Second Quarter 2020 Residential Market Report...

Broo

klyn

Second Quarter 2020Residential Market Report

Halstead is coming to

BHSID 20161056

BHS 1

Halstead is joining Brown Harris Stevens - which means BHS

now has 2,500 agents and 55 offices in luxury markets across NYC,

the Tristate area, the Hamptons, Palm Beach, and Miami.

Historically ranked among the nation’s top residential firms,

in 2019 both firms combined closed 6,000 transactions

totaling more than $9 billion.

Simply put, we have more resources than ever to

support our trusted clients.

We are here to serve you, and Brown Harris Stevens has never

been stronger. We look forward to working together.

We’re growing!

BHSID 20209216

BHS 2

BHSID 20202832

Message from Bess Freedman CEO of Brown Harris Stevens

We are happy to present our second quarter 2020 Brooklyn market report. Since it typically takes at least 2-3 months for a sale to close after a contract is signed, these reports aren’t always representative of current market conditions. If ever a report proved this point it is this one.

When looking at the data, you must keep the following in mind:

1. Roughly 90% of the second quarter 2020 closings had their contracts signed before the covid-19 lockdown began. This means the data is more representative of the market we had before the virus, and not what we see today. It won’t be until the third quarter report that we’ll begin to know the extent the virus and lockdown had on housing prices.

2. Because of this reason and the historically low number of closings in the second quarter, this report should not be used as a pricing tool in the current environment.

BHS 3

All

Broo

klyn

The average apartment price

fell 2% over the past year in

Brooklyn to $900,622.

Co-op prices averaged $163,805

per room, 8% more than in

2019’s second quarter. BHSID 20175299

Cooperatives & Condominiums

Q2 2020

BHS 4

$919

,054

$831

,604

$808

,619

$836

,527

$900

,622

$722

,958

$658

,250

$675

,050

$674

,000

$714

,000

$500,000

$700,000

$900,000

$1,100,000

2Q19 3Q19 4Q19 1Q20 2Q20

Average Price Median Price

BHSID 20187696

$151

,535

$163

,805

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

2Q19 2Q20

CooperativeAverage Price Per Room

Condominium Average Price Per Square Foot

Q2 2020

All Brooklyn Cooperatives & Condominiums

$1,0

02

$982

$700

$800

$900

$1,000

$1,100

2Q19 2Q20

* Includes new development and resale apartments. 2Q20 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.

Cooperatives & CondominiumsAverage & Median Sales Price

BHS 5

All

Broo

klyn

Prices for 1-3 family houses

averaged $1,171,985; a 5% decline compared to

a year ago.

The median price was 3% higher than 2Q19. BHSID 19622110

1-3 Family HousesQ2 2020

BHS 6

$542

$515

$520

$538

$558

$400

$450

$500

$550

$600

2Q19 3Q19 4Q19 1Q20 2Q20

$1,2

38,4

67

$1,11

0,39

3

$1,15

8,04

5

$1,2

02,5

48

$1,17

1,985

$950

,000

$900

,000

$925

,000

$975

,000

$975

,000

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

$1,750,000

2Q19 3Q19 4Q19 1Q20 2Q20


BHSID 20134918

Q2 2020

All Brooklyn 1-3 Family Houses

Average & Median Sales Price

Average Price Per Square Foot

BHS 7

Brooklyn Market Areas

Q2 2020

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

Bpage 6

Npages 12-15

Spage 12

Cpage 10

Bpages 8-11

Spages 20-23

Cpages 16-19

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

BHS 8

Brow

nsto

ne B

rook

lyn

While co-op prices were flat,

the average condo price per

square foot fell 3% over the

past year. BHSID 20206015


Q2 2020

BHS 9

$1,2

85,2

74

$1,12

9,70

8

$1,0

71,9

99

$1,14

1,477

$1,18

1,626

$1,0

42,5

00

$950

,000

$909

,145

$919

,500

$910

,000

$700,000

$950,000

$1,200,000

$1,450,000

$1,700,000

2Q19 3Q19 4Q19 1Q20 2Q20


BHSID 20172700

$223

,996

$224

,630

$75,000

$125,000

$175,000

$225,000

$275,000

2Q19 2Q20



Q2 2020

Brownstone Brooklyn Cooperatives & Condominiums

$1,2

15

$1,17

9

$700

$950

$1,200

$1,450

2Q19 2Q20


BHS 10

A year ago, pending transfer

tax increases led to a jump in high-end

1-3 family closings.

Not surprisingly, the 2Q20

average and median prices

were down sharply

from these levels.


