DataMarkets & Economy

Brooklyn sales prices move higher in Q2, report says

Northwest neighborhood of Park Slope sees high number of closings
  • Brownstone and North Brooklyn grew 2.3 percent compared to the same period last year.
  • Average days on the market (116) is 8.4 percent faster than last year.
  • The majority of sales (36 percent) fell between $500,000 and $900,000.

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A new quarterly report from Ideal Properties reveals a slight temperament in Brooklyn sales prices between the first two quarters of 2016. Nonetheless, both Brownstone and North Brooklyn grew 2.3 percent in price compared to the same period last year. Brownstone’s residential properties sold for an average $1.361 million in Q2, while median prices sold for $1.136 million. Average price per square foot grew 9 percent year-over-year to reach $1,099, and median price per square foot rose 12 percent to $1,108. Ideal Properties Managing Director of Ideal Properties Group Aleksandra Scepanovic says that so far this year, Brooklyn sales prices are outperforming 2015. Last year was already considered a landmark growth period for the borough. “We traditionally see the most interest in real estate in the summer months and expect that this trend holds true again this year,” Scepanovic said in a statement. “Townhouses, the apple of Brooklyn’s eye, continue to be the str...