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

Cover Property: BrownHarrisStevens.com WEB# 14381790

BrownHarrisStevens.com WEB# 12033354


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


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



$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

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Brooklyn Market Areas

Brownstone BrooklynCOOPERATIVES & CONDOMINIUMS

CONDOMINIUM


COOPERATIVE





$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


1st Q15 1st Q16 1st Q15 1st Q16

Brownstone Brooklyn1-4 FAMILY HOUSES



$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




North BrooklynCOOPERATIVES & CONDOMINIUMS

COOPERATIVES & CONDOMINIUMSAverage & Median Sales Price



$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


North Brooklyn1-4 FAMILY HOUSES



$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



Central BrooklynCOOPERATIVES & CONDOMINIUMS

COOPERATIVES & CONDOMINIUMSAverage & Median Sales Price



$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



$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




South BrooklynCOOPERATIVES & CONDOMINIUMS

CONDOMINIUM


COOPERATIVE





$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


South Brooklyn1-4 FAMILY HOUSES



$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




NEW YORK CITY • THE HAMPTONS • PALM BEACH • MIAMI 212.906.9200

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Contact us

CENTRAL PARK

West Side1926 BroadwayKevin Kovesci, EVPManaging Director of Sales

Downtown130 Fifth AvenueStephen Klym, EVP Managing Director of Sales

Tribeca43 North MooreStephen Klym, EVP Managing Director of Sales

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

Brown Harris Stevens Development Marketing445 Park AvenueStephen Kliegerman, President

Upper East Side1121 Madison AvenuePeter R. Marra, EVPManaging Director of SalesSarah Orlinsky-Maitland, EVPManaging Director of Sales

Edward Lee Cave Division790 Madison AvenueCaroline E. Y. GuthriePresident

Brooklyn Heights129 Montague StreetChristopher Thomas, EVPManaging Director of Sales

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.

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