The Brooklyn Market pulse is showing a balanced market with a slight bias toward Sellers. This is because inventory remains at a 5-year seasonal low due to the interest rate environment.
Monthly contracts signed peaked in May and are down 12.4% from last month, which is no surprise. However, because of extremely limited inventory, properties in Brooklyn are maintaining their value and trading very close to the asking price.
It is possible, given Jerome Powell's dovishness yesterday, that we may get a rate out or two before the end of the year. If that happens, we would likely see a surge in buying activity.
BROOKLYN HISTORICAL MEDIAN SALE PRICE
