Ideal Properties Group Releases Brownstone Brooklyn and Beyond Second Quarter 2016 Residential Market Report
Residential sales prices increased 2.3 percent in Brownstone Brooklyn and North Brooklyn in the second quarter of 2016 over the same period last year, according to the Brownstone Brooklyn and Beyond market report released today by Ideal Properties Group, a leading real estate firm. This represents a decrease of 4.5 percent from the previous quarter.
The quarterly report is Ideal Properties Group’s analytical look into the borough’s most popular neighborhood sales markets. Brownstone Brooklyn and North Brooklyn’s residential properties sold for an average of $1.361 million, while median prices sold for $1.136 million. Average prices per square foot grew by nine percent to $1,099 since 2Q2015, while median prices per square foot rose from $975 per square foot to $1,108, rising by 12 percent.
“The second quarter of 2016 revealed that residential real estate prices continue to outperform 2015 numbers, which was a landmark year for Brooklyn already,” stated Aleksandra Scepanovic, Managing Director of Ideal Properties Group. “We traditionally see the most interest in real estate in the summer months and expect that this trend holds true again this year. Townhouses, the apple of Brooklyn’s eye, continue to be the strongest performing asset class and with demand surpassing supply, we predict record-breaking sales in the coming months.”
Townhouse sales price averaged $2.673 million. This is an increase of 16.1 percent from the previous year and a decrease of 2.9 from the previous quarter. Median prices increased slightly by .1 percent from the same time period in 2015 to $2.35 million, which represents a cooling of six perfect from 1Q2016.
Additional findings of the report include:
- Condominium units continued to sell over $1 million for the ninth consecutive quarter with an average sales price of $1.297 million, up 4.2 percent from the previous year
- Co-operative units sold for $910,666 up 19.4 percent from the previous year and 6.9 percent from the previous quarter
- The average time lapse from date of listing to closing was 116 days, remaining the same as the previous quarter and accelerating 8.4 percent from the same time period in 2015
- Forty-five percent of properties sold above list price, 17 percent sold at asking price and 38 percent sold below listing price
- The price range that accounted for the most sales in the second quarter of 2016 was $500,000 to $999,000, with 36 percent of all sales
- South Brooklyn ranked first in sales, accounting for 53 percent of all transactions, with Brownstone and North Brooklyn coming in second at 27 percent followed by East Brooklyn with 20 percent of all sales
- Park Slope led the number of completed sales with 24 percent, followed by Williamsburg with 23 percent and Brooklyn Heights, Clinton Hill and Prospect Heights tied for third with seven percent
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 2016 Brownstone Brooklyn and Beyond report is available for download from the company’s website athttp://www.idealpropertiesgroup.com/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. For more information on Ideal, visit www.ipg.nyc.
