Brooklyn’s Luxury Home Sale Market Holds Steady Mid-July

Nearly $20 million worth of luxury homes went into contract in Brooklyn last week.

There were eight contracts signed last week, according to Compass’ weekly report tracking contracts for homes asking $2 million or more in the borough. Four of the deals were townhouses, the other four condos.

The prior week saw 11 deals signed for a combined value of nearly $30 million, the strongest week in four months since the city began to shut down to slow the spread of Covid-19.

The median asking price for the properties that went into contract last week was $2.4 million. The homes spent an average of 135 days on the market and saw asking prices discounted by an average of 1 percent.

The most expensive contract was for a two-bedroom condo in Dumbo at 1 John Street. The unit spans 1,492 square feet and was last asking $2.9 million.

The second priciest deal was for a 20-foot wide townhouse in Park Slope. The four-bedroom home at 526 11th Street includes a garden, hardwood floors and marble fireplaces. It went into contract at $2.75 million.

In-person property showings resumed on June 22 and while some were predicting an immediate uptick in deals, many believed the market would be slow due to the uncertainty around pricing.

Write to Erin Hudson at ekh@therealdeal.com