Oct 30, 2017
New York Real Estate Market Updates
Welcome to the Brooklyn Residential Sales Real Estate Market Report for the second 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.
This is our Brooklyn edition: the sprawling, trendy borough which plays host to bourgeoning hipsters and decades-rooted residents alike, but still retains its old-New York charm. We’ll follow the rule of averages and give you those first, but keep listening to the record-high sales this quarter.
Residential prices in Brooklyn increased 13 percent over last year’s reports, with a median sale price of $720,000 in this ever-growing borough. The average price per square foot? $671 dollars – up 12 percent from last year. This year alone, we saw an astonishing number of 957 total transactions. That’s up, again, 13 percent from last year, and demonstrates how relentless this market growth truly is.
On to condos: the average New Development Condo this year sold for a colossal $1,401,298. Consider this: in 2016, the average sale price was just under one billion at $917,619. That means in 2017 alone, we’ve seen an increase of 52 percent. However, data also shows us that the average market time for these properties has increased considerably: last year, it took an average of 79 days to sell a new development condominium property, versus 116 days in 2017. Just over a month longer to sell for 50% more? You do the math.
Existing condo sales prices have also risen, if not with quite the same veracity. The average condo sales price in the second quarter of 2017 was $1,161,431, versus $953,456 last year. While not as big as the spike for new developments, that’s still a 21.8 percent growth. The average market pace for these properties also increased, though less dramatically: 98 days this year, versus 71 days in 2016.
Co-op sales prices rose predictably this quarter, with an average price of $584,529. Compared to $507,315 same time last year, that’s a 15.2% increase, which is notable but not unordinary. What makes this market unique is that the selling time has actually decreased: co-ops sat on the market for only 108 days, as opposed to last year’s number of 122 days in the same quarter – that’s an average of 15 fewer days.
Single and multi-family homes performed similarly, with an average increase and a decrease in market time. This quarter, the average 1-3 family home sale price was 1,046,440, up 8.4 percent from $871,977 last year. Houses also sold in 14 fewer days, however; properties, on average, were only on the market for 108 days, versus 122 days last year.
Across the board, the average recorded price discount was 1.8 percent.
Now, to Brooklyn’s top residential sales:
The top single-family sale in Brooklyn this August was, of course, a residence in the Brooklyn Heights neighborhood. The selling price of 31 Garden Place was an incredible $8,350,000 – about $1758 per square foot.
The top condo sale was found in Dumbo, selling for $6,083,006, or $2284 per square foot.
We’ll go back to Brooklyn Heights for the top co-op sale this quarter at $2,995,000.
However, if you’re looking for a bargain, head to Coney Island. This least-expensive residential area in Brooklyn had a median price-per-foot of $421 this quarter. Condo prices in Coney Island averaged $665,000; co-op prices averaged $412,000, and single-family homes averaged at just $535,000. 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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