Prospect Park South Red Hook Sheepshead Bay Sunset Park Williamsburg Windsor Terrace The Corcoran Report Bath Beach Bensonhurst Bay Ridge Bedford - Stuyvesant Boerum Hill Brooklyn Heights Bushwick Carroll Gardens Clinton Hill Cobble Hill Crown Heights Ditmas Park DUMBO Vinegar Hill Dyker Heights Flatbush Fort Greene Brooklyn Gowanus Gravesend Greenpoint Greenwood Kensington Lefferts Gardens Midwood Mill Basin Park Slope Prospect Heights Prospect Park South Red Hook Sheepshead Bay Sunset Park Williamsburg Windsor Terrace The Corcoran Report 2nd Quarter 2014 Bath Beach Bensonhurst Bay Ridge Bedford - Stuyvesant Boerum Hill Brooklyn Heights Bushwick Carroll Gardens Clinton Hill Cobble Hill Crown Heights Ditmas Park DUMBO Vinegar Hill Dyker Heights Flatbush Fort Greene Brooklyn A comprehensive analysis of the residential real estate market in Brooklyn.
The Corcoran Report
Page 2
2nd Quarter 2014
Introduction Welcome to the Corcoran Report, our comprehensive quarterly examination of the residential real estate market in Brooklyn. The report examines closed transactions during Second Quarter of 2014 (March 1 through June 30) and compares them to Second Quarter 2013 and First Quarter 2014. Statistics in this report trail actual market conditions by approximately eight to twelve weeks due to the typical lag time between a contract signing and its closing. Brooklyn sales activity during Second Quarter 2014 improved following a relatively slow First Quarter 2014. However due to persistently low inventory, transactions were still down 16% from the same time last year, the third consecutive quarter of annual sales declines and the largest annual decline in two years. The competition in the housing market has fueled significant annual and quarterly price gains market wide. The average sale price was $734,000, a 17% increase from last year. Average price per foot increased 20% versus last quarter and 17% versus Second Quarter 2013. The strong price performance was primarily led by the condo market, where both resales and new development sales saw double-digit annual price gains. Half of the submarkets in the borough posted average condo prices exceeding $1,000 per square foot. In fact, this quarter there were more closings over $2,000,000 than any other prior quarter. Second Quarter 2014 new development sale prices remained strong as continued high demand for extremely limited inventory drove price increases. The average price per foot for new developments surpassed last quarter’s record to reach a high of $881 per square foot, representing a 16% leap from last year. For the previous five quarters, the new development market has seen double-digit annual gains in average price per square foot while simultaneously experiencing double-digit annual declines in transaction numbers. With fewer apartment listings in the Borough, some transaction activity in Brooklyn shifted to the townhouse market. Single-family and two- to four-family townhouse sales increased, with particularly robust activity seen in Bedford-Stuyvesant and Crown Heights as buyer demand for townhouses expanded across the borough. Strong sales in prime Brooklyn neighborhoods this quarter pushed single-family townhouse prices upward dramatically. The median price of single family townhouses market-wide rose to $1,953,000 a 45% gain from a year ago and the highest median price seen in six years. We hope you find this edition of the Corcoran Report useful and informative, and we welcome any questions you may have. For a digital copy of this report and more information on the New York real estate market please visit our website at www.corcoran.com/nyc/Advice.
Sincerely,
Frank Percesepe Senior Regional Vice President, Brooklyn
The following members of the The Corcoran Group made significant contributions to this report: Douglas LaMere I Kathleen Mejia I Ryan Schleis I Joshua Sachs I Brie Train The following members of the PropertyShark team made significant contributions to this report: Matthew Haines I Lavinia Husar I Bodor Kalman I Robert Raiz I Mihai Palermo The Corcoran Report is compiled using market-wide data aggregated by PropertyShark, an independent research firm.
The Corcoran Report
Page 3
2nd Quarter 2014
View all our current market reports at www.corcoran.com/nyc/Advice
Brooklyn Heights Cobble Hill Dumbo Downtown Page 9
Williamsburg Greenpoint Page 8 Fort Greene Clinton Hill Prospect Heights Page 11
Park Slope Gowanus Page 10
Bedford–Stuyvesant Crown Heights Lefferts Gardens Bushwick Page 13
Carroll Gardens Boerum Hill Red Hook Page 12
East Flatbush Marine Park Mill Basin Bergen Beach Gerritsen Beach Greenwood Sunset Park Borough Park Mapleton Midwood Bay Ridge Dyker Heights Bensonhurst Bath Beach Gravesend Sheepshead Bay Sea Gate Coney Island Brighton Beach Manhattan Beach Page 15 Kensington Windsor Terrace Ditmas Park Flatbush Prospect Park South Page 14
Average unit sales per square foot (SF):
PropertyShark.com’s map of Brooklyn plots buildings with sales in the Second Quarter according to their number of sales and average price per square foot.
