Strong Brooklyn Townhome Activity in December

Mark

Member
According to Jonathan Miller's market reports, new signed contracts for Brooklyn townhomes were up 386% YoY, adding to month over month growth that started in the Summer.

Brooklyn, NY.png

It's interesting to compare Brooklyn single family activity to competitor markets.

Long Island excluding Hamptons/North Fork (Up 16% YoY, but continued slide down from activity peak in summer):
Long Island, NY.png

Westchester (Up 44% YoY, but continued slide down from activity peak in Summer):
Westchester, NY.png
North Fork (Up 65% YoY, but sharp dip from October)
North Fork, NY.png

Greenwich, CT (Up 194%, month over month slide starting in October in tandem w/ huge dip in new listings in October)
Greenwich, CT.png

Go Brooklyn!!!
 

Noah Rosenblatt

Talking Manhattan on UrbanDigs.com
Staff member
these YoY stats are crazy. Thanks for sharing this!! I seriously wonder if at some point soon the urban to suburban trade will reverse course, as suburban market value has fallen considerably over the last 10 months vs urban cities, whose markets were disproportionately affected on the downside.
 

Mark

Member
"I seriously wonder if at some point soon the urban to suburban trade will reverse course, as suburban market value has fallen considerably over the last 10 months vs urban cities, whose markets were disproportionately affected on the downside."

This is 100% gut, I have no data on this, but I predict the biggest real estate winners of pandemic will be parts of outer boroughs that were previously ruled out as too far pre-pandemic (not the suburbs). I think the move from urban --> suburban areas was an acceleration of timelines for young families that never nailed down a concrete move date but always intended to move to suburbs, while Manhattan --> outer borough is a new market opened up by Zoom. Maybe an unpopular opinion, but I'd love to see the Park Slope brand take over more of Brooklyn and become more affordable -- I think the appetite for this is big and it would create a stable, more resilient local base.
 

Noah Rosenblatt

Talking Manhattan on UrbanDigs.com
Staff member
very interesting thoughts, and I tend to agree. I think BK is showing its true colors through this crisis that seems to validate your point
 

John Walkup

Talking Manhattan on UrbanDigs.com
Tend to agree. I think one of the reasons why Brooklyn is bonkers is that you get the zoom room + instant urban access. Whereas in Manhattan you get the urban access but have to zoom from your side of the couch.
 
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