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.
Steven James, CEO, New York City with Elliman, said in a press statement about Brooklyn and Queens along with Riverdale in relation to the recent findings: “All three markets were essentially robust, with Brooklyn setting the fifth record median sales price in the past seven quarters. “Brooklyn and Riverdale saw prices decline, yet Queen didn't.”
Overall Brooklyn residential sales (including co-ops, condos, and 1-3 family homes), the median sales price jumped 3.2 percent to a record $795,000 compared to the same year-ago period; however, the number of sales dropped 13.9 percent to 2,411.
For the overall Queens market, the median price in first quarter 2018 was $550,000, a gain of 13.4 percent year-over-year. But the number of home sales declined by 2.7 percent to 3,302.
Jonathan Miller of Miller Samuel, Inc, the report's author, said in a statement: “Prices across these regions were generally are at or near record levels. It is important to note that sales levels decreased across all three markets [Brooklyn, Queens, and Riverdale], but not nearly what was seen in Manhattan, which had experienced a bit of a reset.”
David Chiu is an associate editor at The Cooperator.