Brooklyn’s back: Luxury contract volume hits four-month high

Total sales volume for 11 contract signings in borough was $29.6M

TRD New York /
Jul.July 13, 2020 02:30 PM
356 Sackett Street (Google Maps, Elliman)

356 Sackett Street (Google Maps, Elliman)

Almost $30 million worth of luxury residential property went into contract last week in Brooklyn.

There were 11 homes — six townhouses, three condos and two co-ops — that found buyers last week, according to Compass’ weekly market report. It marked the strongest week in terms of contract volume since the week of March 9, before the city began to shut down to slow the spread of Covid-19.

The week of March 9 saw 15 properties go into contract for a combined sales volume of $45.3 million, according to the report, which tracks contract activity for Brooklyn homes asking $2 million or more.

The median asking price for the properties that went into contract last week was $2.4 million and the average days on market was 181. The average listing discount, the amount the asking price dropped before going into contract, was 3 percent.

The most expensive home was a six-bedroom townhouse at 356 Sackett Street in Carroll Gardens. The home is 22-feet wide, spans more than 4,500 square feet and was recently renovated. It was last asking $5.3 million.

The second priciest contract signed last week was for a Brooklyn Heights co-op. The three-bedroom unit at 160 Columbia Heights spans two levels and has a large terrace.

Last week’s activity was a stark improvement from previous weeks. The final week of June saw five deals inked for a total volume of $11.8 million. The week before, when in-person showings resumed, saw four deals signed for a total of $9.5 million.

Write to Erin Hudson at [email protected]


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