Pictured above: 56 Bergen St, Unit 1R.
Just in time for the start of School, the market made a big check mark!
September numbers show the bounce of inventory that we so desperately needed. In District 13, active listings more than doubled to 125 from 56 in August, while signed contracts held steady at 43 compared to 38 last month. Closings also increased, reaching 64 from 47 in August. In District 15, inventory climbed to 149 from 84, contracts signed remained consistent with 48, up slightly from 43 last month, and closings also held steady, as you may imagine at 72, from 68 in August.
With some inventory to work with and rates relatively down, the market could finally see some momentum in the number of transactions this Autumn. According to the CME FedWatch tool, we have a 90% chance of an additional half-point rate cutting by the end of the year. As the rates come down and the 10-year note adjusts (currently offering yields at 4.125%) we could see investors redeploy capital to equities or other stable assets like real estate. Locally, the Mayoral election is a hot topic of discussion for many policies, including the housing market, but we will have to wait and see how that plays out later this year.
We remain available to the Brooklyn Bridge Parents community, should you have any questions about our report or want a sounding board for your ideas.
Our monthly report on the property market (condo and coop as well as townhouse sales, below for the month of September) 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 September. 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: 56 Bergen St, Unit 1R.
