Brooklyn Residential Prices Continue Their Upward Momentum

Inside Brooklyn's rising condo market.

New York–Average residential sales prices increased 14.6 percent in much of Brooklyn in the second quarter of 2015 compared to the same period last year, according to the “Brownstone Brooklyn and Beyond” market report released by Ideal Properties Group. The prices represent a decrease of 3.2 percent from the first quarter of 2015, however.

According to the report, “Brownstone Brooklyn” includes the neighborhoods of 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 “North” section of Brooklyn encompasses Williamsburg, the Navy Yard and Greenpoint in the report.

The report analyzed closed sales data of individual co-operative and condo units, and one- to three-family townhomes in the borough. Rolling sales reports issued by the New York City Department of Finance, and the REBNY Listings Service data were used as primary sources in the compilation of the report.

Brownstone Brooklyn and North Brooklyn’s residential properties sold for an average of $1.329 million in Q2 2015, the report said. Median prices increased 13.3 percent to $1.025 million from the previous year. Average prices per square foot grew by 11.1 percent to $1,000, while median prices per square foot rose from $884 per square foot to $975, up 10.3 percent.

“Due to consistent interest in residential properties, coupled with limited inventory, the second quarter of 2015 saw numerous new milestones in Brownstone and North Brooklyn,” noted Ideal Properties Group manaing director Aleksandra Scepanovic. “With summer just underway, we expect to see a heated sales market with prices continuing their upward momentum.”

Additional findings of the report include that the average time from date of listing to closing was 107 days, shortening by an average of 10.1 percent from the previous year and 4.9 percent from the previous quarter; 47 percent of properties sold above list price, 20 percent sold at asking price and only 33 percent sold below listing price; and the price range that accounted for the most sales in Q2 2015 was $500,000 to $999,000, with 35 percent of all sales. However, for the first time in the history of Brownstone Brooklyn, the majority of properties sold for over $1 million, with 51 percent of all sales.