Warburg’s Monthly Market Update offers a quick snapshot of the active listing metrics compared to the recent historical performance of the target area. This month we focus on Boerum Hill/Cobble Hill/Carroll Gardens’ performance through 2018 compared to the currently available inventory in the neighborhoods. Read on for more!
Performance Segment Performance
30 residences have closed in Boerum Hill, Cobble Hill, and Carroll Gardens since the start of 2018. Roughly a quarter of those were in the $3-8M range, while 77% closed for $3M or less. There are currently 91 residences on the market in the area, with about half asking between $1-3M. Only 3% of the available listings in the area are seeking at least $8M. There have been no sales in the $12M+ category so far in 2018, but the active listings in this category are seeking a median price of $12.5M. Though only 14% of the active listings are priced at or below $1M, the median list price is actually lower ($650K) than the closed sales median for the $1M and under market ($733K).
Property Type Performance
The townhouse market is both active and expensive, with a closed sales median of $3.38M through 2018 and a median of $4M for current inventory. There is value in the co-op market at the moment, with a median list price of $715K. Condos are seeking significantly more, with a median list price of $2.36M.