Residential sales prices increased 24.6 percent in Brownstone Brooklyn and North Brooklyn in the third quarter of 2014 over the same period last year, and rose 2.7 percent from the previous quarter, according to the Brownstone Brooklyn and Beyond market report released by Ideal Properties Group.
Brownstone Brooklyn and North Brooklyn’s residential properties sold for an average of $1.192 million.
Median prices increased 18.5 percent to $930,000 from the previous year and average prices per square foot grew by 24.4 percent to $924, while median prices rose from $655 per square foot to $895, rising 28.2 percent.
“We find it particularly interesting to compare residential sales prices year-over-year. To have this kind of expansion take place in a mere 365 days never ceases to astonish us,” stated Aleksandra Scepanovic, Managing Director of Ideal Properties Group.
“As a firm, we have watched the market, and attraction to these neighborhoods, change so much in the past seven years. However continually challenging and evolving the real estate industry, it is always gratifying to see our optimistic anticipation – dating back to 2007 – that Brooklyn’s unique qualities and under-cultivated development would garner so much momentum and regard.”
The average price for townhouses rose more than 10.4 percent to $2.081 million from the same time period of 2013, but slipped slightly by 1.5 percent from the previous quarter.
Co-operative units increased in price up 10 percent from the previous quarter and up 22.6 percent from the same time period in 2013.
Additional findings of the report include:
Condominiums sold on average for $1.101 million, a slight increase of two percent from the previous quarter but up 28.6 percent from the same time period in 2013
The average time lapse from date of listing to closing decelerated by an average of 10 days or eight percent from the previous quarter Only 23 percent of properties sold below listing price; 66 percent sold above and 11 percent sold at the asking price
Properties in South Brooklyn accounted for 51 percent of all sales in 3Q2014, an increase of nine percent in the previous quarter, while East Brooklyn remained steady and saw 19 percent of all sales and Brownstone and North Brooklyn fell nine percent from the previous quarter, to 19 percent of all sales
Residential properties ranging in cost from $500,000 to $999,000 accounted for nearly half of all properties sold, with 49 percent of all sales, while those from $1 to $499,999 accounted for the fewest sold, with nine percent sold
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 and the REBNY Listings Service data were used as primary sources in the report