A prime precedence for patrons was affordability — at the least relative to Manhattan’s stubbornly excessive costs. Contract signings for the underside fifth of listings in Brooklyn, the place the median worth was $253,000, doubled in August, to 134 offers from 67 in the identical interval final 12 months, the most important leap of any worth tier.
However demand was stronger or held regular throughout all worth factors, suggesting there have been different components driving gross sales. The highest fifth of the Brooklyn market, with a median worth of $1.6 million, had 147 signings, just about unchanged from the identical interval a 12 months in the past. And the surge in gross sales was not solely in prosperous areas, like Downtown Brooklyn, but additionally in additional reasonably priced neighborhoods together with Bay Ridge and Flatbush.
At the very least a number of the gross sales are attributable to pent-up demand, after the coronavirus primarily banned in-person residence showings from mid-March via late June. However the disproportionate rebound in Brooklyn and, to a lesser extent, Queens, means that patrons are additionally adjusting priorities.
“Something with outside house is flying, and renovated townhouses which are priced effectively are going into bidding wars,” Melissa Leifer, an agent with Keller Williams NYC, stated concerning the recovering Brooklyn market. About half of her patrons already reside within the borough, whereas the opposite half are leaving properties in Manhattan, usually with complaints of excessive upkeep prices, smaller flats and an absence of inexperienced house.
Nonetheless, a rebound is in its early days, after months of injury wrought by the virus. From January to the tip of August, there have been 3,467 contracts signed in Brooklyn, down from 4,813 in the identical interval final 12 months, a roughly 30 % drop.