2Q 2019 Market Survey: Brooklyn and Queens Home Prices Rise, But Sales Fall Douglas Elliman Unveils Its Latest Market Reports

Long Island City, Queens (iStock.com)

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.

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