Pictured above: 212 Warren St, Unit 17S
May 2025 Market Snapshot: Slowdown or Seasonal Stagnation?
A friend shared with me that he represented a tenant in a bidding war over an $8k a month rental. 35 applications alter the property rented for $10,500. I was blown away, why would tenants be fighting to pay that much when that equivalent rent payment would allow for a mortgaged purchase of a comparable space! It’s because of the inventory drought that has the BK market bumping around.
In District 13, active listings fell slightly to 105, down from 113 in April. Signed contracts ticked up modestly to 47, from 41 the month before. However, the number of properties sold dropped to 40, down from 50 in April. In District 15, inventory also declined, from 119 in April to 93 active listings in May. Contract activity dipped slightly to 61 from 67 last month, while closings rose to 69, up from 58 in April. These trends exhibit a strong sellers market with limited inventory and strong demand from purchasers.
The inventory drought continues, with fewer homes hitting the market while in contract, and sold properties continue at a pace. What will unlock the needed inventory to get us to a balanced market? I think there are two options: rates come down to the low 6s or high 5s, or the financial system heads into a recession, which forces owners to bring down their housing costs. Hopefully it’s the rates!
Our monthly report on the property market (condo and coop as well as townhouse sales, below for the month of May) in District 13 and District 15 as well as the neighborhoods that make up those school districts including Brooklyn Heights, DUMBO, Boerum Hill, Cobble Hill and Park Slope is out for May. On each image below the data is broken down based on the status of properties:
- Actively for sale (private exclusive, coming soon, new listings, back on market, price increase and price reduction)
- In the sale process (contract out and contract signed)
- Off market (sold, temporarily off market, permanently off market, exclusive expired)
Private Exclusive and Coming Soon listings are properties that are coming to market soon that are exclusive to Compass.com (not yet on the other real estate websites). Temporary off, permanently off, and exclusive expired means that those properties did not have success selling and have come off the market. They may sell at a later date or be totally removed from the market. By tracking the number of properties in each status category you will be able to fully understand the balance of supply versus demand.
District 13 residential listings for sale in the last 30 days
District 13 residential listings & sales last 12 months
District 15 residential listings for sale last 30 days
District 15 residential listings & sales last 12 months
Check in with us around the 5th of the month for our monthly real estate update! Our partners, Peter and the Riolo Property Team at Compass are here to provide more detailed reports or collections of properties. Access to all listings is free, you just need an account with Compass.
Main Image: 212 Warren St, Unit 17S.
