Brooklyn home inventory hasn't been this low in a decade

Austin Nichols House one of the Brooklyn new developments that began closings this quarter

However, incentives may not be enough to keep rents from falling and the borough's vacancy rate from rising, according to a report released today by NY brokerage Douglas Elliman.

Brooklyn's median sales price - representing the midpoint of the market - rose 7.5 percent over the past 12 months to $790,000, DNAinfo reports.

Landlords use incentives to lure new tenants, thus keeping units occupied, which in turn keeps the borough's vacancy rate in check. "The only time a condo doesn't sell quickly is because the sales price is too high, not because of the demand". He added the borough is "on the cusp" of seeing the average sale price break the $1 million threshold.

Even though the numbers are different, in almost every case, they're an increase over the same period in 2016-in some cases, by more than 10 percent. The days on market was 81, down from 92 last year and the listing discount was 2.8 percent, up from less than a percent last year.

The pace of the market-recorded by Douglas Elliman as the time it would take to clear the supply of available homes at the current rate of sales-was the fastest recorded in nine years. Corcoran notes that a number of new buildings (including 550 Vanderbilt in the Pacific Park megaproject, and the Austin Nichols House in Williamsburg) began closings in the third quarter of the year, leading to higher numbers-though the second quarter of 2017 was still stronger overall for new development. Contracts signed increased by 15 percent year over year, according to the brokerage. Although prices remained fairly stable, the average rental price per square foot dropped 3.6 percent to $65.45. New condo inventory increased 6% year-over-year to 505, according to Corcoran.

Meanwhile, Queens continued to pick up Brooklyn's spillover. During the three-month period from July to September, townhouses were sold at an average $1.21 million, a 16% increase year-over-year.

According to Douglas Elliman, the top 10% of the most expensive sales in the third quarter, which the brokerage defines as luxury, had a median price of $2.5 million, unchanged from the same period a year ago.

"Queens is joined at the hip with Brooklyn", Miller said. The number of sales topped 2,900-the 10th annual increase in a row but the smallest gain.

According to Corcoran's report, the median is $733,000, and the average is $856,000, based on 1,670 closed sales.

Although Stribling doesn't have a separate luxury category, its breakdown of different price points also showed a cooldown in higher-end markets in Brooklyn.

The top 10% most expensive leases signed between July and September had a median price of $5,500 per month, slightly up 1.6% compared to the same period previous year. The luxury median sale price was $1.3 million, up 6 percent on past year. The area's top 10% most expensive leases signed during the last three months had a median price of $4,775, rising 20.1% from the third quarter past year.

Manhattan's median rent remained stable at $3,400, but the average rental price declined 0.6 percent year-over-year to $4,094 last month.

Sheephead Bay's the Vue, is one of the new condos in Brooklyn that had a lot of closings in the third quarter.

Related News:

Most liked

Chelsea 2/5 to triumph in Saturday's Premier League game with Crystal Palace
Physio Room do not believe it's likely that either of Alvaro Morata or N'Golo Kante will be available for Saturday's game. Chelsea have won the Premier League title in two of the past three seasons under Jose Mourinho and then Antonio Conte.

Gunmen loot bank in Shopian district
On Thursday, gunmen looted over five lakh rupees from a branch of the J&K Bank in Bijbehara area of Anantnag district. Gunmen on Friday looted cash from a branch of the Jammu and Kashmir Bank in south Kashmir Shopian district.

Nomura Holdings Inc. Acquires 60759 Shares of Occidental Petroleum Corporation (OXY)
It is negative, as 82 investors sold OXY shares while 326 reduced holdings. 72 funds opened positions while 315 raised stakes. Nomura Holdings Inc.'s holdings in Occidental Petroleum Corporation were worth $4,000,000 as of its most recent SEC filing.

Guam-based guided-missile submarine makes port call to South Korea
South Korea and the United States will conduct joint maritime drills next week in waters near the Korean Peninsula, with a U.S. PACOM did not elaborate when the Tucson, based in Hawaii, will depart the peninsula.

Transport for London will fight off Uber's appeal in court
The appeal hearing is likely to be on December 11, according to a spokesperson for the United Kingdom judiciary office. The new boss has apologised for "the mistakes we've made" and accepted that the company had "got things wrong".

Former chancellor calls on May to sack current chancellor
The Tory backbencher told Iain Dale the Treasury needed a "can do man", but at the moment it had a "can't do man" with Mr Hammond. Asked by a reporter if May had full confidence her finance minister, the spokesman said "Yes".

Flipkart offers Big Diwali Sale to attract costumers
Both the e-commerce companies who are rivals of each other declare their sales on the same date which is quite surprising. The company has also partnered with HDFC and it will be giving 10% instant discount to its credit and debit card holders.

Pochettino: United and City sign who they want; Spurs can't
But Pochettino says there is a marked difference between the way the Manchester clubs are able to spend and how others must be more cautious.

Tamil Nadu government approves 7th Pay Commission recommendations; liquor prices raised
It is also preparing to increase the salaries of government employees and continue with the plethora of subsidy schemes too. The cabinet took the decision based on a report submitted by a high-level committee led by finance secretary K Shanmugam.

After demonetisation, GST, ban on firecrackers adds to traders' woes
To this, the Bench said "very frankly" it doubted whether the suspension of sales has dampened Diwali celebrations. The court said that those who have firecrackers can burst them till 11 pm.

Robert Kubica test with Williams F1 team successful
Both are in the frame to replace 36-year-old Felipe Massa , should Williams decide not to renew the Brazilian's contract. All a spokesman for the British team would say about the Pole's run in a 2014 vehicle was that it had been "successful".

Mikel Merino signs for Newcastle from Borussia Dortmund in permanent deal
However, despite not reaching that figure he has now concluded his permanent move after making only eight appearances for the Bundesliga side.

CHIP program is vital for vulnerable children
If Republicans in Congress don't act to renew funding, these patients-many of them children-will likely be without care in the future.

Pawar drops out of race for IL governor
Pawar announced he is launching One Illinois, a political action committee to organize young people around progressive issues. Biss said Pawar's campaign increased awareness of the effects of systemic inequality on working-class families.

Suspecting love jihad, alleged Shiv Sena activists thrash Muslim man in Rajasthan
A video is circulated on social media where over a 100 people are gathered outside the hotel. They brutally assaulted him and if police had delayed, Khan could have been lynched.