The Brooklyn luxury market got hit with a classic New Year’s Eve hangover.
Between Dec. 30 and Jan. 5, there were 11 contracts signed in the borough on homes that were asking at least $2 million — five condos, two co-ops and four townhouses — according to Compass’ weekly report. The total volume of the signings was nearly $30.0 million with a median asking price of $2.7 million.
The first week of 20204 saw 10 contracts signed with a total volume of $40.9 million and a median asking price of $3 million.
Last week, there was an average discount of under 1 percent compared to the same week the prior year which had an average discount of 6 percent. The average price per square foot was $1,580, up from $1,070 during the same week in 2024.
The homes that entered contract last week had been on the market for an average of 101 days, more than two-thirds less than the 332 days for homes entering contract during the same period last year.
The priciest contract belonged to a Midwood townhouse last asking $3.5 million.
Despite sitting on the market for more than a year since it was first listed at $3 million and the price falling to $2.6 million last March, the seller raised the price in May and then again in July.
The home at 2303 Avenue K was last sold for $1.8 million in 2019.
The single-family spans 4,240 square feet with five beds and four baths. The New York City Board of Standards and Appeals has approved plans for up to 8,200 square feet of living space on its 60×100 lot, according to the StreetEasy listing.
The home features a private driveway, a two-car garage and a gated side yard. Inside is a large living room and formal dining room, an eat-in kitchen and a finished basement.
Aharon Behfar and Cindy Glatt of the Behfar Team had the listing.
The second most expensive contract last week belonged to a condo in a converted single-family townhouse in Brooklyn Heights.
Unit 2 at 170 Hicks Street had an asking price of $3.3 million. It spans 1,940 square feet and has three beds and two baths.
The floor-through home features private elevator access, a galley kitchen, a west-facing library and a private balcony.
Lior Cohen and Michael Zats of Brooklyn Heights Real Estate had the listing.