As Manhattan logged its best week in luxury contract volume since early March, the number of deals in Brooklyn’s luxury market fell last week.
Twelve contracts were inked in the borough last week for a combined volume of $37.8 million, down from 19 deals totaling $50.7 million the prior week, according to Compass. The brokerage’s report tracks contract activity on properties asking $2 million or more.
Brooklyn logged its best week of contract activity since the pandemic in late October with 27 deals signed for a total volume of $89 million.
Last week, 10 of the contracts inked were for townhouses while two were for condos. The median asking price was just over $3 million. The average listing discount was 4 percent and the properties spent an average of 99 days on the market.
The most expensive contract was a townhouse at 7A 2nd Place in Carroll Gardens. The gut-renovated home has five-bedrooms and a gas fireplace along with a large backyard deck. The 2,880-square-foot home was last asking $4.39 million.
The second priciest deal was a Park Slope townhouse at 17 Polhemus Place. The Romanesque Revival-style home dates back to the 1890s and spans nearly 3,200 square feet with six bedrooms. The home has a landscaped backyard garden and deck, plus a 100-square-foot terrace off one of the bedrooms.
Of all 12 contracts, it was on the market for the shortest period of time, 36 days. Its final asking price was $3.6 million.
Brooklyn’s luxury market has largely been driven by townhouse properties, where the average price per square foot is lower than that of condos, and homeowners almost always have access to private outdoor space.
Last week, the average size of the townhouses that went into contract was 3,173 square feet, compared to the average condo’s size of 1,800 square feet. The average price per square foot for the townhouses was $1,057 compared to $1,633 for the condos.