Brooklyn luxury contracts come back to earth with $80M week

Activity in Brooklyn’s luxury market came back down to earth last week.  After notching two straight weeks with contract volumes over $150 million, the borough saw $80 million in volume across 25 contracts last week, according to Compass’ weekly report for contracts signed on homes asking at least $2 million from May 11 to May 17. Contracts signed last week included seven condos, five co-ops and 13 single-family homes.  The median asking price for deals signed last week was $2.5 million, the average price per square foot was $1,279 and homes spent an average of 62 days on the market. […] This article originally appeared on The Real Deal. Click here to read the full story.