Brooklyn Market Report 2014-2016

Central and West Brooklyn show bearish signs in the market. Sales have maintained similar levels, although there was a minor drop in performance by the end of 2016. Contracts also take much longer to close while the number of housing options in the market inventory continues pile up. In order to address these issues, sellers and property owners have made yearly price cuts in order to renew demand in the market that appears to be softening. Based on these factors, prospective sellers may consider holding onto their properties until the current inventory is absorbed and buyer demand is able to meet with the level of supply...