The performance of the Brooklyn and Queens residential markets during second quarter 2019 can simply be summed up as this: rising median sales prices and declining number of sales.
According to new 2Q 2019 reports released by Douglas Elliman, the median sales price for homes in Brooklyn (consisting of co-ops, condos and 1-3 family residences) during the second quarter of 2019 was a record-setting $815,000--up 4.5 percent year-over-year. However, the number of sales fell 4.5 percent to 2,561, marking the sixth straight quarter of a drop in sales.
Broken down by property type, the median sales price for Brooklyn condos was $923,500, a 7.4 percent uptick. The number of condo sales in that same borough was 831, an increase of 1.0 percent over second quarter 2018. Meanwhile,the median sales price for Brooklyn co-ops was $462,500, a positive change of 8.1 percent year-over-year—while the number of sales was 493, a decline of 4.6 percent.
For the Queens residential market during second quarter 2019, the median sales price peaked at $572,000, a 2.5 percent increase from the same period last year. And similar to Brooklyn, Queens experienced a decline in total sales down to 3,022, a 11.7 percent drop. Elliman said that this was the seventh straight quarter of year-over-year decline in sales.
Upon further examination of Elliman's report, Queens condos saw a 12.9 percent drop in median sales price to $575,000 compared to second quarter 2018. The number of condos in the borough was 256, a 39.5 percent dip. In contrast, Queens co-ops experienced a rise in median sales price, specifically 6.6 percent to $299,000. There was a total of 803 sales for co-ops, a 3.9 percent dip.