FIRST QUARTER - Halstead Real Estatemedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport... ·...

BROOKLYN RESIDENTIAL

MARKET REPORTFIRST QUARTER2017

Data HighlightsCover Property: halstead.com WEB# 16369299

halstead.com WEB# 16330201

halstead.com WEB# 16466027

Townhouses also posted record

average and median prices in the first quarter.

Increased new development

closings pushed both the average and median

apartment prices to record levels in Brooklyn.

The average apartment price of

$922,134 in the first quarter was

38% higher than a year ago.

Halstead Property 3

* Includes new development and resale apartments.1Q17 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.

All BrooklynCOOPERATIVES & CONDOMINIUMS*

CONDOMINIUM

COOPERATIVES & CONDOMINIUMS

COOPERATIVE

Average & Median Sales Price

Average Price Per Room Average Price Per Square Foot

Average Sales Price Median Sales Price

$1,000,000

$900,000

$800,000

$700,000

$600,000

$400,000

$500,000

$140,000

$130,000

$120,000

$110,000

$100,000

$80,000

$90,000

$1,000

$950

$900

$850

$800

$700

$750

$129,992 $130,156 $790 $961

1st Q16 1st Q17 1st Q16 1st Q17

Both the average and median apartment

prices set records in the first

quarter.

New development prices averaged

$1,270,059; 68% more than a

year ago.

$667,102 $570,000

1st Q16

$922,134 $670,000

1st Q17

$836,615 $650,000

4th Q16

$828,992 $607,250

3rd Q16

$735,780 $575,000

2nd Q16

All Brooklyn1-4 FAMILY HOUSES

Halstead Property 4

AVERAGE & MEDIAN SALES PRICE


AVERAGE PRICE PER SQUARE FOOT

$1,100,000

$1,000,000

$900,000

$800,000

$700,000

$500,000

$600,000

$500

$475

$450

$425

$400

$350

$375

$456

4th Q16

$460

1st Q17

The average townhouse price rose

11% over the past year to a

record $1,084,717.

$979,066 $800,000

2nd Q16

$1,084,717 $870,000

1st Q17

$974,706 $815,000

1st Q16

$1,023,891 $839,000

4th Q16

$1,041,675 $838,585

3rd Q16

$438

1st Q16

$444

2nd Q16

$456

3rd Q16

BROWNSTONEBoerum 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

CENTRALBedford-Stuyvesant

Brownsville

Bushwick

Crown Heights

East New York

Stuyvesant Heights

NORTHEast Williamsburg

Greenpoint

Williamsburg North Side

Williamsburg South Side

SOUTHBath 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

Sea Gate

Sheepshead Bay

Sunset Park

B

S

C

Npage 8

page 10

page 6

page 12

Brooklyn Market Areas

Brownstone BrooklynCOOPERATIVES & CONDOMINIUMS

Halstead Property 6




CONDOMINIUMCOOPERATIVE



$1,300,000

$1,200,000

$1,100,000

$1,000,000

$900,000

$700,000

$800,000

$225,000

$200,000

$175,000

$150,000

$125,000

$75,000

$100,000

$1,200

$1,100

$1,000

$900

$800

$600

$700

$202,122 $208,028 $997 $1,198

Apartment prices rose sharply

in Brownstone Brooklyn, helped by a

pickup in new development closings.

$929,120 $797,000

1st Q16

$1,341,895 $1,072,500

1st Q17

$1,262,304 $910,000

4th Q16

$1,189,310 $870,000

3rd Q16

$973,750 $840,000

2nd Q16

1st Q16 1st Q17 1st Q16 1st Q17

Halstead Property 7

Brownstone Brooklyn1-4 FAMILY HOUSES


$2,500,000

$2,250,000

$2,000,000

$1,750,000

$1,500,000

$1,250,000

$950

$900

$850

$800

$750

$650

$700

$874

4th Q16

$831

1st Q17

Townhouse prices averaged

$2,386,897, a 5% increase from

the first quarter of 2016.

