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.”
Steven James, CEO, New York City at Douglas Elliman, commented in the same press statement:“Brooklyn has become the new Manhattan, while Queens has become the new Brooklyn. As prices rose in Manhattan, buyers moved to Brooklyn and now we’re seeing this flow of buyers consider Queens.”
Douglas Elliman released its second quarter 2017 report on Manhattan residential sales last week. Like in Brooklyn and Queens, Manhattan also experienced growth in median and average sales prices for the overall residential market, as well as for the condo and co-op markets.
David Chiu is an associate editor at The Cooperator.