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Jun 21, 2019

New York Real Estate Market Updates

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Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 1st quarter of 2019

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 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 Q1 2019 in Brooklyn are bit lower compared to last year’s report, with a 1.8% percent decrease over 2018. Median sale prices fell to $964,324,000. And this quarter, we saw a decrease of 8.1% percent in the number of transactions. Totaling 2,216 in Q1, 2019 compared to 2,474 in Q1, 2018.

New Development Condo sales in this 1st quarter sold for an average of $1,058,287 at an average of $984 dollars per foot. That’s in contrast to $1,173 per square foot last year. This was a 16.1% percent decrease in price per foot from the same quarter last year when the average sale price was $1,324,707. The average sales price of new condos saw a decline of 20.1%. According to this quarter’s data, these properties are spending a bit more time on the market: this year. It took an average of 107 days to sell a new development property, versus 104 days in Q1, 2018.

Existing condo sales prices are on a slight decline as well. The average condo sales price in the first quarter of 2019 was $1,000,769. A dip from $1,045,015 last year. And a 4.2% percent decline from the first quarter last year. The average marketing time for these properties increased: 102 days on market this year, versus 90 days in Q1, 2018.

Co-op sales prices increased this quarter. Selling at an average price of $595,819 dollars—an increase of 3.5% percent from last year’s $575,917 dollars. Selling time has also increased: co-ops sat on the market for 81 days in quarter 1, as opposed to 79 days in the same quarter last year. 

1-3 unit family homes performed about the same, with a very small increase in price and an increase in marketing time. This quarter, the average 1-3 family home sale price was $1,107,993, up 0.1% percent from $1,106,656 last year. Houses also sold in 20 more days. Properties, on average, were on the market for 100 days, versus 80 days last year. The 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 $2,724,093 That’s a slight decrease. Down 2.3% percent from last year. These properties also took longer to sell, being on the market for an average of 105 days, versus 103 last year.

Across the board, the average recorded price discount was 0.6% 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 Q1 2019:

The top single-family sale in Brooklyn in Q1 2019 can be found in Williamsburg. The selling price of 138 North First was an incredible $5,250,000 – about $1,400 dollars per square foot. This rare 25-foot wide, brand new constructed townhouse in the heart of Williamsburg is unlike any other. Designed for comfort, but aesthetically impressive with state-of-the-art technological adaptations and grand spaces. This magnificent 4,700-square foot, super-quiet home features herringbone-patterned pine floors throughout, hand-hewn structural beams from the iconic Domino Sugar Factory, with wood that can’t be found anywhere else in the world except the Whitney Museum of Art.

Dumbo took the top condo sale of the quarter. 51 Jay St Penthouse A sold for $4,709,915. This duplex penthouse commands stunning views across DUMBO with north, south, east and west exposures. The three separate multi-level terraces provide a total of 1,388 square of private outdoor space. The herringbone-patterned floors are smoked, wire brushed oak. The kitchen's custom wood cabinetry by Aster Cucine features antiqued details and stainless steel hardware. La Rochelle Gris marble slab countertops and basalt porcelain tile beautifully finish the space. The Gaggenau appliance package includes electric convection oven and gas cooktop with 6 burners, refrigerator/freezer, wine cooler, dishwasher, and microwave built-in drawer.  

Park Slope took first place this quarter for co-op sales. Winning a record sale for the top co-op at $2,950,000. Located at 35 Prospect Park W #7C, in a full-service building, this classic six-bed home has a generous layout over 2,200 SF, original parquet floors and moldings, and other elegant original interior details intact. This apartment exudes warmth and sophistication and exemplifies the thoughtful combination of new with old. Enter into a gracious 23-foot long foyer leading to the south-facing 25-foot formal living room with sweeping views of Brooklyn, complete with a wood-burning fireplace encased by custom built-in shelving. The 21-foot formal dining room, accessible from the foyer through a set of glass doors or the kitchen, can easily accommodate entertaining on a grand scale and is cleverly configured with a second living area. The kitchen is fully complemented by a windowed breakfast area, Sub-Zero refrigerator, 48-inch Wolf range with warming oven and pot filler, full height Thermador wine fridge, Miele dishwasher, Italian cabinetry by Ceasar, Kallista nickel fixtures and original wall tile.

For bargain territory, head to Canarsie & East New York. These least-expensive residential areas in Brooklyn had a median sale price of $527,500 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.

Plus, don’t miss our new report on Brooklyn’s vibrant piers and how they are being reinvented with community spaces and new condos.

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