First Quarter 2016 - The Real...
Transcript of First Quarter 2016 - The Real...
BROOKLYN RESIDENTIAL MARKET REPORT
First Quarter
2016
Townhouse prices were 5% higher
than 1Q15
Data Highlights
Apartment prices averaged 5% more than a year ago
The median apartment price
rose 10% to $573,000
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All BrooklynCOOPERATIVES & CONDOMINIUMS*
CONDOMINIUM
COOPERATIVES & CONDOMINIUMS
COOPERATIVE
Average & Median Sales Price
Average Price Per Room Average Price Per Square Foot
Average Sales Price Median Sales Price
Brown Harris Stevens 3
$800,000
$700,000
$600,000
$500,000
$400,000
$200,000
$300,000
$140,000
$130,000
$120,000
$110,000
$100,000
$80,000
$90,000
$850
$825
$800
$775
$750
$700
$725
$113,873 $132,875 $801 $796
1st Q15 1st Q16 1st Q15 1st Q16
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The average price rose 5% and median price
10% from 1Q15
Co-op prices per room averaged 17%
more than a year ago
$669,952 $573,000
1st Q16
$685,888 $557,375
4th Q15
$726,133 $570,000
3rd Q15
$682,172 $556,591
2nd Q15
$638,049 $520,000
1st Q15
* Includes new development and resale apartments.1Q16 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to include sales recorded after our initial reports were released.
All Brooklyn1-4 FAMILY HOUSES
AVERAGE PRICE PER SQUARE FOOT
AVERAGE & MEDIAN SALES PRICE
Average Sales Price Median Sales Price
Brown Harris Stevens 4
$1,000,000
$900,000
$800,000
$700,000
$600,000
$400,000
$500,000
$450
$425
$400
$375
$350
$300
$325
$397
3rd Q15
$405
4th Q15
BrownHarrisStevens.com WEB#
Both the average and median price were higher
than a year ago
The average price per square foot rose
16% to $444
$985,176 $829,400
1st Q16
$947,371 $746,000
3rd Q15
$939,299 $750,000
4th Q15
$952,140 $745,000
2nd Q15
$935,508 $750,000
1st Q15
$444
1st Q16
$384
1st Q15
$392
2nd Q15
BROWNSTONEBoerum Hill
Brooklyn Heights
Carroll Gardens
Clinton Hill
Cobble Hill
Columbia Street Waterfront District
Ditmas Park
Downtown Brooklyn
Dumbo
Fort Greene
Gowanus
Greenwood Heights
Park Slope
Prospect Heights
Prospect Park South
Prospect-Lefferts Gardens
Red Hook
South Slope
Vinegar Hill
Windsor Terrace
CENTRALBedford Stuyvesant
Bushwick
Crown Heights
Stuyvesant Heights
Brownsville
East New York
NORTHEast Williamsburg
Greenpoint
Williamsburg North Side
Williamsburg South Side
SOUTHBath Beach
Bay Ridge
Bensonhurst
Bergen Beach
Borough Park
Brighton Beach
Canarsie
Coney Island
Dyker Heights
East Flatbush
Flatbush
Flatlands
Gerritsen Beach
Gravesend
Kensington
Manhattan Beach
Marine Park
Midwood
Mill Basin
Seagate
Sheepshead Bay
Sunset Park
B
S
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Brooklyn Market Areas
Brownstone BrooklynCOOPERATIVES & CONDOMINIUMS
CONDOMINIUM
COOPERATIVES & CONDOMINIUMS
COOPERATIVE
Average & Median Sales Price
Average Price Per Room Average Price Per Square Foot
Average Sales Price Median Sales Price
Brown Harris Stevens 6
$1,050,000
$950,000
$850,000
$750,000
$650,000
$450,000
$550,000
$225,000
$200,000
$175,000
$150,000
$125,000
$75,000
$100,000
$2,000
$1,050
$1,000
$950
$900
$800
$850
$180,122 $205,138 $1,035 $992
The average and median price each rose
4% from 1Q15
Co-op prices were 14% higher, while condo prices fell slightly
$923,901 $795,000
1st Q16
$973,670 $830,000
4th Q15
$1,024,354 $849,000
3rd Q15
$922,727 $772,500
2nd Q15
$888,112 $764,000
1st Q15
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1st Q15 1st Q16 1st Q15 1st Q16
Brownstone Brooklyn1-4 FAMILY HOUSES
Average Sales Price Median Sales Price
Brown Harris Stevens 7
$2,500,000
$2,250,000
$2,000,000
$1,750,000
$1,500,000
$1,250,000
$950
$900
$850
$800
$750
$650
$700
$809
3rd Q15
$833
4th Q15
The median price of $2,122,500 was
18% higher than 1Q15
At $903, the average price per square foot
was up 20% from a year ago
$2,340,471 $2,122,500
1st Q16
$2,308,406 $2,037,500
3rd Q15
$2,263,544 $1,857,500
4th Q15
$2,417,178 $2,025,000
2nd Q15
$2,163,761 $1,800,000
1st Q15
$903
1st Q16
$750
1st Q15
$802
2nd Q15
$2,750,000
AVERAGE PRICE PER SQUARE FOOT
AVERAGE & MEDIAN SALES PRICE
BrownHarrisStevens.com WEB# 13252089
North BrooklynCOOPERATIVES & CONDOMINIUMS
COOPERATIVES & CONDOMINIUMSAverage & Median Sales Price
Average Sales Price Median Sales Price
Brown Harris Stevens 8
$1,100,000
$1,000,000
$900,000
$800,000
$700,000
$500,000
$600,000