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Interactive map online at Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
propertyshark.com/maps
The Brooklyn Sales Report is based on data collected by The Corcoran Group from internal and external resources including the public records of the City of New York. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker owned and operated by NRT LLC. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.
The Corcoran Report
Page 4
2nd Quarter 2014
Brooklyn Market-Wide Market-wide average price per square foot reached a new high this quarter, up 17% from a year ago and 20% from First Quarter 2014. Average price rose 17% versus Second Quarter 2013, skewed higher by a larger number of sales over $1,000,000. Following two consecutive quarters of median prices below $450,000, Second Quarter 2014 grew to reach $525,000, a 2% gain from the same time last year and 17% higher than last quarter.
ALL SALES
Prices – Resale Co-ops, Resale Condos and New Developments Average Sale Price
Median Price
Avg Price per sf
Q2 2014 Change Q1 2014
734K
525K
760
21% 605K
17% 450K
20% 635
Q2 2014 Change Q2 2013
734K
525K
760
17%
2%
17%
627K
515K
650
Market-Wide Historical Median Price Median Sale Price
Average PPSF
$800
$700,000
$700
$600,000
$600
$500,000
$500
$400,000
$400
$300,000
$300
$200,000
$200
$100,000
$100
$0
$0
Average Price Per Square Foot
Median Price
$800,000
The Corcoran Report
Page 5
2nd Quarter 2014
Resale Market-Wide
Average Sale Price
Median Price
Avg Price per sf
Q2 2014 Change Q1 2014
662K
507K
741
24% 536K
25% 406K
32% 563
Q2 2014 Change Q2 2013
662K
507K
741
21%
13%
27%
546K
450K
585
Average Sale Price
Median Price
Avg Price per sf
475K
370K
595
Q2 2014 Change Q1 2014
7% 446K
14% 325K
12% 531
Q2 2014 Change Q2 2013
475K
370K
595
-3%
-5%
9%
491K
390K
544
RESALE CONDOS
RESALE CO-OPS
ALL RESALES
Average and median resale prices showed double-digit annual and quarterly gains, fueled by both strong demand and limited supply. This quarter condo resales primarily drove the large gains, which posted the highest price metrics seen in six years. The average resale condo price reached $846,000, 20% higher than the previous record price seen in First Quarter 2013. With more coop sales under $250,000, median and average coop sale price dipped slightly from last year. The average coop sale price per square foot was $595 and was the second highest seen since Third Quarter 2008.
Average Sale Price
Median Price
Avg Price per sf
Q2 2014 Change Q1 2014
846K
686K
801
29% 654K
28% 536K
39% 578
Q2 2014 Change Q2 2013
846K
686K
801
43%
37%
32%
509K
499K
608
New Developments
Market-wide
Very few new developments have been introduced to the Brooklyn market in recent quarters, which is the primary cause of the condo inventory shortage in the Borough. In the last six years, no quarter had fewer new development sales. However, nearly half the new development closings that did take place during Second Quarter 2014 were in Brooklyn Heights, Dumbo, Cobble Hill and Carroll Gardens, which fueled the impressive average sale price of $1,486,000. Average price per foot grew 16%, the eighth consecutive quarter of double-digit year-over-year gains. Average Sale Price
Median Price
Avg Price per sf
Q2 2014 Change Q1 2014
1.486M
923K
881
56% 955K
6% 875K
5% 841
Q2 2014 Change Q2 2013
1.486M
923K
881
78%
37%
16%
834K
675K
762
The Corcoran Report
Page 6
2nd Quarter 2014
Townhouses Townhouse averages can be skewed each quarter due to the limited number of sales. The average price of a single-family townhouse sale increased from both last quarter and last year due to strong sales in prime Brooklyn neighborhoods. The median sale price of $1.953M was a 45% gain from a year ago and a 10% rise from First Quarter. Activity in the two-to–four family townhome is growing as are prices versus a year ago.
Market-wide
Single-family
Multi-residence
Average Price
Median Price
Average Price
Median Price
Q2 2014 Change Q1 2014
2.447M
1.953M
1.425M
1.130M
9% 2.245M
10% 1.783M
-18% 1.735M
-19% 1.396M
Q2 2014 Change Q2 2013
2.447M
1.953M
1.425M
1.130M
38%
45%
4%
13%
1.775M
1.350M
1.376M
999K
Brooklyn Market-Wide Typical of seasonality, the number of sales increased 10% from First Quarter 2014 and was nearly level with the six-year average number of sales per quarter. Compared to a year ago, sales were down 16%, the largest annual decline since First Quarter 2012.
