A combination of rising prices and sales along with sliding inventory characterized fourth quarter 2016 for Brooklyn, Queens and Riverdale home sales in general, according to the latest report by Douglas Elliman Real Estate released on Thursday. Here is what the firm has to say about condos and co-ops in those parts of New York City during 4Q 2016 compared to the previous quarter and the same period a year ago:
For the Brooklyn market, Elliman says the average sales price for condos in 4Q 2016 was $1,141,570, a decline of about 0.3 percent from the previous quarter, but an almost 20 percent increase from a year before. The median price for condos was $895,000, a gain of 10.2 percent and 23 percent from 3Q 2016 and 4Q 2015 respectively. The total amount of condo sales for Brooklyn was at 791, a 6.5 percent rise over the last quarter, and 44.3 percent from a year ago.
As for Brooklyn co-ops, the average sales price was at $499, 718, a dip of just over 10 percent from the third quarter, but a gain of over 2 percent from last year; co-op median sales price totaled $385,000, a drop of 10 percent and 6.9 percent compared last quarter and year respectively. The amount of co-op sales dropped to 532, a 5.2 percent plunge from 3Q 2016, but it was better compared to 4Q 2015 by 12.7 percent .
When it came to condos, Queens experienced an average sales price of $619,039 for 4Q 2016, an increase of almost 1 percent from the previous quarter, and a gain of 14.9 percent from last year. The median sales price was $520,000, a decline of 1.8 percent from 3Q 2016 but a rise of 8.7 percent over 4Q 2015. The number of condo sales was 439, a 25 percent boost compared to the third quarter, and a 51.4 percent improvement over the previous year.
On the subject of Queens co-ops, the average sales price was $283,701, a climb of 6.4 percent and 9.8 percent over 3Q 2016 and 4Q 2015 respectively; the median co-op sales price of $250,000 provided a gain of 3.8 percent and 8.7 percent from the previous quarter and year respectively. Meanwhile, the number of co-op sales reached 1,062, a 7.5 percent positive change over the last quarter, and a gain of 14.7 percent over a year ago.
For Riverdale, the average sales price for condos rose 11.9 percent over the last quarter to $588,713 but represented a decline of 8.7 percent from last year. The median condo sales price was $490,000 in 4Q 2016, a loss of almost 5 percent compared to the previous quarter as well as a decline of 15.1 percent from a year ago. There were about 18 condo sales in this quarter, a 100 percent change over nine sales in 3Q 2016, as well as an 80 percent improvement over 4Q 2015.
As for co-ops in Riverdale, the average sales price of $273,282 marked a dip of 1.5 percent and a gain of 3 percent compared to the previous quarter and year respectively. Median co-op sales price climbed to $245,000 by 4.1 percent from 3Q 2016; that also represented an 8.9 positive change over last year. The number of sales for co-ops slightly declined to 139, a 1.4 percent change from the previous quarter, although compared to 4Q 2015, that number was a 9.4 percent improvement.
For more information, visit http://www.elliman.com/
David Chiu is an associate editor at The Cooperator.