Apr 10, 2018
New York Real Estate Market Updates
Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 4th quarter of 2017
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
In our Brooklyn report, we’ll keep you up to date with the average residential sales in this sprawling borough of historic brownstones and row houses. Keep listening for the record-high sales this quarter.
Residential average sales prices in Brooklyn held fast over last year’s reports, with a mere one percent increase over 2016. Median sale prices grew 2.7 percent to $770,000, and in this quarter, we saw another increase of 3.1 percent in the number of transactions, totaling 3,114 in 2017 compared to 3,020 in 2016. If you’re looking for solid market growth, Brooklyn is where you’ll find it.
New Development Condo sales this 4th quarter sold for $1,171,254 with an average $1,029 dollars per foot. This was actually a 25.9 percent decrease from 2016, when the average sale price was $1,580,741. According to this quarter’s reports, these properties are also spending considerably more time on the market: this year it took an average of 188 days to sell a new development property, versus 168 days in Q4 2016.
Existing condo sales prices are on a slight decline. The average condo sales price in the third quarter of 2017 was $1,037,209, a dip from $1,141,570 last year. While not as drastic a drop as for new developments, that’s still a 9.1% percent decline. Average market pace for these properties also increased: 107 days this year, versus 101 days in 2016.
Co-op sales prices rose this quarter, selling at an average price of $563,040 dollars—an increase of 12.7 percent from last year’s reports of $499,718 dollars. Also optimistic for this market is the fact that selling time has decreased: co-ops sat on the market for only 73 days, as opposed to last year’s number of 82 days in the same quarter.
1-3 family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was $1,053,850, up 3.8% percent from $1,041,891 last year. Houses also sold in 3 fewer days; properties, on average, were only on the market for 93 days, versus 96 days last year.
In the Luxury Market this quarter, the average luxury property sale price was $2,787,519. That’s a slight decrease, down 0.7 percent from last year, but these properties also sold in fewer days, only on the market for 108 days, versus 114 last year.
Across the board, the average recorded price discount was 2.4% percent.
Now, to Brooklyn’s top residential sales:
The top single-family sale in Brooklyn this December can be found in the Downtown Brooklyn district. The selling price of 160 State St was an incredible $4,375,000 – about $1,250 dollars per square foot. An enormous 25-foot-wide structure, this historic, landmarked townhouse was owned by the same family for over 50 years and retains many of its original details.
Boerum Hill took the top condo sale of the quarter at 321 Pacific St, which sold for $5,912,437. This modern home features a privately-heated garage, an elevator servicing all five floors, and a luxurious, spacious design with timeless appeal – well worth the $1,154 per square foot.
Park Slope held the record for the top co-op sale this December at $2,215,000.
For bargain territory, head to Flatlands, East New York, & East Flatbush. These least-expensive residential areas in Brooklyn had a median price-per-foot of $364 this December. Single-family homes averaged just $517,444. As far as Brooklyn is concerned, that’s a steal.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
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