CONDOMINIUMAverage Price Per Square Foot
$1,000
$975
$950
$925
$900
$950
$975
$988 $977
1st Q15 1st Q16
Both the average and median apartment
price were lower than a year ago
The average condo price per square foot
fell slightly from 1Q15
$920,754 $820,000
1st Q16
$1,000,884 $900,000
4th Q15
$974,910 $802,500
3rd Q15
$1,093,784 $900,000
2nd Q15
$1,002,071 $865,000
1st Q15
BrownHarrisStevens.com WEB# 12702313
North Brooklyn1-4 FAMILY HOUSES
Average Sales Price Median Sales Price
Brown Harris Stevens 9
$2,250,000
$2,000,000
$1,750,000
$1,500,000
$1,250,000
$1,000,000
$900
$800
$700
$600
$500
$300
$400
$752
3rd Q15
$727
4th Q15
While the average price was lower, the
median price was 2% higher
than 1Q15
The average price per square foot fell
4% to $747
$1,799,196 $1,681,250
1st Q16
$1,880,372 $1,725,000
3rd Q15
$1,857,434 $1,800,000
4th Q15
$2,007,218 $1,778,000
2nd Q15
$2,332,511 $1,655,000
1st Q15
$747
1st Q16
$782
1st Q15
$830
2nd Q15
$2,500,000
AVERAGE PRICE PER SQUARE FOOT
AVERAGE & MEDIAN SALES PRICE
Central BrooklynCOOPERATIVES & CONDOMINIUMS
COOPERATIVES & CONDOMINIUMSAverage & Median Sales Price
Average Sales Price Median Sales Price
Brown Harris Stevens 10
$700,000
$600,000
$500,000
$400,000
$300,000
$100,000
$200,000
CONDOMINIUMAverage Price Per Square Foot
$750
$700
$650
$600
$550
$450
$500
$632 $695
1st Q15 1st Q16
The average price for all apartments fell
6% from last year to $580,629
Condo prices per square foot were
10% higher than a year ago
$580,629 $520,000
1st Q16
$611,202 $565,000
4th Q15
$590,697 $560,000
3rd Q15
$586,815 $611,500
2nd Q15
$620,378 $560,000
1st Q15
Central Brooklyn1-4 FAMILY HOUSES
Average Sales Price Median Sales Price
Brown Harris Stevens 11
$800,000
$750,000
$700,000
$650,000
$600,000
$550,000
$350
$325
$300
$275
$250
$200
$225
$295
3rd Q15
$297
4th Q15
Townhouse prices averaged
16% more than a year ago
The median price rose 17%
$836,002 $740,750
1st Q16
$755,274 $660,000
3rd Q15
$746,035 $635,000
4th Q15
$703,183 $635,000
2nd Q15
$721,952 $635,000
1st Q15
$345
1st Q16
$278
1st Q15
$280
2nd Q15
$850,000
AVERAGE PRICE PER SQUARE FOOT
AVERAGE & MEDIAN SALES PRICE
BrownHarrisStevens.com WEB# 14164648
South BrooklynCOOPERATIVES & CONDOMINIUMS
CONDOMINIUM
COOPERATIVES & CONDOMINIUMS
COOPERATIVE
Average & Median Sales Price
Average Price Per Room Average Price Per Square Foot
Average Sales Price Median Sales Price
Brown Harris Stevens 12
$400,000
$350,000
$300,000
$250,000
$200,000
$100,000
$150,000
$85,000
$80,000
$75,000
$70,000
$65,000
$55,000
$60,000
$525
$500
$475
$450
$400
$350
$375
$64,564 $82,548 $484 $501
1st Q15 1st Q16 1st Q15 1st Q16
Strong gains were posted over the past year
in the both the average and median price
Co-op prices per room averaged
28% more than a year ago
$398,733 $350,000
1st Q16
$367,251 $315,000
4th Q15
$364,528 $320,000
3rd Q15
$362,662 $305,000
2nd Q15
$348,950 $280,000
1st Q15
BrownHarrisStevens.com WEB# 14550449
South Brooklyn1-4 FAMILY HOUSES
Average Sales Price Median Sales Price
Brown Harris Stevens 13
$800,000
$750,000
$700,000
$650,000
$600,000
$550,000
$425
$400
$375
$350
$325
$275
$300
$374
3rd Q15
$393
4th Q15
Townhouses prices averaged
10% more than 1Q15
The median price of $785,000 was
11% higher than a year ago
$848,023 $785,000
1st Q16
$798,942 $700,000
3rd Q15
$830,341 $732,500
4th Q15
$777,979 $694,000
2nd Q15
$771,609 $707,000
1st Q15
$420
1st Q16
$360
1st Q15
$364
2nd Q15
$850,000
AVERAGE PRICE PER SQUARE FOOT
AVERAGE & MEDIAN SALES PRICE
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West Side1926 BroadwayKevin Kovesci, EVPManaging Director of Sales
Downtown130 Fifth AvenueStephen Klym, EVP Managing Director of Sales
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East Side445 Park AvenueHall F. Willkie, PresidentBess Freedman, EVP Managing Director of Sales and Business DevelopmentRuth McCoy, EVPManaging Director of SalesRichard Ferrari, EVPManaging Director of Sales
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Park Slope100 Seventh AvenueCamille Logan, EVPManaging Director of Sales
Prepared by Gregory Heym, Chief Economist, Brown Harris Stevens.©2016 by Brown Harris Stevens. All Rights Reserved. This information may not be copied, used or distributed without Brown Harris Stevens’ consent. While information is believed true, no guaranty is made of accuracy.