620

$624

21%

38%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

17%

$959

$1,029

$1,185

2,720 SF

1,833 SF

1,178 SF

806 SF

3,869 SF

$524

$809

42%

31%

7%

3%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$1,102

$1,184

1,459 SF

1,944 SF

1,550 SF

1,263 SF

$696

$566

39%

31%

17%

0% 10% 20% 30% 40% 50%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 600 1200 1800 2400 3000

TH/HOUSE

CO-OP

CONDO

0% 10% 20% 30% 40% 50%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $280 $560 $840 $1120 $1400

3M+

2M-3M

1M-2M

500K-1M

<500K

0 800 1600 2400 3200 4000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 8% 16% 24% 32% 40%

SOUTH

EAST

NORTHWEST

NORTH

0 400 800 1200 1600 2000

SOUTH

EAST

NORTHWEST

NORTH

$0 $350 $700 $1050 $1400

SOUTH

EAST

NORTHWEST

NORTH

10%OF CONTRACTS SIGNED

WERE ABOVE $2M

1,694TOTAL UNITS

NORTH BROOKLYN


288 UNITS: 17%

NORTHWEST BROOKLYN

525 UNITS: 31%

SOUTH BROOKLYN

661 UNITS: 39%

18

TIMEON THE MARKET

19

0-29 DAYS 30-59 DAYS 60-89 DAYS 90-119 DAYS 120-179 DAYS 180+ DAYS

SU

BM

AR

KE

TP

RIC

E B

RA

CK

ET

TY

PE

H-TH

CO-OP

CONDO

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 20% 40% 60% 80% 100%

SOUTH BROOKLYN

EAST BROOKLYN

NORTHWEST BROOKLYN

NORTH BROOKLYN

11%

9%

11%

8%

11%

12%

8%

8%

11%

12%

11%

10%

19%

27%

20%

25%

23%

20%

10%

16%

19%

23%

22%

20%

16%

19%

15%

15%

17%

16%

16%

12%

18%

15%

13%

16%

11%

13%

13%

12%

13%

12%

16%

12%

8%

14%

13%

13%

14%

13%

17%

15%

13%

15%

15%

23%

14%

12%

16%

17%

29%

19%

24%

25%

23%

25%

35%

29%

30%

24%

25%

24%

20

Q 3 2 0 1 9 I N V E N T O R Y

BY PROPERTY TYPE

There were 4,824 actively listed properties on the market at the end of Q3 2019. Houses and

townhomes comprised the largest share of inventory, with 48% of all active units, 1% fewer than this

time last year. These properties also commanded the highest price of any property type, with a

median price of $1,488,000 (6% increase) and an average price of $1,958,422 (4% increase).

Condos were the second highest, accounting for 33% of active inventory. They saw an 8% increase

in average PPSF, a result of their average size decreasing to 1,193 SF (-4%) and average price

increasing to $1,346,902 (+6%). These properties were the most expensive on the market with an

average PPSF of $1,113/SF.

Co-ops made up only 19% of active inventory, a 2% decline from this time last year. These properties

saw a 12% drop in average size and a 6% decrease in average price. Despite this, the average PPSF

did not change year-over-year. Co-ops were the most affordable property type at $633/SF on

average.


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

0%

20%

40%

60%

80%

100%

2019201820172016201520142013201220112010

<500K 500K-1M 1M-2M 2M-3M 3M+

TOTAL INVENTORY by UNIT TYPE

Q3 HISTORICAL INVENTORY

TOTAL INVENTORY by PRICE POINT

TOTAL INVENTORY by SUBMARKET

1% 1% 2% 4% 4% 6% 8% 6% 8%

2% 2%3%

3%6%

7%

9%

8%

10%

8%11%

14%

15%

19%

24%

29%

30%

32%

39%

39%40%

40%

40%

39%

34%38%

36%

51%

47% 42%

37%31%

24%

20%17%

14%

9%

11%

32%

36%

13%

33%

$1,113

1,193 SF

2,700 SF

1,111 SF

$633

$720

19%

48%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$889

$1,112

$1,361

2,648 SF

2,040 SF

1,271 SF

825 SF

4,017 SF

$512

$756

36%

32%

11%

9%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$1,077

$1,254

1,834 SF

2,198 SF

1,842 SF

1,831 SF

$711

$630

46%

25%

16%

0% 12% 24% 36% 48% 60%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 600 1200 1800 2400 3000

TH/HOUSE

CO-OP

CONDO

0% 8% 16% 24% 32% 40%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $300 $600 $900 $1200 $1500

3M+

2M-3M

1M-2M

500K-1M

<500K

0 1000 2000 3000 4000 5000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 12% 24% 36% 48% 60%