Sales – Closings - Resale Co-ops, Resale Condos and New Developments Closed Sales
1,700
Average
1,600 1,500 1,400 1,200 1,100 1,000 900 800 700 600 500 400 300 200
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
3Q11
2Q11
1Q11
4Q10
3Q10
2Q10
1Q10
4Q09
3Q09
2Q09
1Q09
0
4Q08
100 3Q08
Number of Closed Sales
1,300
The Corcoran Report
Page 7
2nd Quarter 2014
Brooklyn Market-wide Sales by Price Category Market share of sales under $500,000 was the lowest seen in five years, comprising 27% of sales. Simultaneously, market share of sales over $1MM continued to expand and grew to 19% of sales, with 4% of sales over $2MM. Market share of sales between $500,000 and $750,000, grew slightly from last quarter, but was down from a year ago.
Quarter
2Q14
27%
1Q14
20%
19%
20%
34%
2Q13
15%
30% 1Q14 Neighborhood Sales Comparison
17%
20%
8%
10%
20%
30%
30% 13%
26% Under $350K
40%
10%
17%
50%
60%
36%
$350K-$500K
20%
$500K-$750K
1Q13 Neighborhood Sales Comparison
2Q13 Neighborhood Sales Comparison
26%
4%
8%
7% Zone 3
Zone 4
$1M-$2M
Q2 2013
28% 40%
46%
8%
Zone37 Zone
11% 12% Zone48 Zone
54%
12%
Zone 5
Zone 6
Resale Zone 7 CondoZone 8 Resale Co-op
New Development Resale Condo
Resale Condo
2Q13 Property Type Comparison
18%
28%
23%
$2M+
2Q13 Property Type Comparison
28%
23%
Williamsburg/Greenpoint Brooklyn Heights/Cobble Hill/Dumbo/Downtown Park Neighborhood Slope/GowanusSales Comparison 2Q13 Fort Greene/Clinton Hill/Prospect Heights Carroll Gardens/Boerum Hill/Red Hook Bedford–Stuyvesant/Crown Heights/Lefferts Gardens/Bushwick Kensington/Windsor Terrace/Ditmas Park/Flatbush/Prospect Park South 11% South Brooklyn
7%
100%
45%
16% Zone26 Zone
90% 36%
9%
18%
9%
9%
14% Zone15 Zone
24%
7%
9% 10%
6%
Zone 2
20%
80%
Q2 2014
36%
7%
3%
2Q14 Property Type Comparison
2Q14 Property Type Comparison
11%
18%
10%
New developments represented just 9% of total sales this quarter, a decline from its 28% market share a year ago and Resale Condo Resale Co-op New Development the lowest in six years. Resale coops and condos nearly split the Zonebalance 8 Condo 2014, Resaleshifting Co-op New Development of8 sales during SecondResale Quarter slightly Zone 7 Zone from last year.
Q2 2013 9%
2%
48%
9% While other prime submarkets in Brooklyn shrank in market 6% 15% 7% share, South Brooklyn grew by 8% 8% to comprise the largest 7% 14% share in the Borough. This quarter apartment sales in BedfordZone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6 Bushwick Zone 7 Stuyvesant, Crown ZoneHeights, 1 Zone 2Lefferts Zone 3Gardens, Zone 4 and Zone 5 Zone 6 shrank to the lowest market share in the Borough.
18%
$750K-$1M
13%
Property Type Sales45% Comparison
7%
10%
70%
4%
46%
Neighborhood Sales 8%Comparison
Q2 2014
14%
Percent of Sales
11%
2Q14 Neighborhood Sales Comparison
13%
24%
2Q14 Neighborhood Sales Comparison
0%
15%
40%
Resale Co-op
32%
Resale Co-op
New Development
New Developme
The Corcoran Report
Page 8
2nd Quarter 2014
Williamsburg - Greenpoint
CO-OPS
Median and average condo price growth echoed last quarter’s impressive double-digit annual gains. Average sale price surged to $1,084,000, the highest in the submarket in six years. The average condo sale price surpassed $1,000 per square foot for the first time ever. Median price was down 3% from First Quarter 2014, but increased 19% year-over-year. Note that there are a statistically insignificant number of co-op sales in the submarket.
