Nov 20, 2018
New York Real Estate Market Updates
Welcome to the Brooklyn Residential Sales Real Estate Market Reportfor the 2nd quarter of 2018
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’re keeping you up to date so you can make the smartest moves.
You’re listening to New York’s Real Estate Market Update from the Ratner Team.
In this Brooklyn report, we’ll cover the average residential sales in this sprawling borough of historic brownstones, row houses and exciting new developments. Keep listening for the record-high sales of this quarter.
Residential average sales prices for Q2 2018 in Brooklyn are bit lower compared to last year’s reports, with a 1.4% percent decreaseover 2017. Median sale prices fell 1.9% percent to $780,000. And this month, we saw a decrease of 5.7% percent in the number of transactions. Totaling 2,683 in Q2, 2018 compared to 2,845 in Q2, 2017.
New Development Condo sales in this 2nd quarter sold for an average of $1,209,911 at an average of $1,086 dollars per foot. That’s in contrast to $1,139 per square foot last year. This was a 4.7% percentdecrease in price per foot from the same quarter last year, when the average sale price was $1,401,298. The average sales price of new condos saw a decline of 13.7% from last year’s first quarter, from from $1,401,298 to $1,209,911. According to this quarter’s reports, these properties are spending substantially more time on the market: this year it took an average of 171 days to sell a new development property, versus 116 days in Q2, 2017.
Existing condo sales prices are on a slight decline as well. The average condo sales price in the second quarter of 2018 was $1,100,282. A dip from $1,161,431 last year. And a 5.3% percent decline from the second quarter last year. The average market pace for these properties increased: 115 days on market this year, versus 98 days in Q2, 2017.
Co-op sales prices fell this quarter. Selling at an average price of $563,709 dollars—a decrease of 3.6% percent from last year’s $584,529 dollars. Selling time has also increased: co-ops sat on the market for 102 days in quarter 2, as opposed to 73 days in the same quarter last year.
For the good news! 1-3 unit family homes performed the opposite, with an increase in price and a decrease in marketing time. This quarter, the average 1-3 family home sale price was $1,074,630, up 2.7% percent from $1,046,440 last year. Houses also sold in 15 fewer days. Properties, on average, were only on the market for 93 days, versus 108 days last year. This data shows that 1-3 family homes under $1,500,000 are still in high demand!
In the Luxury Market this quarter, the average luxury property sales price was $2,826,029. That’s a slight decrease. Down 3.5% percent from last year. These properties also took longer to sell, being on the market for for an average of 110 days, versus 101 last year.
Across the board, the average recorded price discount was 0.3% percent. Yet, it is important to note that at least homes are still rising in demand and value.
Now, to Brooklyn’s top residential sales in May 2018:
The top single-family sale in Brooklyn this May can be found in Brooklyn Heights. The selling price of 151 Clinton St was an incredible $5,500,000 – about $1,637 dollars per square foot. The large 21-foot-wide structure built circa 1851, has a beautifully appointed red brick and brownstone façade. Uniquely situated on a tree-lined corner in the heart of Brooklyn Heights.
Brooklyn Heights took the top condo sale of the quarter as well. #10, 167 Columbia Heights, which sold for $11,865,863. The 10th floor at the Standish is a 5,000 SF, 5 bedroom, four and a half bath with 360 views which includes direct city & water views of the harbor and lower Manhattan and Brooklyn downtown views. The original prewar elements of the Standish, like the bay windows in the 10th floor's entertaining space offers luxury in a blend of heritage and modernity. A balance between classic and state-of-the-art, 10th floor features wide-plank Austrian white oak flooring, a kitchen with Italian Cararra marble countertops and island, custom designed cabinetry and a separate pantry. The kitchen is appointed with premium Bertazzoni-Italia and Bosch appliances complemented with natural brass Fantini fixtures. Bathrooms feature rain showers, travertine and mosaic accents, and Fantini fixtures in natural brass.
Park Slope took first place this quarter for co-op sales. Winning a record sale for the top co-op at $2,575,000/ Located at 90 Eight Ave.
For bargain territory, head to Flatlands, Coney Island, & East Flatbush. These least-expensive residential areas in Brooklyn had a median sale price of $380,000 for a single family home this quarter. As far as Brooklyn is concerned, that’s a steal.
So, there are still deals out there. Some properties are still in high demand and rising. Others may be settling and could signal a good time to restructure portfolios.
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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