First Quarter 2016 BROOKLYN RESIDENTIAL MARKET REPORT
Data Highlights Cover Property: BrownHarrisStevens.com WEB# 14381790 Apartment prices averaged 5% more than a year ago BrownHarrisStevens.com WEB# 12105623 The median apartment price rose 10% to $573,000 Townhouse prices were 5% higher than 1Q15 BrownHarrisStevens.com WEB# 12033354
All Brooklyn * The average price rose 5% and median price 10% from 1Q15 Average & $638,049 $520,000 $800,000 $682,172 $556,591 $726,133 $570,000 $685,888 $557,375 $669,952 $573,000 $700,000 Co-op prices per room averaged 17% $600,000 $500,000 more than a year ago $400,000 $300,000 $200,000 COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $113,873 $132,875 $801 $796 $140,000 $850 $130,000 $825 $120,000 $800 $110,000 $775 $100,000 $750 $90,000 $725 BrownHarrisStevens.com WEB# 14275613 * Includes new development and resale apartments. 1Q16 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to include sales recorded after our initial reports were released. $80,000 $700 Brown Harris Stevens 3
All Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE Both the average and median price were higher $1,000,000 $935,508 $750,000 $952,140 $745,000 $947,371 $746,000 $939,299 $750,000 $985,176 $829,400 than a year ago $900,000 $800,000 The average price per square foot rose 16% to $444 $700,000 $600,000 $500,000 $400,000 AVERAGE PRICE PER SQUARE FOOT $384 $392 $397 $405 $444 $450 $425 $400 $375 $350 $325 $300 BrownHarrisStevens.com WEB# Brown Harris Stevens 4
Brooklyn Market Areas BROWNSTONE Boerum Hill Brooklyn Heights Carroll Gardens Clinton Hill Cobble Hill Columbia Street Waterfront District Ditmas Park Downtown Brooklyn Dumbo Fort Greene Gowanus Greenwood Heights Park Slope Prospect Heights Prospect Park South Prospect-Lefferts Gardens Red Hook South Slope Vinegar Hill Windsor Terrace CENTRAL Bedford Stuyvesant Bushwick Crown Heights Stuyvesant Heights Brownsville East New York NORTH East Williamsburg Greenpoint Williamsburg North Side Williamsburg South Side SOUTH Bath Beach Bay Ridge Bensonhurst Bergen Beach Borough Park Brighton Beach Canarsie Coney Island Dyker Heights East Flatbush Flatbush Flatlands Gerritsen Beach Gravesend Kensington Manhattan Beach Marine Park Midwood Mill Basin Seagate Sheepshead Bay Sunset Park Bpage 6 Spage 12 Npage 8 Cpage 10
Brownstone Brooklyn Average & The average and median price each rose 4% from 1Q15 $1,050,000 $950,000 $888,112 $764,000 $922,727 $772,500 $1,024,354 $849,000 $973,670 $830,000 $923,901 $795,000 $850,000 Co-op prices were 14% $750,000 $650,000 higher, while condo prices fell slightly $550,000 $450,000 COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $180,122 $205,138 $1,035 $992 $225,000 $2,000 $200,000 $1,050 $175,000 $1,000 $150,000 $950 $125,000 $900 $100,000 $850 $75,000 $800 BrownHarrisStevens.com WEB# 14331696 Brown Harris Stevens 6
Brownstone Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $2,163,761 $1,800,000 $2,417,178 $2,025,000 $2,308,406 $2,037,500 $2,263,544 $1,857,500 $2,340,471 $2,122,500 $2,750,000 The median price of $2,122,500 was 18% higher than 1Q15 $2,500,000 $2,250,000 $2,000,000 $1,750,000 At $903, the average price per square foot $1,500,000 was up 20% from a year ago $1,250,000 AVERAGE PRICE PER SQUARE FOOT $750 $802 $809 $833 $903 $950 $900 $850 $800 $750 $700 $650 BrownHarrisStevens.com WEB# 13252089 Brown Harris Stevens 7