$2,284,085 $2,100,000

1st Q16

$2,370,860 $2,200,000

4th Q16

$2,386,897 $2,160,000

1st Q17

$2,263,134 $2,000,000

3rd Q16

$2,148,358 $2,000,000

2nd Q16

$880

1st Q16

$808

2nd Q16

$839

3rd Q16

$2,750,000



Halstead Property 8

North BrooklynCOOPERATIVES & CONDOMINIUMS




$1,200,000

$1,100,000

$1,000,000

$900,000

$800,000

$600,000

$700,000

CONDOMINIUM

Average Price Per Square Foot

$1,075

$1,050

$1,025

$1,000

$975

$925

$950

$960 $1,055

The average apartment price in

North Brooklyn rose 19% over

the past year to $1,108,135.

$929,435 $805,000

1st Q16

$1,108,135 $899,750

1st Q17

$1,120,476 $999,000

4th Q16

$1,060,316 $842,500

3rd Q16

$961,904 $781,500

2nd Q16

1st Q16 1st Q17

Halstead Property 9

North Brooklyn1-4 FAMILY HOUSES


$2,250,000

$2,000,000

$1,750,000

$1,500,000

$1,250,000

$1,000,000

$1,000

$900

$800

$700

$600

$400

$500

$876

4th Q16

$744

1st Q17

While the average townhouse price

fell 7% compared to a year ago, the

median price rose 9%.

$1,904,486 $1,681,250

1st Q16

$1,858,553 $1,820,605

4th Q16

$1,765,320 $1,830,000

1st Q17

$2,274,600 $1,894,000

3rd Q16

$2,051,069 $1,700,000

2nd Q16

$772

1st Q16

$915

2nd Q16

$911

3rd Q16

$2,500,000



Halstead Property 10

Central BrooklynCOOPERATIVES & CONDOMINIUMS




$700,000

$600,000

$500,000

$400,000

$300,000

$100,000

$200,000

CONDOMINIUM

Average Price Per Square Foot

$750

$700

$650

$600

$550

$450

$500

$694 $688

Central Brooklyn apartments sold

for an average of $636,544, a 9%

gain from the first quarter of 2016.

$585,042 $575,000

1st Q16

$636,544 $600,000

1st Q17

$620,824 $586,000

4th Q16

$607,424 $554,250

3rd Q16

$687,952 $652,000

2nd Q16

1st Q16 1st Q17

Central Brooklyn1-4 FAMILY HOUSES



$850,000

$800,000

$750,000

$700,000

$650,000

$600,000

$375

$350

$325

$300

$275

$225

$250

$349

4th Q16

$366

1st Q17

The median townhouse price

reached $795,000 in the first

quarter, a 12% improvement

from last year’s comparable

period.

$832,569 $710,000

1st Q16

$859,942 $745,000

4th Q16

$898,280 $795,000

1st Q17

$842,079 $698,000

3rd Q16

$804,271 $680,000

2nd Q16

$341

1st Q16

$325

2nd Q16

$343

3rd Q16

$900,000



South BrooklynCOOPERATIVES & CONDOMINIUMS



CONDOMINIUM


COOPERATIVE



$450,000

$400,000

$350,000

$300,000

$250,000

$150,000

$200,000

$85,000

$80,000

$75,000

$70,000

$65,000

$55,000

$60,000

$600

$575

$550

$525

$500

$450

$475

$82,493 $80,050 $504 $562

Prices were higher for

condos, but lower for co-ops in

South Brooklyn.

$397,862 $349,000

1st Q16

$428,903 $358,500

1st Q17

$443,863 $377,875

4th Q16

$408,991 $365,000

3rd Q16

$404,041 $355,000

2nd Q16

1st Q16 1st Q17 1st Q16 1st Q17

South Brooklyn1-4 FAMILY HOUSES



$900,000

$850,000

$800,000

$750,000

$700,000

$650,000

$450

$425

$400

$375

$350

$300

$325

$431

4th Q16

$429

1st Q17

The average townhouse price rose

9% from 2016’s first quarter to

$913,494.

