Median residential sales prices increased to $1.3 million in Brownstone Brooklyn and North Brooklyn in the third quarter of 2017, according to the Brownstone Brooklyn and Beyond market report released today by Ideal Properties Group, a leading real estate firm. This represents an increase of 14.3 percent from the same time period in 2016 and a four percent increase from the previous quarter.
The quarterly report is Ideal’s analytical look into the borough’s most popular neighborhood sales markets. Average sales price for Brownstone Brooklyn and North Brooklyn’s residential properties was $1.632 million. This is an increase of 16.7 percent from the same time period in 2016 and a decrease of 3.3 percent from the previous quarter. Average prices per square foot grew by .5 percent to $1,119 since 3Q2016, while median prices per square foot decreased .5 percent to $1,088.
“The summer and early fall time is always a popular one for real estate transactions,” stated Aleksandra Scepanovic, Managing Director of Ideal. “We saw significant increases in both median and average sales prices in Brownstone and North Brooklyn compared to 2016. The neighborhoods of Brooklyn continue to be coveted for their unique offerings – from charming streets and beautiful green parks to renowned restaurants and entertainment. We expect the momentum from this quarter to continue through the rest of 2017 and beyond.”
Townhouse sales price averaged $2.942 million. This is an increase of 10 percent from the previous year and 18 percent from the previous quarter. Median prices increased by 6.2 percent from the same time period in 2016 to $2.5 million, which represents an increase of 14.4 percent from 2Q2017.
Additional findings of the report include:
- Condominium units continued to sell over $1 million for the fourth consecutive year with an average sales price of approximately $1.682 million, up 27.7 percent from the previous year
- Co-operative units sold for $862,087, down 4.5 percent from the previous year and up 4.6 percent from the previous quarter
- The average time lapse from date of listing to closing was 121 days, decelerating by 2.4 percent from 2Q2017
- Thirty-three percent of properties sold above list price, 17 percent sold at asking price and 50 percent sold below listing price
- The price range that accounted for the most sales in the third quarter of 2017 was $500,000 to $999,000 with 34 percent of all sales
- South Brooklyn ranked first in sales, accounting for 51 percent of all transactions, with Brownstone and North Brooklyn coming in second at 36 percent followed by East Brooklyn with 13 percent of all sales
- Park Slope ranked first in sales with 22 percent of all transactions, Williamsburg came in second with 19 percent followed Brooklyn Heights capturing 10 percent of activity
Data in this report focuses on the “North” section of Brooklyn, encompassing Williamsburg, the Navy Yard and Greenpoint; and the “Northwest” or Brownstone Brooklyn section including Boerum Hill, Brooklyn Heights, Carroll, Gardens, Clinton Hill, Cobble Hill, Park Slope, Prospect Heights, Windsor Terrace and the Columbia Waterfront District as well as parts of Downtown, DUMBO, Fort Greene, Gowanus, Red Hook and Vinegar Hill.
The report analyzed closed sales data of individual co-operative and condominium units, and one- to three-family townhomes in Brooklyn. Rolling sales reports issued by the New York City Department of Finance (ACRIS), and the REBNY Listings Service (RLS) data were used as primary data sources in the compilation of this report.
The third quarter of 2017 Brownstone Brooklyn and Beyond report is available for download from the company’s website at https://ipg.nyc/about/market-reports.
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