Brooklyn and Queens Residential Sales Up in 2Q 2017: Report Douglas Elliman Releases Latest Numbers

The Queens residential market had 3,839 sales in 2Q 2017 (iStock).

Residential sales prices for Brooklyn and Queens during the second quarter of 2017 set records over the same period a year ago, reflecting strong activity in those boroughs, according to Douglas Elliman in a new report released today.

In the study, the Brooklyn residential market (co-op, condo, and 1-3 family sales) saw its average sales price reach a record of $997,654 in 2Q 2017, a jump of 22.1 percent from 2Q 2016. The median sales price also set a record of $795,000, an increase of 20.6 percent. For condos in the borough, the average sales price was $1,161,431, an uptick of 21.8 percent, while the median sales price was $900,000, an increase of 16.3 percent. For co-ops, the average sales price was $584,429, a rise of 15.2 percent; the median sales price was $423,000, an improvement of 8.4 percent.

The Queens residential market also experienced record-setting prices during 2Q 2017 compared to last year. The average home sales price there was $592,245, a positive change of 12.4 percent, while the median sales price was $510,000, a rise of of 9.7 percent. The borough's condos saw gains as well: the average sales price was $708,662, an increase of 25.2 percent, and its median sales price was $648,425, a jump of 32.3 percent. As for co-ops, the average sales price rose by 18.8 percent to $310,107 in this year's second quarter over 2Q 2016, and the median sales price saw an uptick by 14.8 percent to $266,000.

The report also revealed the number of sales in Brooklyn with 2,845, a rise of 50.7 percent. Condos sales there numbered 934, a positive change of 57.2 percent; while in comparison, co-ops achieved a modest number of 533, a gain of 28.1 percent. In terms of the number of sales, the Queens market had 3,839 sales in the quarter, an increase of 47 percent. The number of condos in Queens totaled 506, a significant jump of 85.3 percent from the same period last year, while co-op sales numbered 963, an increase of 34.3 percent.

The report's author. Jonathan Miller of Miller Samuel, Inc., said in a press release about the latest numbers: “While sales are flourishing in Brooklyn and Queens, rents remain high but prices are sliding as concessions have stabilized. Concessions are 3-4 times higher than they had been a few years ago, but they are staying consistent because they are working and vacancy has stabilized. I don’t expect concessions to rise much higher than they are now.”


Related Articles

REBNY: 2017 NYC Home Sales Set $50B Record

Brooklyn, Queens, and the Bronx Experienced Residential Sales Growth in 4Q

Manhattan Co-op and Condo Sales Dropped in 1Q 2018

Douglas Elliman Released Its Latest Report

Rising Prices, Declining Sales Define Brooklyn & Queens Markets in Q4

Elliman Unveils Surveys of the Two Boroughs

Queens Residential Performance in 2018 Sends Mixed Signals

Douglas Elliman Unveils Q4 Report

Manhattan Co-op and Condo Market 2018 Wrap-Up

Sales Fell in 4Q 2018, Says Corcoran Report

REBNY 1Q Report: NYC Residential Sales Volume and Value Fell

Average Sales Price for Manhattan, Brooklyn and Queens Co-ops Did Well