A new quarterly report from Ideal Properties reveals a slight temperament in Brooklyn sales prices between the first two quarters of 2016. Nonetheless, both Brownstone and North Brooklyn grew 2.3 percent in price compared to the same period last year.
Brownstone’s residential properties sold for an average $1.361 million in Q2, while median prices sold for $1.136 million. Average price per square foot grew 9 percent year-over-year to reach $1,099, and median price per square foot rose 12 percent to $1,108.
Ideal Properties
Managing Director of Ideal Properties Group Aleksandra Scepanovic says that so far this year, Brooklyn sales prices are outperforming 2015. Last year was already considered a landmark growth period for the borough.
“We traditionally see the most interest in real estate in the summer months and expect that this trend holds true again this year,” Scepanovic said in a statement. “Townhouses, the apple of Brooklyn’s eye, continue to be the strongest performing asset class, and with demand surpassing supply, we predict record-breaking sales in the coming months.”
Lofts or Townhomes?
Showcasing high demand, townhouses increased 16.1 percent in sales price year-over-year, but also dropped 2.9 percent between quarters. The average price for townhouses is now $2.673 million. Still, median townhouse sales price dropped year-over-year, hitting $2.35 million.
Meanwhile, condo sales prices in Brooklyn grew 4.2 percent year-over-year, reaching a $1.297 million average. Co-ops sales prices are up 19.4 percent since the second quarter of 2015. The average co-op sales price of $910,666 represents a quarterly boost of 6.9 percent.
Buyers favoring South Brooklyn
List-to-close time remained unchanged between quarters, at 116 days. But average days on the market is 8.4 percent faster than last year.
The most sales in the second quarter of 2016 fell between $500,000 to $900,000 (36 percent).
Ideal Properties
South Brooklyn posted the highest number of transactions, accounting for 53 percent of Brooklyn’s residential activity. Brownstone and North Brooklyn came in second (27 percent of sales), while East Brooklyn held 20 percent of transactions for third place.
For completed sales, 24 percent belonged to Park Slope. Williamsburg had 23 percent of closings. In a three-way tie for third, Brooklyn Heights, Clinton Hill and Prospect Heights each had 7 percent of closed transactions in Brooklyn.
Almost half (45 percent) of all sales in the second quarter were above asking price. Just 17 percent sold for asking, while 38 percent received less than list price.