$838,276 $777,000

1st Q16

$878,751 $785,000

4th Q16

$913,494 $800,000

1st Q17

$874,782 $794,000

3rd Q16

$851,439 $750,500

2nd Q16

$416

1st Q16

$435

2nd Q16

$425

3rd Q16

$950,000



Prepared by Gregory Heym,

Chief Economist,

Halstead Property, LLC.

©2017 by Halstead Property, LLC. All Rights Reserved. This information may not be copied, commercially

used or distributed without Halstead Property’s prior consent.

While information is believed true, no guaranty is made of accuracy.

Visit halstead.com for access to all of our reports, listings, neighborhood information and more.

OFFICES

MANHATTANPARK AVENUE499 Park AvenueNew York, NY 10022212.734.0010

EAST SIDE770 Lexington AvenueNew York, NY 10065212.317.7800

WEST SIDE408 Columbus AvenueNew York, NY 10024212.769.3000

VILLAGE831 BroadwayNew York, NY 10003212.253.9300

SOHO451 West BroadwayNew York, NY 10012212.253.9300

HARLEM2169 Frederick Douglass BoulevardNew York, NY 10026212.381.2570

WASHINGTON HEIGHTS819 West 187th StreetNew York, NY 10033212.928.3805

RIVERDALERIVERDALE JOHNSON3531 Johnson AvenueRiverdale, NY 10463718.878.1700

RIVERDALE MOSHOLU5626 Mosholu AvenueRiverdale, NY 10471718.549.4116

BROOKLYNBROOKLYN HEIGHTS150 Montague StreetBrooklyn, NY 11201718.613.2000

BOERUM HILL495 Atlantic AvenueBrooklyn, NY 11217718.613.2090

PARK SLOPE76 Seventh AvenueBrooklyn, NY 11217718.399.2222

PARK SLOPE244 Fifth AvenueBrooklyn, NY 11215718.622.9300

COBBLE HILL162 Court StreetBrooklyn, NY 11201718.613.2020

BEDFORD STUYVESANT316 Stuyvesant AvenueBrooklyn, NY 11233718.613.2800

SOUTH SLOPE OFFICE1214 8th AvenueBrooklyn, NY 11215718.878.1888

HUDSON VALLEYHUDSON526 Warren StreetHudson, NY 12534518.828.0181

CONNECTICUTDARIEN671 Boston Post RoadDarien, CT 06820203.655.1418

NEW CANAAN - ELM STREET183 Elm StreetNew Canaan, CT 06840203.966.7800

NEW CANAAN - SOUTH AVENUE6 South AvenueNew Canaan, CT 06840203,966.7772

ROWAYTON140 Rowayton AvenueRowayton, CT 06853203.655.1418

GREENWICH125 Mason StreetGreenwich, CT 06830203.869.8100

STAMFORD1099 High Ridge RoadStamford, CT 06905203.329.8801

WESTPORT379 Post Road EastWestport, CT 06880203.221.0666

WILTON21 River RoadWilton, CT 06897203.762.8118

NEW JERSEYHOBOKEN200 Washington StreetHoboken, NJ 07030201.478.6700

MONTCLAIR635 Valley Road, Montclair, NJ 07030973.744.6033

QUEENSLONG ISLAND CITY47-12 Vernon BoulevardQueens, NY 1110718.878.1800

HAMPTONSEAST HAMPTON2 Newtown LaneEast Hampton, NY 11937 631.324.6100

SOUTHAMPTON31 Main StreetSouthampton, NY 11968631.283.2883

CORPORATECOMMERCIAL SALES770 Lexington AvenueNew York, NY 10065212.381.3208

DEVELOPMENT MARKETING445 Park AvenueNew York, NY 10022212.253.9300

GLOBAL SERVICES770 Lexington AvenueNew York, NY 10065800.765.2692 x6521

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