North Brooklyn Average & Both the average and median apartment $1,100,000 $1,002,071 $865,000 $1,093,784 $900,000 $974,910 $802,500 $1,000,884 $900,000 $920,754 $820,000 price were lower than a year ago $1,000,000 $900,000 The average condo price per square foot fell slightly from 1Q15 $800,000 $700,000 $600,000 $500,000 CONDOMINIUM Average Price Per Square Foot $988 $977 $1,000 $975 $950 $925 $900 $975 $950 BrownHarrisStevens.com WEB# 12702313 Brown Harris Stevens 8
North Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $2,332,511 $1,655,000 $2,007,218 $1,778,000 $1,880,372 $1,725,000 $1,857,434 $1,800,000 $1,799,196 $1,681,250 While the average price was lower, the median price was 2% higher than 1Q15 $2,500,000 $2,250,000 $2,000,000 $1,750,000 $1,500,000 The average price per square foot fell 4% to $747 $1,250,000 $1,000,000 AVERAGE PRICE PER SQUARE FOOT $782 $830 $752 $727 $747 $900 $800 $700 $600 $500 $400 $300 Brown Harris Stevens 9
Central Brooklyn Average & $620,378 $560,000 $586,815 $611,500 $590,697 $560,000 $611,202 $565,000 $580,629 $520,000 The average price for all apartments fell 6% from last year to $580,629 $700,000 $600,000 $500,000 $400,000 $300,000 Condo prices per square foot were 10% higher than a year ago $200,000 $100,000 CONDOMINIUM Average Price Per Square Foot $632 $695 $750 $700 $650 $600 $550 $500 $450 Brown Harris Stevens 10
Central Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $721,952 $635,000 $703,183 $635,000 $755,274 $660,000 $746,035 $635,000 $836,002 $740,750 $850,000 Townhouse prices averaged 16% more than a year ago $800,000 $750,000 $700,000 The median price rose 17% $650,000 $600,000 $550,000 AVERAGE PRICE PER SQUARE FOOT $278 $280 $295 $297 $345 $350 $325 $300 $275 $250 $225 $200 BrownHarrisStevens.com WEB# 14164648 Brown Harris Stevens 11
South Brooklyn Average & $348,950 $280,000 $362,662 $305,000 $364,528 $320,000 $367,251 $315,000 $398,733 $350,000 $400,000 Strong gains were posted over the past year $350,000 in the both the average and median price $300,000 $250,000 $200,000 Co-op prices per room averaged 28% more than a year ago $150,000 $100,000 COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $64,564 $82,548 $484 $501 $85,000 $525 $80,000 $500 $75,000 $475 $70,000 $450 $65,000 $400 $60,000 $375 $55,000 $350 BrownHarrisStevens.com WEB# 14550449 Brown Harris Stevens 12
South Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $771,609 $707,000 $777,979 $694,000 $798,942 $700,000 $830,341 $732,500 $848,023 $785,000 $850,000 Townhouses prices averaged 10% more than 1Q15 $800,000 $750,000 $700,000 $650,000 The median price of $785,000 was 11% higher than a year ago $600,000 $550,000 AVERAGE PRICE PER SQUARE FOOT $360 $364 $374 $393 $420 $425 $400 $375 $350 $325 $300 $275 BrownHarrisStevens.com WEB# 14472149 Brown Harris Stevens 13
Contact us Upper East Side 1121 Madison Avenue Peter R. Marra, EVP Sarah Orlinsky-Maitland, EVP Prepared by Gregory Heym, Chief Economist, Brown Harris Stevens. 2016 by Brown Harris Stevens. All Rights Reserved. This information may not be copied, used or distributed without Brown Harris Stevens consent. While information is believed true, no guaranty is made of accuracy. West Side 1926 Broadway Kevin Kovesci, EVP CENTRAL PARK WEST CENTRAL PARK 5TH AVENUE Edward Lee Cave Division 790 Madison Avenue Caroline E. Y. Guthrie President East Side 445 Park Avenue Hall F. Willkie, President Bess Freedman, EVP and Business Development Ruth McCoy, EVP Richard Ferrari, EVP Brooklyn Heights 129 Montague Street Christopher Thomas, EVP Park Slope 100 Seventh Avenue Camille Logan, EVP Tribeca 43 North Moore Stephen Klym, EVP Downtown 130 Fifth Avenue Stephen Klym, EVP Brown Harris Stevens Development Marketing 445 Park Avenue Stephen Kliegerman, President NEW YORK CITY THE HAMPTONS PALM BEACH MIAMI 212.906.9200