BHSID 20137813

Brow

nsto

ne B

rook

lyn

BHS 11

$965

$882

$889

$931

$850

$750

$850

$950

$1,050

2Q19 3Q19 4Q19 1Q20 2Q20

$2,8

40,7

32

$2,2

01,13

1

$2,4

19,4

02

$2,6

11,8

81

$2,2

81,4

50

$2,4

01,2

50

$1,9

84,5

00

$2,3

00,0

00

$2,2

62,5

00

$2,0

40,8

75

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

2Q19 3Q19 4Q19 1Q20 2Q20


BHSID 20206955

Q2 2020

Brownstone Brooklyn 1-3 Family Houses



BHS 12

One year ago, closings at

The Greenpoint helped push

the average and median

apartments prices up sharply in this market. Without

similar closings this past

quarter, these values retreated

from those levels. Halstead Exclusive 20178776


Q2 2020

Nor

th B

rook

lyn

BHS 13

$1,2

61

$1,12

6

$950

$1,100

$1,250

$1,400

2Q19 2Q20

$1,2

86,6

96

$1,2

48,5

76

$1,15

5,19

4

$1,16

1,246

$1,14

9,88

0

$1,14

5,53

1

$1,11

4,98

4

$993

,988

$992

,500

$993

,283

$750,000

$1,000,000

$1,250,000

$1,500,000

$1,750,000

2Q19 3Q19 4Q19 1Q20 2Q20


Halstead Exclusive 20185871


Q2 2020

North Brooklyn Cooperatives & Condominiums


BHS 14

While 1-3 family prices fell sharply, there were

only 13 reported closings in

2020’s second quarter at the

time of this report. Halstead Exclusive 20195701


Nor

th B

rook

lyn

BHS 15

$2,2

22,7

19

$1,9

32,3

48 $2

,661

,155

$2,11

6,97

9

$1,7

59,4

60

$2,0

09,12

5

$1,8

00,0

00

$1,8

75,0

00

$1,8

67,5

00

$1,6

25,0

00

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

2Q19 3Q19 4Q19 1Q20 2Q20



Q2 2020

North Brooklyn 1-3 Family Houses


$861

$870

$893

$844

$703

$500

$600

$700

$800

$900

$1,000

2Q19 3Q19 4Q19 1Q20 2Q20


BHS 16

The average condo price per

square foot rose 7% over

the past year to $870. Halstead Exclusive 20046961


Q2 2020

Cen

tral

Bro

okly

n

BHS 17

$810

$870

$550

$650

$750

$850

$950

2Q19 2Q20

$726

,544

$663

,087

$677

,553

$728

,521

$796

,745

$691

,595

$593

,000

$615

,665

$635

,000

$750

,000

$500,000

$750,000

$1,000,000

2Q19 3Q19 4Q19 1Q20 2Q20



Q2 2020

Central Brooklyn Cooperatives & Condominiums


BHSID 20182059

BHS 18

Both the average and median

1-3 family prices posted gains compared to the

second quarter of 2019. Halstead Exclusive 20138310


Cen

tral

Bro

okly

n

BHS 19

$948

,661

$901

,240

$997

,609

$1,0

05,3

31

$1,0

77,0

80

$840

,000

$799

,000

$850

,000

$875

,000

$930

,000

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

2Q19 3Q19 4Q19 1Q20 2Q20



Q2 2020

Central Brooklyn 1-3 Family Houses


$417

$394

$416

$429

$474

$250

$350

$450

$550

2Q19 3Q19 4Q19 1Q20 2Q20


BHS 20

Apartment prices averaged

$503,435, a 5% improvement

from a year ago. BHSID 19679128


Q2 2020

Sout

h Br

ookl

yn

BHS 21

$97,

888

$98,

687

$60,000

$80,000

$100,000

$120,000

2Q19 2Q20

$480

,607

$478

,416

$472

,180

$453

,623

$503

,435

$440

,000

$449

,000

$410

,000

$410

,000

$440

,000

$250,000

$400,000

$550,000

$700,000

2Q19 3Q19 4Q19 1Q20 2Q20




Q2 2020

South Brooklyn Cooperatives & Condominiums

$641

$656

$550

$600

$650

$700

2Q19 2Q20



BHS 22

The average price rose 2% from 2019’s second quarter

to $1,002,882. BHSID 20188885


Sout

h Br

ookl

yn

BHS 23

$981

,053

$1,0

11,5

41

$975

,814

$1,0

33,4

10

$1,0

02,8

82

$885

,000

$880

,000

$864

,000

$910

,000

$900

,000

$700,000

$875,000

$1,050,000

$1,225,000

2Q19 3Q19 4Q19 1Q20 2Q20



Q2 2020

South Brooklyn 1-3 Family Houses


$494

$502

$494

$513

$538

$400

$450

$500

$550

$600

2Q19 3Q19 4Q19 1Q20 2Q20


©2020 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.

212.906.9200

Brooklyn Heights122 Montague StreetBrooklyn, NY 11201718.613.2000

Park Slope160 7th AvenueBrooklyn, NY 11215718.878.1960

Cobble Hill162 Court StreetBrooklyn, NY 11201718.613.2020

Bedford Stuyvesant1191 Bedford Avenue,Brooklyn, NY 11216718.878.1750

South Slope1214 8th AvenueBrooklyn, NY 11215718.878.1888

Fort Greene725 Fulton StreetBrooklyn, NY 1127718.613.2800

Bay Ridge8324 4th AvenueBrooklyn, NY 11209718.878.1880

Brooklyn Heights129 Montague StreetBrooklyn, NY 11201 718.875.1289

Park Slope100 Seventh AvenueBrooklyn, NY 11215 718.230.5500

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