Temperatures are cooling down, but Brooklyn’s residential market certainly isn’t. Both the median and the average sale prices notched record highs as demand for tertiary living continued to thrive throughout the late spring and summer of 2015.
According to the Elliman 3rd Quarter report findings, the lower borough saw an average sale price of $856,839 for condos, co-ops and 1-3 family properties. This is an 18 percent jump compared to the same period last year.
The median price jumped by more than 15 percent to over $676,000, a new high, and the luxury market drove prices to a median level of $2,025,000 per property.
“Brooklyn reached its highest price per square foot level ever for the third quarter in a row, this is mainly due to the lack of supply combined with the aggressive demand to want to buy in Brooklyn,” Nadia Bartolucci, a salesperson at Douglas Elliman who specializes in Brooklyn properties told Brokers Weekly.
The lack of supply is a nearly 14 percent slide from last summer’s stock of marketable options. Just over 4,100 properties graced the market in the borough over the past quarter, which helped spur an added urgency to close.
Properties were swept off the market at the quickest clip since 2008, lasting 55 days on average. This registered as a 40.2 percent drop off from last year’s wait times.
“As long as the economy continues at this level, there is no sign of downturn in Brooklyn,” said Bartolucci, who expects the trend to continue through the fall and onward.
“With all of the new development going on in Boerum Hill, Prospect Heights, as well as the smaller boutique developments going up in Park Slope, Crown Heights, and townhouse development into Windsor Terrace, higher numbers are not out of the question. The demand still significantly outweighs the supply.”
But where is that demand greatest? Bartolucci pointed to Prospect Heights, labeling it as the “hottest neighborhood.”
“The development activity is impressive and the Pacific Park project will change that section of Atlantic Avenue and Pacific street into what was once a no man’s land eye sore, into a beautiful welcoming greenway mixed with a blend of modern new development,” she said.
“Windsor Terrace is also hot right now. It is one of the few neighborhoods in Brooklyn where you can still pick up a renovated two family townhouse for under $1.2 million.”
The deals in Prospect Heights and the demand throughout the rest of the borough have Brooklyn currently on a 14 percent uptick for number of sales with 2,368 registered for the summer.