Welcome to The Randy Baruh Team's Local Townhome Report for Q2 2023. At the end of each quarter, we share the most recent sales and market updates in Brooklyn Heights, Boerum Hill, Carroll Gardens and Cobble Hill.
Overview
The second quarter of 2023 marked a promising recovery compared to the previous quarter of this year. While inventory remains limited, the present market conditions offer opportunities for enthusiastic sellers and their properties.
The market is gradually returning to a more balanced state, following a series of turbulent quarters where sales surged by 60% quarter over quarter – a larger increase than the historical trend between the first and second quarters. Out of the 37 concluded sales in Boerum Hill, Carroll Gardens, Brooklyn Heights, and Cobble Hill, the average selling price settled at 3.76 million dollars. Although the average price for contracts decreased yearly to 4.19 million dollars, the average price per square foot for townhomes in the four Brooklyn neighborhoods remained consistent with the previous year.
We are observing potential sellers who possess more favorable mortgage terms choosing to wait instead of listing their properties. We anticipate that the upcoming quarter will experience a rise in prices, as the market continues to present limited available options.
Key Takeaways
- Closed Sales: 37 (-27 YoY)
- Average Price Per Square Foot: $1,162 (-13 YoY)
- Average Days on Market: 67 (-3 YoY)
- Average Sale Price: 3.759M (-21 YoY)
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