The pandemic paradox is holding tight in Brooklyn: Although the number of homes sold has dropped dramatically since last year, prices remain higher.
Analysis of real estate sales in the third quarter by The real solution found that the market for one to three families in Brooklyn suffered a massive slowdown and the total number of deals fell by 57 percent year on year.
From July to September, the district closed 582 sales totaling $ 660 million. That’s down from 1,356 to a total of $ 1.4 billion over the same period last year. It was also down 20 percent from the second quarter, when 727 homes were sold.
While market activity was slow, prices remained high: Brooklyn’s average selling price in the third quarter was $ 902,000, up 3.8 percent from a year ago.
The average price per square foot rose even more, by 4.3 percent to $ 480. Prices have risen in part as the supply of affordable homes has fallen.
The most pleasant neighborhoods were very similar second quarterat the top of the list are Boerum Hill, Brooklyn Heights, Cobble Hill, Park Slope and Prospect Heights.
The decline in sales is a reflection of the city Isolation due to covid-19which started in March and for a few months introduced kibosh on home tour. Although the show resumed in person in June, the closing process for homes usually takes 30 to 45 days, so while home sales may increase in the fourth quarter – the number of contracts signed increased in August – any gains on sales have yet to be reflected in the data.
The most expensive sale on Brooklyn’s home market for one to three families in the third quarter was a single-family home on 314 Hicks in Brooklyn Heights. According to StreetEasy, the three-storey 5-bedroom house closed for $ 5.9 million or 13% off the original asking price of $ 6.795 million.