August 3rd, 2015
In Brooklyn, the asking price is just the starting point for negotiations. Bidding Wars between prospective buyers looking to call Brooklyn home has become the norm, according to a recent report by StreetEasy. Nearly half of Brooklyn’s neighborhoods had sale-to-list price ratios at or above 100%, which means that sellers received their full asking price or more. The Brooklyn Price Index reached an all-time high of $526,474. Prices grew by 4.1 percent since last year. Brooklyn homes are selling faster than Manhattan homes, but not by much. The median time on the market for homes that went into contract in Brooklyn was 41 days, compared to 44 days for Manhattan homes.
Inventory levels are still low and are nearly half or 44.6 % lower than Manhattan's total inventory, but the total number of homes available for sale in the Kings County is on the rise. The total number of homes available for sale throughout the second quarter was 5,262 homes, a jump of 17.4 % from last year. The report stated that the strongest growth was seen in neighborhoods such as Crown Heights, Bedford-Stuyvesant, Bushwick, Brownsville, East New York, Williamsburg, and Greenpoint.