Brooklyn residential prices had another unwavering quarter overall, with prices showcasing strong increases on an annual analysis from Brown Harris Steven’s first quarter Brooklyn market report.
However, a closer look reveals co-ops and condos dropping in North Brooklyn — comprising popular neighborhoods Williamsburg and Greenpoint.
North Brooklyn co-ops and condos held an average price of $1,002,071 in the first quarter of 2015, only to fall to $920,754 in the first quarter of 2016. Price per square foot dropped, too, from $988 to $977 year-over-year.
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Apartments weren’t the only homes affected in North Brooklyn. Townhomes, too, featured declining values in the first quarter of this year — but only within average price, which dove from $2,332,511 to $1,799,196. The median price for North Brooklyn townhomes, on the other hand, grew from $1.655 million to $1,681,250. The average price per square foot for North Brooklyn townhomes fell 4 percent to reach $747 from a previous $782 last year.
All-encompassing highlights
What were the biggest borough-wide gains? Apartment prices — condos and co-ops included — increased 5 percent from a year ago. Meanwhile, the median apartment price rose 10 percent to reach $573,000.
Townhouses across Brooklyn also rose in price, hitting 5 percent higher than they were in the first quarter of 2015.
BHS examined co-ops on average price per room and condos on average price per square foot. Based on this measurement, the average price per room for co-ops increased 17 percent since last year, from $113,873 to $132,875.
From a condo price per square foot standpoint, values dropped minimally. In the first quarter of 2015, the average price per square foot stood at $801. Last quarter, condo price per square foot dipped to $796.
Family homes: average/median prices and price-per-square-foot
For single-family townhomes, average and median prices rose since last year.
In the first quarter of 2015, the average price for a Brooklyn townhouse was $935,508. Brooklyn townhomes increased gradually in average price until the third quarter, when it dropped to $947,371, and again in the fourth quarter when it hit $939,299. But in the first quarter of 2016, the average price grew to reach an annual high of $985,176.
The median price also hit a year-long high in the first quarter of 2016 at $829,400. The first quarter of 2015 featured a median sales price of $750,000, which was the same price as the final quarter of 2015.
Townhomes in Brooklyn reached a 16 percent increase in average price per square foot in the first quarter this year, hitting an average price of $444 — up from last year’s $384.
Brownstone: Downtown Brooklyn, Dumbo, Boerum Hill
Overall, average and median prices in Brownstone rose 4 percent year-over-year, significantly boosting the borough’s overall figures. Co-op prices were 14 percent higher, but condo prices fell slightly.
The average price for Brownstone co-ops and condos last year was $888,112, which rose to $923,901 last quarter. Simultaneously, the median sales price grew from $764,000 to $795,000.
For co-ops in Brownstone, average price per room scaled from $180,122 in the first quarter of 2015 to $205,138 in the first quarter of this year. Condo prices dropped, and so did their average price per square foot, hitting $992 from a previous $1,035 last year.
Townhomes in Brownstone grew in median price by 18 percent, hitting $2,122,500 from $1.8 million last year. Average sales price increased as well, from $2,163,761 to $2,340,471.
Price per square foot on townhomes in Brownstone rose 20 percent to reach $903 from $750 one year ago.
Central & South Brooklyn
Average prices on all apartments in Central Brooklyn — encompassing Bedford-Stuyvesant, Bushwick, Crown Heights, Stuyvesant Heights, Brownsville and East New York — declined by 6 percent to reach $580,629. Similarly, median prices dropped from $560,000 to $520,000 year-over-year.
However, the average price per square foot on condos in Central Brooklyn rose 10 percent from last year, reaching $695 from a prior $632.
Central Brooklyn townhome prices were 16 percent higher on average than last year, growing from $721,952 to $836,002. Median prices also rose 17 percent to reach $740,750 from $635,000 in 2015.
In South Brooklyn, holding Bay Ridge, Bensonhurst and Flatbush, the average price for co-ops and condos scaled to $398,733 from $348,950 in 2015. The median price went from $280,000 to $350,000 in the same year span.
Central Brooklyn co-op average price per room grew 28 percent from last year, reaching $82,548 from a previous $64,564.
Townhomes in South Brooklyn increased 10 percent since last year, and the median price of $785,000 was 11 percent higher, also.
