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


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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