Median residential sales prices increased to $1.25 million in Brownstone Brooklyn and North Brooklyn in the second quarter of 2017, according to the Brownstone Brooklyn and Beyond market report released today by Ideal Properties Group, a leading real estate firm. This represents an increase of 9.6 percent from the same time period in 2016 and a .6 percent increase from the previous quarter.
The quarterly report is Ideal Properties Group’s analytical look into the borough’s most popular neighborhood sales markets. Average sales price for Brownstone Brooklyn and North Brooklyn’s residential properties was $1.687 million. This is an increase of 21.4 percent from the same time period in 2016 and up 9.2 percent increase from the previous quarter. Average prices per square foot grew by .9 percent to $1,109 since 2Q2016, while median prices per square foot rose from $1,108 per square foot to $1,090, increasing by 1.6 percent.
“Both median and average sales prices in Brownstone and North Brooklyn continue their upward traction and we have again surpassed the price of any previous time period,” stated Aleksandra Scepanovic, Managing Director of Ideal. “We believe that it will not be too long before we reach the $2 million average milestone, as Brooklyn continues to attract buyers for its beloved townhouses, condos and co-ops.”
Townhouse sales price averaged $2.494 million. This is a decrease of 6.9 percent from the previous year and down 3.8 percent from the previous quarter. Median prices decreased by 7.2 percent from the same time period in 2016 to $2.185 million, which represents a decrease of 5.1 from 1Q2017.
Additional findings of the report include:
- Condominium units continued to sell over $1 million for the 13th consecutive quarter with an average sales price of approximately $1.758 million, up 30.2 percent from the previous year
- Co-operative units sold for $824,233, up 7.8 percent from the previous year and 6.6 percent from the previous quarter
- The average time lapse from date of listing to closing was 124 days, decelerating by .8 percent from 1Q2017
- Forty-nine percent of properties sold above list price, eight percent sold at asking price and 43 percent sold below listing price
- The price ranges that accounted for the most sales in the first quarter of 2017 were $500,000 to $999,000 and above $2 million, each with 34 percent of all sales
- South Brooklyn ranked first in sales, accounting for 54 percent of all transactions, with Brownstone and North Brooklyn coming in second at 33 percent followed by East Brooklyn with 13 percent of all sales
- Park Slope ranked first in sales with 17 percent of all transactions, and Williamsburg and Downton Brooklyn came in second at 16 percent each followed by Clinton Hill and Brooklyn Heights, capturing 10 and nine percent of activity, respectively
Data in this report focuses on the “North” section of Brooklyn, encompassing Williamsburg, the Navy Yard and Greenpoint; and the “Northwest” or Brownstone Brooklyn section including Boerum Hill, Brooklyn Heights, Carroll, Gardens, Clinton Hill, Cobble Hill, Park Slope, Prospect Heights, Windsor Terrace and the Columbia Waterfront District as well as parts of Downtown, DUMBO, Fort Greene, Gowanus, Red Hook and Vinegar Hill.
The report analyzed closed sales data of individual co-operative and condominium units, and one- to three-family townhomes in Brooklyn. Rolling sales reports issued by the New York City Department of Finance (ACRIS), and the REBNY Listings Service (RLS) data were used as primary data sources in the compilation of this report.
The second quarter of 2017 Brownstone Brooklyn and Beyond report is available for download from the company’s website athttps://ipg.nyc/about/market-reports.
About Ideal Properties Group: Ideal Properties Group is one of the largest privately-owned, independent real estate firms specializing in premier Brooklyn neighborhoods. A full-service firm, Ideal offers pre-development marketing and branding as well as residential, commercial, office and retail services. With offices strategically located in Cobble Hill, Gowanus, Park Slope and Williamsburg, and a staff of over 200 highly trained real estate brokers and salespeople, Ideal is continuing its rapid expansion across Brooklyn. The firm was founded in 2007 by Aleksandra Scepanovic and Erik Serras, who identified a need to build a technologically innovative infrastructure for sales and rentals in key Brooklyn neighborhoods. Ideal possesses more accurate and relevant data on sales and rentals in Brooklyn than any other company. The firm’s experienced staff has the inside track to the borough’s many unique and diverse neighborhoods, from the most desirable buildings to cutting-edge restaurants, bars, culture and nightlife. Ideal is a proud member of the Real Estate Board of New York (REBNY). For more information on Ideal, visit www.ipg.nyc.
