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.

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