Feb 19, 2019
New York Real Estate Market Updates
Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 3rd 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 Q3 2018 in Brooklyn are higher compared to last year’s reports, with a nice 7.2 percent increase over 2017. Median sale prices also rose to $808,000, up 2.3 percent. And this month, we saw a small decrease of -0.5 percent in the number of transactions, totaling 2,898 in Q3, 2018 compared to 2,683 in Q3, 2017.
New Development Condo sales in this 3rd quarter sold for an average of $1,210,357at an average of $1,240per foot. That’s in contrast to $1,057 per square foot last year. This was a 17.3% percent increase in price per foot from the same quarter last year when the average sale price was $1,193,471. The average sales price of new condos saw an increase of 1.4% from last year’s third quarter, from $1,401,298 to $1,193,471. According to this quarter’s reports, these properties are spending less time on the market: this year it took an average of 210 days to sell a new development property, versus 222 days in Q3, 2017.
Existing condo sales prices are at a slight increase as well. The average condo sales price in the third quarter of 2018 was $1,116,516, an increase from $1,082,398 last year and a 3.2% percent increase from the third quarter last year. Similarly to new condos, existing condo properties spent less time on the market this year, going down to 92 days versus 106 days in Q3, 2017.
Co-op sales prices rose this quarter, selling at an average price of $622,021—an increase of 10.6% percent from last year’s $562,410. Though prices went up, selling time decreased: co-ops sat on the market for 59 days in Quarter 3, as opposed to 69 days in the same quarter last year.
1-3 unit family homes performed similarly, with an increase in price. This quarter, the average 1-3 family home sale price was $1,186,423, up 6.8% percent from $1,110,419 last year. Houses spent a bit more time on the market, taking an additional 7 \days. Properties, on average, were only on the market for 83 days versus 76 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 $2,928,380. That’s a slight increase, up 1.3% percent from last year. These properties also took longer by one day to sell, staying on the market for an average of 109 days, versus 108 last year.
Across the board, the average recorded price discount was 0.9% percent. But it is important to note that homes are still rising in demand and value.
Now, to Brooklyn’s top residential sales in November 2018:
The top single-family sale in Brooklyn this May can be found in Brooklyn Heights. The selling price of 192 Columbia Heights was an incredible $11,750,000 – about $1,774 dollars per square foot. The restored mansion, originally built in 1856, was 6,500 square feet, four stories, and amazing views.
Brooklyn Heights took the top condo sale of the quarter as well. #6G, 1 Grand Army Plaza in Prospect Heights, which sold for $3,000,000. The three-bedroom unit was just over 2 thousand square feet and boasted multiple private outdoor spaces and an open floorplan. The condo was located in a building with a full-time doorman and many other amenities and is located near several Brooklyn cultural institutions.
Brooklyn Heights took first place in November for co-op sales. Winning a record sale for the top co-op at $2,995,000, this property was located at 62 Montague St on the 7th floor. This unit included four bedrooms, each with an incredible view, a separate bedroom wing, and a spacious shared living space. The co-op was located in a building near many options for public transportation, shopping, and restaurants.
For bargain territory, head to East New York, Georgetown & East Flatbush.
These least-expensive residential areas in Brooklyn had a median sale price of $531,488 for a single family home, $370,336 for a condo and about $300,000 for a co-op. Those prices are a deal for life in Brooklyn!
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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