The week in real estate market reports

According to this week’s market reports, fourth-quarter closings in Brooklyn fell 35 percent, foreclosures are way down nationwide, and New York’s multlifamily market is experiencing something of a cooling off.

Residential

Brooklyn sales | Compass
There were 826 closings in Brooklyn in the fourth quarter, composed of 420 condos (51 percent), 272 co-ops (33 percent), and 134 single-family homes (16 percent). The total number of closings marked a 35 percent drop from the fourth quarter in 2015, which recorded the second-highest number of closings for any fourth quarter on record. Read the full report here.

Manhattan Luxury Sales | Olshan Realty
The average luxury home listed for over $4 million has been on the market for an average 461 days, and a total of 24 Manhattan homes went into contract last week. Read the full report here.

US Foreclosures | CoreLogic
All 50 states and the District of Columbia in 2016 posted double-digit declines in foreclosures when compared to 2015. New York and New Jersey have the two highest rates of foreclosure inventory as a percentage of mortgaged homes, with 2.9 and 2.7 percent, respectively. Read the full report here.

Commercial

US Multifamily | Ten X
New York City placed second in the top five sell markets, with rents projected to decrease 5 percent by 2018. Read the full report here.

US Office | Colliers
Despite a flat vacancy rate, New York’s performance was strong, with a total of 510 million square feet of office space leased. Read the full report here.