Brooklyn Residential Market Report October 2017

New York Real Estate Market Updates

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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 the Brooklyn report, and we’ll give you the average residential sales in the land of timeworn brownstones and historic row houses. Keep listening for the record-high sales this quarter.

Residential prices in Brooklyn increased 9 percent over last year’s reports, with a median sale price of $680,000 in this ever-growing borough. The average price per square foot? $621 dollars – up 12 percent from last year. This quarter alone, we saw an astonishing number of 715 total transactions. That’s up, again, 12 percent from last year’s 3^rd quarter, and demonstrates how relentless this market growth truly is.

On to condos: the average New Development Condo this 3^rd quarter sold for $1,193,471 with an average $1,057 dollars per foot. Considering that in 2016, the average sale price was just under two million at $1,869,810, we’ve seen a decrease of 36.2 percent this year. Data also shows us that the average market time for these properties has increased considerably: last year, it took an average of only 161 days to sell a new development condominium property, versus 222 days in 2017.

Existing condo sales prices have also declined. The average condo sales price in the third quarter of 2017 was $1,082,398, versus $1,145,401 last year. While not nearly as big as the drop for new developments, that’s still a 5.5 percent decline. Average market pace for these properties also increased: 106 days this year, versus 78 days in 2016.

Co-op sales prices were predictable this quarter, with an average price of $562,410 dollars. Compared to $557,853 dollars this same time last year, that’s an increase of only 0.8 percent. Selling time, too, has remained fairly steady: co-ops sat on the market for only 69 days, as opposed to last year’s number of 70 days in the same quarter.

Single and multi-family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was 1,110,419, up 4.2 percent from $1,065,982 last year. Houses also sold in 23 fewer days; properties, on average, were only on the market for 76 days, versus 99 days last year.

Across the board, the average recorded price discount was 3.7 percent.

Now, to Brooklyn’s top residential sales:

The top single-family sale in Brooklyn this October was, a residence in the Boerum Hill neighborhood. The selling price of 377 Pacific St was an incredible $4,850,000 – about $1,918 dollars per square foot for the modern 6-bedroom home.

The top condo sale was found in Williamsburg, selling for $3,250,000, or $1,822 per square foot.

Park Slope held the record for the top co-op sale this quarter at $3,500,000.

However, if you’re looking for a bargain, head to Brownsville. This least-expensive residential area in Brooklyn had a median price-per-foot of $250 this quarter. Single-family homes averaged just $345,000. As far as Brooklyn is concerned, that’s a steal.

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