The condominium market in Brooklyn is gaining steam. With more than 600 listings closed or in contract in 2015, the market for new developments in Brooklyn is now 25% as large as the Manhattan market by transaction volume, up from 10.5% in 2014, according to a year-end report from Halstead Property Development Marketing. The market for new developments is unique in that closings typically don’t occur until 12 to 18 months after the buyer enters a contract. Here are a few of the report’s highlights: • The average price per square foot for listings in contract in Brooklyn was $1,335 in 2015, up 18.2% over the previous year. • An average of 51 units were sold per month in Brooklyn, compared with 201 units sold per month in Manhattan. • Brooklyn saw a sharp increase in sales within the $2 million to $4 million range, with 149 units closed or in contract in 2015, compared with 42 units in 2014. • Two-bedroom units had the most deal volume by unit type in both boroughs. Read the full report here.
Related: More New Residences are Coming to Brooklyn Write to Gina Faridniya at gina.faridniya@dowjones.com