Average residential sales prices decreased to $1,458,511 million in Brownstone Brooklyn and North Brooklyn in the first quarter of 2018, according to the Brownstone Brooklyn and Beyond market report released today by Ideal Properties Group, a leading real estate firm with offices in Brooklyn and Manhattan. This represents a decrease of 5.2 percent from the same time period in 2017 and a decrease of 5.9 percent previous quarter.
The quarterly report is Ideal’s analytical look into the Brooklyn’s most popular neighborhood sales markets. The median sales price for Brownstone Brooklyn and North Brooklyn’s residential properties was $1,109,892. This is a decrease of 11.4 percent from the same time period in 2017 and a decrease of 3.5 percent from the previous quarter. Average prices per square foot grew by 1.8 percent to $1,145 since Q1 2017, while median prices per square foot increased 3.3 percent to $1,124.
“Brooklyn saw a long, cold winter with plenty of precipitation, which we believe to be one of the reasons residential sales prices slipped in the first quarter of the year,” stated Aleksandra Scepanovic, managing director of Ideal. “However, warmer temperatures typically mean increased sales activity and we expect this tradition to continue in the spring and summer months. Co-operatives did see average sales prices rise significantly and as more millennials join Gen X in the market, we believe this asset class will gain momentum.”
Townhouse sales price averaged $2.752 million. This is an increase of 6.2 percent from the previous year and decrease of four percent from the previous quarter. Median prices increased by 4.8 percent from the same time period in 2017 to $2.411 million, which represents a minuscule decrease of .1 percent from Q4 2017.
Additional findings of the report include:
- Condominium units continued to sell over $1 million for the 18th consecutive quarter with an average sales price of approximately $1.446 million, down 7.1 percent from the previous year
- Co-operative units sold for an average of $899,888, up 16.7 percent from the previous year and 5.3 percent from the previous quarter
- The average time lapse from date of listing to closing was 143 days, decreasing by 8.3 percent from the fourth quarter of 2017 and by 14.4 percent from the previous year
- Thirty percent of properties sold above list price, 13 percent sold at asking price and 57 percent sold below listing price
- The price range that accounted for the most sales in the first quarter of 2018 was $500,000 to $999,000 with 41 percent of all sales; at 47 percent combined share (and a 12 percent increase quarter-over-quarter), the second most-represented group were properties selling at prices at or exceeding $1.5 million
- South Brooklyn ranked first in sales, accounting for 52 percent of all transactions, with Brownstone and North Brooklyn coming in second at 28 percent followed by East Brooklyn with 20 percent of all sales
- Park Slope dominated market share of sales, garnering 20 percent of all transactions, Williamsburg came next with 18 percent followed Brooklyn Heights with 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 first quarter of 2018 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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