SOUTH

EAST

NORTHWEST

NORTH

0 500 1000 1500 2000 2500

SOUTH

EAST

NORTHWEST

NORTH

$0 $350 $700 $1050 $1400

SOUTH

EAST

NORTHWEST

NORTH

% UNITS

MEDIANPRICE

YOY AVERAGE PRICE

YOY AVERAGEPPSF

YOY AVERAGE SF

YOY

CONDO 33% $969,000 2% $1,346,902 6% $1,113 8% 1,193 -4%

CO-OP 19% $499,000 0% $690,614 -6% $633 0% 1,111 -12%

TOWNHOME/HOUSE

48% $1,488,000 6% $1,958,422 4% $720 0% 2,700 0%

TOTALINVENTORY

21

BY PRICE POINT

The $500K-1M price bracket accounted for 36% of all active listings, the highest of any category.

Their average PPSF climbed 3% to $756/SF, a result of their average size decreasing by 3% on

average compared to this time last year. Prices in this group were steady.

Properties priced $1M-2M followed closely with 32% of inventory. Properties at this price range were

8% more expensive than last year, despite only a 2% decrease in their average size. No significant

price changes were observed.

Inventory under $500K took 13% of the market share and saw the most change of any price bracket.

The median price and average price both rose 6% to $369,000 and $365,619, respectively. The

average PPSF was up 5% year-over-year, accompanying a 6% decrease in average size.

Properties above $2M were 20% of the market. Those priced $2M-3M were 6% smaller, but did not see

any price reductions, leading to the observed 5% increase in average PPSF. Those priced $3M and up

were 4% smaller with a 5% increase in average PPSF.


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

0%

20%

40%

60%

80%

100%

2019201820172016201520142013201220112010

<500K 500K-1M 1M-2M 2M-3M 3M+





1% 1% 2% 4% 4% 6% 8% 6% 8%

2% 2%3%

3%6%

7%

9%

8%

10%

8%11%

14%

15%

19%

24%

29%

30%

32%

39%

39%40%

40%

40%

39%

34%38%

36%

51%

47% 42%

37%31%

24%

20%17%

14%

9%

11%

32%

36%

13%

33%

$1,113

1,193 SF

2,700 SF

1,111 SF

$633

$720

19%

48%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$889

$1,112

$1,361

2,648 SF

2,040 SF

1,271 SF

825 SF

4,017 SF

$512

$756

36%

32%

11%

9%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$1,077

$1,254

1,834 SF

2,198 SF

1,842 SF

1,831 SF

$711

$630

46%

25%

16%

0% 12% 24% 36% 48% 60%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 600 1200 1800 2400 3000

TH/HOUSE

CO-OP

CONDO

0% 8% 16% 24% 32% 40%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $300 $600 $900 $1200 $1500

3M+

2M-3M

1M-2M

500K-1M

<500K

0 1000 2000 3000 4000 5000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 12% 24% 36% 48% 60%

SOUTH

EAST

NORTHWEST

NORTH

0 500 1000 1500 2000 2500

SOUTH

EAST

NORTHWEST

NORTH

$0 $350 $700 $1050 $1400

SOUTH

EAST

NORTHWEST

NORTH

Q 3 2 0 1 9 I N V E N T O R Y

% UNITS

MEDIANPRICE

YOY AVERAGE PRICE

YOY AVERAGEPPSF

YOY AVERAGE SF

YOY

<500K 13% $369,000 6% $365,619 6% $512 5% 825 -6%

500K-1M 36% $750,000 0% $756,764 0% $756 3% 1,271 -3%

1M-2M 32% $1,450,000 0% $1,472,097 0% $889 8% 2,040 -2%

2M-3M 11% $2,400,000 0% $2,459,353 0% $1,112 5% 2,648 -6%

3M+ 9% $3,999,000 0% $5,318,954 2% $1,361 5% 4,017 -4%

TOTALINVENTORY

22

TOTALINVENTORY

Q 3 2 0 1 9 I N V E N T O R Y

BY SUBMARKET

North Brooklyn held 13% of active inventory. The average PPSF rose just 1% despite no change in

average size, a 5% increase in average price, and a 2% increase in median price. The average size

of 1,831 SF was the smallest, yet properties in this area commanded the second highest average

PPSF of $1,077/SF.

Northwest Brooklyn accounted for 25% of inventory and was the highest-priced region with a

median price of $1,549,500 (2% decline) and an average price of $2,087,959 (1% increase). The

average PPSF here increased 3% due to a 3% decline in average size. Properties here barely

trailed North Brooklyn for smallest on average at 1,834 SF.

East Brooklyn was 16% of listings. Properties here were 5% smaller on average, causing the

average PPSF to increase 3%. No median or average price changes were observed compared to

this time last year.

South Brooklyn commanded 46% of listings. Increases in all metrics were seen, with average price

climbing 5% and median price climbing 3%. Properties here were the most affordable at $630/SF

on average, and average price of $1,185,757.


