Should I Buy Real Estate? – Brooklyn Residential Market Report Q1 2018

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Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

In our Brooklyn report, we’ll keep you up to date with the average residential sales in this sprawling borough of historic brownstones and row houses. Keep listening for the record-high sales this quarter.

Residential average sales prices in Brooklyn a bit lower over last year’s reports, with 1.2% percent decrease over 2017. Median sale prices grew 3.2% percent to $795,000, and in this quarter, we saw a decline of -13.9% percent in the number of transactions, totaling 2,411 in 2018 compared to 2,627 in Q4 2017. If you’re looking for robust market growth, Brooklyn is where you’ll find it.

New Development Condo sales this 1st quarter sold for $1,324,707 with an average $1,173 dollars per foot comparing to $1,265 last year. This was a -7.3% percent decrease in price per foot from the same quarter last year, when the average sale price was $1,613,137. The average sales price saw a decline of -17.9% from last years first quarter, decreasing from $1,613,137 to $1,324,707. According to this quarter’s reports, these properties are substantially less time on the market: this year it took an average of 104 days to sell a new development property, versus 147 days in Q1 2017.

Existing condo sales prices are on a slight decline. The average condo sales price in the first quarter of 2018 was $1,045,015, a dip from $1,203,255 last year. A -13.2% percent decline from the first quarter last year. The average market pace for these properties decreased: 90 days this year, versus 101 days in 2017.

Co-op sales prices rose this quarter, selling at an average price of $575,917 dollars—an increase of 10.3% percent from last year’s reports of $521,953 dollars. Also optimistic for this market is the fact that selling time has decreased: co-ops sat on the market for only 79 days, as opposed to last year’s number of 87 days in the same quarter.

1-3 family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was $1,106,656, up 5.9% percent from $1,045,305 last year. Houses also sold in 19 fewer days; properties, on average, were only on the market for 80 days, versus 99 days last year.

In the Luxury Market this quarter, the average luxury property sale price was $2,788,647. That’s a slight decrease, down -3.7% percent from last year, but these properties also sold in fewer days, only on the market for 103 days, versus 130 last year.

Across the board, the average recorded price discount was 2.1% percent.

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