Brooklyn Residential Prices Continued Acceleration in ’15
- Jan 15, 2016
New York—Residential sales prices increased 13.8 percent in Brownstone Brooklyn and North Brooklyn in the fourth quarter of 2015 compared with the same period last year, according to the Brownstone Brooklyn and Beyond report released by Ideal Properties Group this week. That also represents an increase of 5.6 percent from the third quarter of 2015.
Data in the report focuses on the “North” section of Brooklyn, which encompasses Williamsburg, the Navy Yard and Greenpoint; and the “Northwest” or “Brownstone Brooklyn” section. The latter is expansive, and includes 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 cooperative and condominium units, and one- to three-family townhomes in Brooklyn. 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, according to Ideal.
Brownstone Brooklyn and North Brooklyn’s residential properties sold for an average of $1.459 million during 4Q 15. Condo units continued to sell over $1 million for the seventh consecutive quarter, with an average sales price of $1.219 million, up 8.8 percent from the last year. Co-op units sold for an average of $772,893, up 3.8 percent from the previous year but down 5.1 percent from the previous quarter
Average residential prices per square foot grew by 9.4 percent to $1,005, while median prices per square foot rose from $910 per square foot to $987, increasing 8.5 percent. “We expect [increases] to carry through 2016 across asset classes, although the rate will likely not be as rapid as we have seen over the past five years, except foreseeably in the high-end single-family townhouse market,” noted Aleksandra Scepanovic, managing director of Ideal Properties Group.