Inventory Shortage Eases Across Brooklyn While Prices Leap 57.3 Percent in Bed Stuy

Not all Brooklyn neighborhoods are equal: The much-vaunted inventory shortage is easing off in some areas while it’s only getting worse in others. Inventory in Red Hook, Prospect Lefferts Gardens, Prospect Heights and Park Slope decreased the most in the last year, according to a detailed and fascinating look at Brooklyn real estate in The Real Deal. Guess where inventory is actually increasing?

Bushwick and Bed Stuy led the pack, with whopping increases of 45.5 percent and 41.5 percent in inventory over the last year. Williamsburg, Greenpoint and Bay Ridge also ticked up.

Overall, the shortage is easing up. The reasons: More new developments are coming online, and more homeowners are looking to sell as prices rise.

“I would characterize this increase as a slight return, a beginning of a return to normal,” said a data scientist in charge of StreetEasy’s research. “We still have a long way to go.”

Not surprisingly, median sales prices of all types of homes are up across the board. Park Slope had the highest median price, clocking in at $960,000, up 31 percent from June 2013. It was even higher than Brooklyn Heights, at $862,000, up 7.8 percent from the year before, and Williamsburg, at $849,500, and increase of 32.3 percent.

Still, despite all the new inventory flooding Bed Stuy as long-time owners cash out, incredibly, the median price there leapt a staggering 57.3 percent in only one year, to $507,336.

Brooklyn’s Empty Shelves [TRD]