Newsletter VOL.1 - A NEW BEGINNING
Earlier this summer, I had the great opportunity of merging my business, Brooklyn Hearth Realty, with Douglas Elliman. I am very thankful for this! Since 2004, I have worked to grow the business and the reputation of a boutique company- first as an agent and then as a partner. Real estate and running a business came naturally to me and year after year, I became the top producing agent in the company. It became clear that the best way to keep up with the growth of the business was to join a larger firm with bigger resources and support staff. Thank you to my partners Jan Rosenberg and DeAnna Lenhart for thirteen great years of running Brooklyn Hearth Realty! Douglas Elliman is the city’s largest firm, has the most agents and offices, and has consistently done the highest sales volume year by year. The decision to move to Douglas Elliman was one backed by deep research and a responsibility to my network to merge with the absolute best. We took our time, met with all of the potential partners, and were very pleased to find that the industry has so many intelligent kind leaders.
You are only as good as the support team around you, so I want to issue a special thank you to Denise Joseph of Douglas Elliman, my new sales manager. This merger will provide you all, my community, the best possible marketing and exposure for your properties and insight for your buying or renting needs.
As important as it is to explain the countless benefits of joining forces with Douglas Elliman, it is equally important to assure you all as my friends, family, clients, and colleagues that I will still be operating my business with the care and personal touch of a local Brooklyn shop. The only thing that has changed is the built-in reach and increased marketing exposure to best represent and attend to your real estate goals.
Making this decision also made me rethink my branding and business. To reflect my commitment to my services, I have been working closely with Jasmine Takanikos of Candor to shape and build my brand. My website, rebekahcarver.com, is a place to take a deeper dive into my business and offerings.
While Brooklyn will remain my home base, Brooklyn is no longer in the name, so I wanted to take this time to remind you all of my market-wide reach. While it is easy for me to be type-casted as a “Brooklyn broker,” I do have a track record in Manhattan and Queens. Now, with the new resources at my disposal, I look forward to being able to further help you across the entirety of New York City. A great broker is a great broker city-wide, community-wide, and client-wide.
Thank you to my clients and customers for all your business and support. I do love my job and love to help my clients outperform their goals in their real estate transactions.
Market Snapshot – 1Q2019
The 2,121 sales that closed in the first quarter was 16.4% below the 2,537-average quarterly sales over the past twenty years.
Listing inventory rose year over year by 8.9% to 6,673 which sat midway between the record high of 10,445 in the first quarter of 2009 and the record low of 4,164 in the fourth quarter of 2013.
The months of supply expanded 11.9% year over year to a seven-year high of 9.4 months, the time to sell all listing inventory at the current rate of sales. For context, the record months of supply was set in the first quarter of 2009 at 26.2 months, the slowest market pace on record.
The record $238 million sale did not impact the median sales price although it skewed average and average price per square foot upward an additional 5.8% and 4.7% respectively. The only price segment below $5 million to see sales growth was from $1 million to $2 million.
Days on market, the average number of days to sell all apartments that closed during the quarter was eight days faster, falling to 99 days from the year-ago quarter.
There were 2,216 sales in the first quarter of 2019, 8.1% less than the year-ago quarter and the fifth straight quarter of year over year declines.
Listing inventory rose 56.8% to 3,203 from the same period the previous year, the end of an era of chronically low inventory. To be clear, the rapid rise in supply over the past year still falls short of the ten-year quarter average of 3,671 listings and the pace of the market remains fast.
The months of supply, the number of months to sell all listing inventory at the current rate of sales, was 4.3 months, more than double the record pace of 1.9 months set in the third quarter of 2017.
The average days on market, the number of days from the last price change to the contract date, was 94 days, 11.9% slower than the same period the previous year.
Listing discount, the percentage change from the last list price to the contract price, was 5.6% up from 5% in the prior-year quarter and was the highest level reached in nearly four years.
ON THE MARKEt
735 east 10th street
Kensington — $1,339,000
ON THE MARKEt
2458 Bedford avenue
Flatbush — $1,249,000
85 Argyle Road
Ditmas Park — $3M