{"id":21630,"date":"2016-04-20T07:14:35","date_gmt":"2016-04-20T11:14:35","guid":{"rendered":"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=21630"},"modified":"2024-03-14T21:16:58","modified_gmt":"2024-03-14T19:16:58","slug":"brooklyn-home-prices-go-up-11-in-q1-2016","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/04\/20\/brooklyn-home-prices-go-up-11-in-q1-2016\/","title":{"rendered":"Brooklyn Home Prices Go Up 11% in Q1 2016"},"content":{"rendered":"

Fueled by a low inventory of homes for sale, median prices are on the rise, hitting a record breaking $594,000 in the first quarter of 2016<\/strong>, the highest price point we\u2019ve seen in the past 4 years. Compared to last year’s Q1, median sale prices climbed a solid 11%<\/strong>.<\/p>\n

The Brooklyn home market is still low in terms of transactions, having fallen from the peaks seen in 2013. However, 5% more sales were registered this quarter versus the same period of 2015.<\/p>\n

Generally, the first quarter of any given year records the least sales; yet, with 1,873 deals closed in its first quarter, 2016 has had a better head start than any seen in\u00a0recent\u00a0years.<\/p>\n

\"Capture<\/a><\/p>\n

<\/span>Co-ops are on the rise, condos lag behind<\/span><\/h3>\n

Prices for co-ops registered the highest positive evolution of all property types in Q1, where the median home price surged 27% Y-o-Y to an impressive $361,000. A 15% increase in price per square foot\u00a0completed this quarter’s success story for co-ops, these usually less expensive\u00a0properties on the Brooklyn market.<\/p>\n

Single family homes were 15% pricier than a year ago, at $660,000 for an average home, with a remarkable 25% jump in prices per square foot. In fact, all types of residential properties recorded rises in the latter stat, though condo units saw\u00a0the weakest performance\u00a0this last quarter.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t
<\/td>Median Sale Price<\/th>Median Sale Price\/sqft<\/th>\n<\/tr>\n<\/thead>\n
<\/td>Q1 2016<\/strong><\/td>\u0394YoY<\/strong><\/td>Q1 2016<\/strong><\/td>\u0394YoY<\/strong><\/td>\n<\/tr>\n
Single family houses<\/td>$660,000
\n<\/td>		15%
\n<\/td>		$436
\n<\/td>		25%
\n<\/td>\n<\/tr>\n
Condos<\/td>$702,593
\n<\/td>		-1%
\n<\/td>		$789
\n<\/td>		5%
\n<\/td>\n<\/tr>\n
Coops<\/td>$361,000
\n<\/td>		27%
\n<\/td>		$635
\n<\/td>		15%
\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

<\/span>Brooklyn luxury homes market\u00a0slowing down<\/span><\/h3>\n

Precisely 300\u00a0luxury home sales of $1 million and more were recorded last quarter in Brooklyn, up 6%\u00a0from Q1 2015. However, the median home price stagnated\u00a0over the same period of time, flat-lining at\u00a0$1,380,000.\u00a0Equally uneventful\u00a0were prices per square foot, which barely nudged Y-o-Y\u00a0and stood at $1,041.<\/span><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t
Brooklyn Luxury (over $3 MIL)<\/th>\n<\/tr>\n<\/thead>\n
<\/td>Q1 2016<\/td>Q1 2015<\/td>\u0394YoY<\/td>\n<\/tr>\n
Number of Transactions<\/td>300
\n<\/td>		284<\/td>6%
\n<\/td>\n<\/tr>\n
Median Sale Price<\/td>$1,380,000
\n<\/td>		$1,390,000
\n<\/td>		-1%
\n<\/td>\n<\/tr>\n
Median Sale Price\/sqft<\/td>$1,041
\n<\/td>		$1,026
\n<\/td>		1%
\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

All in all, last quarter continued to register a positive trend for the Brooklyn residential market, with higher prices than we have seen in a while\u00a0and slightly above average transaction\u00a0volumes for this time of year. It is only when put alongside the dazzling results<\/a> on the Manhattan market (mostly driven by its luxury end) that numbers recorded in Brooklyn seem to underwhelm at the end of\u00a0an otherwise great start to the year in real estate.<\/p>\n

 <\/p>\n

\n

Methodology:<\/p>\n

Figures\u00a0used to compile this report were collected by PropertyShark from public sources recording closed sales between\u00a0January 1, 2012 and March 31, 2016. Properties covered by this report include single-family homes, condos and co-op units only. The numbers for Q1 2016 were adjusted upwards by 21%, based on historical trends observed using in-house data, in order to take into account sales left unrecorded at the time of the report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fueled by a low inventory of homes for sale, median prices are on the rise, hitting a record breaking $594,000 in the first quarter of 2016, the highest price point we\u2019ve seen in the past 4 years. Compared to last year’s Q1, median sale prices climbed a solid 11%. The Brooklyn home market is still…<\/p>\n","protected":false},"author":45,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[349],"tags":[],"class_list":["post-21630","post","type-post","status-publish","format-standard","hentry","category-brooklyn-real-estate"],"yoast_head":"\nBrooklyn Home Prices Go Up 11% in Q1 2016 - PropertyShark Real Estate Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/04\/20\/brooklyn-home-prices-go-up-11-in-q1-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooklyn Home Prices Go Up 11% in Q1 2016\" \/>\n<meta property=\"og:description\" content=\"Fueled by a low inventory of homes for sale, median prices are on the rise, hitting a record breaking $594,000 in the first quarter of 2016, the highest price point we\u2019ve seen in the past 4 years. 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The Brooklyn home market is still…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/04\/20\/brooklyn-home-prices-go-up-11-in-q1-2016\/\" \/>\n<meta property=\"og:site_name\" content=\"PropertyShark Real Estate Blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-20T11:14:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-14T19:16:58+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2016\/04\/Capture-BK-q13.png\" \/>\n<meta name=\"author\" content=\"Adela Muresan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adela Muresan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Brooklyn Home Prices Go Up 11% in Q1 2016 - PropertyShark Real Estate Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2016\/04\/20\/brooklyn-home-prices-go-up-11-in-q1-2016\/","og_locale":"en_US","og_type":"article","og_title":"Brooklyn Home Prices Go Up 11% in Q1 2016","og_description":"Fueled by a low inventory of homes for sale, median prices are on the rise, hitting a record breaking $594,000 in the first quarter of 2016, the highest price point we\u2019ve seen in the past 4 years. 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