While Brooklyn has seen more inventory entering the Spring market, much of that inventory is being absorbed by strong demand. I'm still seeing bidding wars across various parts of Brooklyn and for particular property types. Bidding has been extremely aggressive in many cases, with properties going significantly over asking price within the first week of launch. The level of bidding and demand can vary by neighborhood, but generally speaking, the Brooklyn market continues to be quite strong.
In March, apartment new listings of 990 represents a decline by 28 or 2.8% on a year-over-year basis and an increase by 205 units or 26.1% as compared to February
Much of those new listings were effectively absorbed by contract signings, which equaled 667 for the month. That represents a increase of 6.9% on a year-over-year basis and 35% on a month over month basis.
Contract signings as a percentage of new listings equaled 67.4% in the month of March. That is an increase of 9.9% on a year-over-year basis and 7.1% on a month over month basis.
With respect to Brooklyn townhomes, March new listings of 565 represents an increase of 140 or 32.9% on a year-over-year basis and an increase of 130 or 29.9% as compared to February
As with apartments, much of those new listings were effectively absorbed by contract signings, which equaled 319 for the month. That represents an increase of 98.1% on a year-over-year basis and 138.1% on a month over month basis.
Contract signings as a percentage of new listings equaled 56.5% in the month of March. That is an increase by of 49% on a year-over-year basis and 83.3% on a month over month basis.
Additionally, for contract signed properties in the month of March, days on market fell from 109 to 72 days year-over-year and townhomes fell from 101 to 89 days year-over-year.
