Ideal Properties Group Releases Brownstone Brooklyn and Beyond Second Quarter 2017 Residential Market Report
Median residential sales prices increased to $1.25 million in Brownstone Brooklyn and North Brooklyn in the second quarter of 2017, according to the Brownstone Brooklyn and Beyond market report released by Ideal Properties Group, a leading real estate firm. This represents an increase of 9.6% from the same time period in 2016 and a .6% from the previous quarter.
The quarterly report is Ideal Properties Group’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 $1.687 million. This is an increase of 21.4% from the same time period in 2016 and up 9.2% increase from the previous quarter. Average prices per square foot grew by .9% to $1,109 since 2Q2016, while median prices per square foot rose from $1,108 per square foot to $1,090, increasing by 1.6%.
“Both median and average sales prices in Brownstone and North Brooklyn continue their upward traction and we have again surpassed the price of any previous time period,” stated Aleksandra Scepanovic, managing director of Ideal. “We believe that it will not be too long before we reach the $2 million average milestone, as Brooklyn continues to attract buyers for its beloved townhouses, condos and co-ops.”
Townhouse sales price averaged $2.494 million. This is a decrease of 6.9% from the previous year and down 3.8% from the previous quarter. Median prices decreased by 7.2% from the same time period in 2016 to $2.185 million, which represents a decrease of 5.1% from 1Q2017.
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 second 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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