Quarter-over-quarter, total new development sales volume in Brooklyn increased by 14.22%, from $516,212,219 during 1Q21 to $589,633,934. The total number of sponsor sales increased by 19.85%, from 393 sales during 1Q21 to 471 this past quarter. Quarter-over-quarter, the median price per square foot for a sold sponsor unit decreased by 7.7%, from $1,277.77 to $1,179.10. In that same span, the median price paid for a Brooklyn sponsor unit decreased by 5.2%, from $1,050,000 to $995,000. Year-over-year, median price per square foot increased by 1.5% while the median sales price increased by 2.1%.

Everything is looking up for the Brooklyn real estate market. Inventory, transactions and closed-sale prices increased across the borough in the first quarter of 2021, according to a report prepared by appraiser Jonathan Miller of Miller Samuel and published by Douglas Elliman this morning. The average sale price this quarter set a new record at $1,114,193, which was a 5.6 percent increase from the previous quarter and a 9.9 percent increase from the same period last year.

YIMBY’s 2020 New Building Report, covering 2019’s numbers, showed a substantial increase in applications, with 2019’s total filings reaching 36,467. This year, the numbers have dropped somewhat, with 2020’s submitted residential units totaling 30,036. While this was a decrease, it was still substantially above the 2018 total of only 20,393 new units filed, indicating that in spite of the profound headwinds beginning in March of last year that are now seemingly abating, permitting activity remained fairly vigorous.

A year later and a quarter of New Yorkers are vaccinated, and we’re starting to see “normal” life resurface. To understand how the residential real estate market is rebounding, we spoke to experts in the field, including brokers, developers, and data gurus, to get their thoughts on timing, prices, the luxury market, surrounding suburbs, and more. Why now is the time to buy.