The Corcoran Report

Brooklyn Monthly Market Snapshot

January 2014

Market Wide Summary

Average sale price, median price, and average price per square foot achieved large year-over-year gains in Brooklyn this month, 22%, 35% and 13% respectively. Average price per square foot saw double-digit gains in the one and two bedroom categories and single-digit gains in the studios and three bedrooms. The market overall had 34% fewer contracts signed compared to a year ago, a decline attributed directly to low inventory. Average days on market decreased by 38% year-over-year, the lowest average since August 2010, further indicating the tightening of the Brooklyn market. In January buyers paid an average of 1.1% over last asking price, with 45% of contracts signing above asking price and 20% signed at asking price.

Average Sale Price Median Sale Price Average Price per Square Foot Average Days on Market Difference from Last Ask to Sale Listed Inventory Absorbed Listings

Current Month Prior Month % January 2014 December 2013 Change

$1,021,343 $828,000 $699 56 1.1% 3,959 130 $1,067,842 $810,000 $669 62 -0.1% 3,918 107 -4% 2% 4% -10% NA 1% 21%

Prior Year % January 2013 Change

$840,186 $615,000 $619 90 -0.5% 4,310 196 22% 35% 13% -38% NA -8% -34%

Signed Contracts
$900 $850 $800 $750 $700 $650 $600 $550 $500 $450 $400
Signed Contracts
January 2013 January 2014

Price per Square Foot

$785

$645

$780

$631

$610

Bedroom Type Reflects % Change

Studio
6%

$596

1
32%

2
24%

$621
3+
2%

Bedroom Type

5,000

$637

$645

$631

$637

$610

Type Studio Brooklyn Bedroom New and Total Listings Reflects % Change 6%

$596

1
32%

2
24%

$621

The Corcoran Report

$800 $750 $700 $650 $600 $550 Brooklyn Monthly Market $500 Snapshot $450 $400
Price per Square F

$785

$780

January 2014

3+
2%

Available inventory in Brooklyn increased by 1% since last month, but dropped 8% since January 2013. There were 11% fewer new listings compared to a year ago, but 66% more than December 2013. The increase of new listings from last Type to put pressure on the market. month is typical of the season, but year-over-year inventory Bedroom declines continue

5,000

4,500
4,000
Number of Units Currently Listed

3,500
3,000 2,500

2,000
1,500

1,000
500

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Total Listings 4,310 4,266 4,266 4,493 4,443 4,135 4,020 3,943 4,153 4,160 4,146 3,918 3,959 New Listings 544 512 547 794 718 603 573 595 679 710 492 291 484 Percent New Listing 13% 12% 13% 18% 16% 15% 14% 15% 16% 17% 12% 7% 12%

Statistics are based on Corcoran Groups monthly signed contract data, with the exception of Listed Inventory and Absorbed Listings Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All information furnished regarding property for sale or rent or regarding nancing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.