Strong Prices, Low Sales Characterize Brooklyn, Queens Residential Market in 1Q 2018 Douglas Elliman Unveils Its Latest Survey of the Boroughs

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The main takeaways that describe the Brooklyn and Queens residential market in the first quarter of 2018 were record-setting prices and slow sales, according to Douglas Elliman's most recent 1Q 2018 report.

For Brooklyn condos, the average sales price was $1,045,015 during the first quarter of this year, a year-over-year drop of 13.2 percent. The median sales price was $858,177, a decline of 7.6 percent from the same period in 2017. The number of sales fell 16.9 percent to 722.

Prices for Brooklyn co-ops, however, were better in comparison during the most recent quarter. The average sales price was $575,917, an increase of 10.3 percent, while the median sales price was $428,211, which represented a 10.1 percent uptick. But like Brooklyn condos, the number of co-op sales dropped, down 10.2 percent to 482.

Queens condo activity was characterized by growth. For instance, the average sales price was $728,361 in first quarter 2018, a year-over-year jump of 22.4 percent; the median sales price in the borough was $637,203, a 14.4 percent improvement over first quarter 2017. The number of condo sales was 422, a 12.5 percent increase from the same period a year ago.

Prices for Queens co-ops were also relatively strong in the last quarter compared to last year around that time. The average sales price for a co-op was $305,132, a 11.7 percent improvement, and the median sales price was $280,000, a gain of 14.3 percent. The only blemish was the number of co-op sales: 845, a decline of 17.6 percent.

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