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

0%

20%

40%

60%

80%

100%

2019201820172016201520142013201220112010

<500K 500K-1M 1M-2M 2M-3M 3M+





1% 1% 2% 4% 4% 6% 8% 6% 8%

2% 2%3%

3%6%

7%

9%

8%

10%

8%11%

14%

15%

19%

24%

29%

30%

32%

39%

39%40%

40%

40%

39%

34%38%

36%

51%

47% 42%

37%31%

24%

20%17%

14%

9%

11%

32%

36%

13%

33%

$1,113

1,193 SF

2,700 SF

1,111 SF

$633

$720

19%

48%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$889

$1,112

$1,361

2,648 SF

2,040 SF

1,271 SF

825 SF

4,017 SF

$512

$756

36%

32%

11%

9%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$1,077

$1,254

1,834 SF

2,198 SF

1,842 SF

1,831 SF

$711

$630

46%

25%

16%

0% 12% 24% 36% 48% 60%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 600 1200 1800 2400 3000

TH/HOUSE

CO-OP

CONDO

0% 8% 16% 24% 32% 40%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $300 $600 $900 $1200 $1500

3M+

2M-3M

1M-2M

500K-1M

<500K

0 1000 2000 3000 4000 5000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 12% 24% 36% 48% 60%

SOUTH

EAST

NORTHWEST

NORTH

0 500 1000 1500 2000 2500

SOUTH

EAST

NORTHWEST

NORTH

$0 $350 $700 $1050 $1400

SOUTH

EAST

NORTHWEST

NORTH

%UNITS

MEDIANPRICE

YOY AVERAGE PRICE

YOY AVERAGEPPSF

YOY AVERAGE SF

YOY

NORTH 13% $1,375,000 2% $1,910,930 5% $1,077 1% 1,831 0%

NORTHWEST 25% $1,549,500 -2% $2,087,959 1% $1,254 3% 1,834 -3%

EAST 16% $999,999 0% $1,331,580 0% $711 3% 2,198 -5%

SOUTH 46% $868,000 3% $1,185,757 5% $630 1% 1,842 1%

23

Q 3 H I S T O R I C A L I N V E N T O R Y

NORTH BROOKLYN


772 UNITS: 16%

NORTHWEST BROOKLYN

1 ,206 UNITS: 25%

SOUTH BROOKLYN

2,219 UNITS: 46%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

0%

20%

40%

60%

80%

100%

2019201820172016201520142013201220112010

<500K 500K-1M 1M-2M 2M-3M 3M+





1% 1% 2% 4% 4% 6% 8% 6% 8%

2% 2%3%

3%6%

7%

9%

8%

10%

8%11%

14%

15%

19%

24%

29%

30%

32%

39%

39%40%

40%

40%

39%

34%38%

36%

51%

47% 42%

37%31%

24%

20%17%

14%

9%

11%

32%

36%

13%

33%

$1,113

1,193 SF

2,700 SF

1,111 SF

$633

$720

19%

48%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$889

$1,112

$1,361

2,648 SF

2,040 SF

1,271 SF

825 SF

4,017 SF

$512

$756

36%

32%

11%

9%


Q 3 2 0 1 9 A V E R A G E P P S F

Q 3 2 0 1 9 A V E R A G E S I Z E

13%

$1,077

$1,254

1,834 SF

2,198 SF

1,842 SF

1,831 SF

$711

$630

46%

25%

16%

0% 12% 24% 36% 48% 60%

TH/HOUSE

CO-OP

CONDO

$0 $240 $480 $720 $960 $1200

TH/HOUSE

CO-OP

CONDO

0 600 1200 1800 2400 3000

TH/HOUSE

CO-OP

CONDO

0% 8% 16% 24% 32% 40%

3M+

2M-3M

1M-2M

500K-1M

<500K

$0 $300 $600 $900 $1200 $1500

3M+

2M-3M

1M-2M

500K-1M

<500K

0 1000 2000 3000 4000 5000

3M+

2M-3M

1M-2M

500K-1M

<500K

0% 12% 24% 36% 48% 60%

SOUTH

EAST

NORTHWEST

NORTH

0 500 1000 1500 2000 2500

SOUTH

EAST

NORTHWEST

NORTH

$0 $350 $700 $1050 $1400

SOUTH

EAST

NORTHWEST

NORTH

24

MONTHSOF SUPPLY

25

MONTHS OF SUPPLY

8.1MONTHS OF SUPPLY

7.3

Q3 2019 Q3 2018

CONRACTS SIGNED PER MONTH

ACTIVE INVENTORY

4,824ACTIVE

INVENTORY

4,991CONRACTS SIGNED

PER MONTH

665 614

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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q3 2019 brooklyn - compass€¦ · condos were 30% of the market, a 6% increase since q3 2018....

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