Third Quarter 2021 marked the most active quarter for apartment closings on record, surpassing the previous quarter high.
The Brooklyn market in Third Quarter 2021 exceeded what had already been record sale and price figures just 90 days ago. Nearly 2,550 sales occurred in Brooklyn during Third Quarter 2021 and the need for larger homes drove the average price above a significant threshold, exceeding $1M for the first time ever. This milestone not only demonstrates the evolution of values in the borough but also reinforces the confidence that buyers have in calling Brooklyn their home. This time last year, the city had only just begun to open back up and many year-over-year statistics are still somewhat exaggerated. However, the pandemic aside, these newly shattered records validate the enduring strength and depth of demand in Brooklyn.
Third Quarter 2021 marked the most active quarter for apartment closings on record, surpassing the previous quarter high. Approximately 2,550 apartments sold during the quarter, a 152% annual increase and 3% quarterly increase. Inventory replenished following a dip last quarter, which helped sustain the strong demand by giving buyers more choice. Inventory rose 2% year- over-year and 14% quarter-over-quarter, reaching 2,441 listings, which was 20% more than the average number of listings available per quarter over the past five years.
The market wide median and average price statistics reached record highs yet again with continued buyer preference for larger and pricier residences. Median price was $828,000, setting a new high, while average price surpassed $1M, exceeding the previous record set just last quarter by 5%. Third Quarter 2021 also had the largest proportion of sales over $1M ever at 35%. Conversely, the share of apartments sold for under $750,000 was 44%, an unprecedented low.