Queens
Q2 2014 Change Q1 2014
n to
ew
N
Median Price
Average Price per SF
305K
305K
493
23% 247K
45% 210K
0% 491
305K
305K
493
-32%
N/A
-26%
450K
N/A
663
Average Sale Price
Median Price
Average Price per SF
Q2 2014 Change Q1 2014
1.084M
925K
1,011
3% 1.051M
-3% 950K
7% 948
Q2 2014 Change Q2 2013
1.084M
925K
1,011
17%
19%
15%
930K
780K
876
CONDOS
East River
k
ee Cr
Q2 2014 Change Q2 2013
Average Sale Price
Number of unit sales per building:
HING
FLUS
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
AVE
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Interactive map online at PropertyShark.com/maps
Single-family
Townhouses
Average Price
Multi-residence Median
Average Price
Median
Q2 2014 Change Q1 2014
N/A
N/A
1.945M
1.760M
N/A N/A
N/A N/A
25% 1.562M
51% 1.163M
Q2 2014 Change Q2 2013
N/A
N/A
1.945M
1.760M
N/A
N/A
17%
15%
N/A
N/A
1.663M
1.525M
The Corcoran Report
Page 9
2nd Quarter 2014
Brooklyn Heights - Cobble Hill - Dumbo - Downtown Condo average sale price reached $1,070 per square foot, which is not only a six-year high for the submarket, but was a record for the entire borough during Second Quarter 2014. The 23% year-over-year gain was primarily driven by several new development sales, which also caused average price to spike to $1.6MM. The average and median co-op sale price rose a significant 26% and 21%, respectively, compared to last year.
CONDOS
Ea st R
iv er
CO-OPS
Manhattan
FLUSHING AVE
Median Price
Average Price per SF
Q2 2014 Change Q1 2014
727K
579K
832
-3% 751K
5% 550K
9% 761
Q2 2014 Change Q2 2013
727K
579K
832
26%
21%
25%
578K
477K
667
Average Sale Price
Median Price
Average Price per SF
Q2 2014 Change Q1 2013
1.641M
1.200M
1,070
61% 1.021M
41% 849K
11% 962
Q2 2014 Change Q2 2013
1.641M
1.200M
1,070
66%
45%
23%
991K
829K
867
NT
RAW ST
FU
LTO N
Number of unit sales per building:
ST
COU RT ST
DEG
IC A VE
HO YT
ATL A
ST
VE HA
US
TB FLA
Average Sale Price
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Interactive map online at PropertyShark.com/maps
Townhouses
Single-family
Multi-residence
Average Price
Median
Average Price
Median
Q2 2014 Change Q1 2014
4.721M
3.900M
3.694M
3.175M
27% 3.724M
8% 3.600M
3% 3.581M
13% 2.800M
Q2 2014 Change Q2 2013
4.721M
3.900M
3.694M
3.175M
17%
22%
7%
-18%
4.050M
3.200M
3.438M
3.850M
The Corcoran Report
Page 10
2nd Quarter 2014
Park Slope - Gowanus
HA VE 4T ST
Average Sale Price
Median Price
Average Price per SF
Q2 2014 Change Q1 2014
808K
668K
899
4% 775K
3% 650K
9% 822
Q2 2014 Change Q2 2013
808K
668K
899
10%
5%
12%
736K
637K
802
Average Sale Price
Median Price
Average Price per SF
Q2 2014 Change Q1 2014
1.040M
980K
1,005
-5% 1.099M
-11% 1.098M
8% 933
Q2 2014 Change Q2 2013
1.040M
980K
1,005
18%
34%
15%
878M
730K
871
EC T
PA R
K
W
CONDOS
Go wa n
us
VE HA
Ca n
US
al
B AT
FL
DE GR AW
CO-OPS
A 15% rise in average condo sale price per square foot from Second Quarter 2013 brought the figure to $1,005, the highest in six years. Median and average condo price posted impressive annual gains, but were down slightly from First Quarter due to a slight uptick in number sales under $1MM. Median co-op price advanced 5% from Second Quarter 2013, which was also a 3% increase from last quarter.
EC T
Number of unit sales per building:
PR OS P
PR OS P
AV E
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
Prospect Park
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Interactive map online at PropertyShark.com/maps
Townhouses
Single-family
Multi-residence
Average Price
Median
Average Price
Median
Q2 2014 Change Q1 2014
2.913M
2.913M
2.260M
2.300M
75% 1.666M
68% 1.737M
-4% 2.348M
19% 1.938M
Q2 2014 Change Q2 2013
2.913M
2.913M
2.260M
2.300M
21%
2%
7%
16%
2.413M
2.850M
2.112M
1.987M
The Corcoran Report
Page 11
2nd Quarter 2014
Fort Greene - Clinton Hill - Prospect Heights
CO-OPS
The average condo sale price per square foot jumped 17% from Second Quarter 2013 to $743 per square foot, fueled by an increase in sales of larger residences. This quarter’s median condo sale price reached a six-year record figure for the submarket. Strong demand for housing in the neighborhood also caused a 16% average price gain in the co-op market relative to Second Quarter 2013.
FLUSHING AVE
CONDOS
RD AVE
BEDFO
Median Price
Q2 2014 Change Q1 2014
602K
515K
710
1% 596K
6% 485K
22% 584
Q2 2014 Change Q2 2013
602K
515K
710
16%
8%
21%
519K
475K
587
Average Sale Price
Median Price
Average Price per SF
910K
787K
743
-5% 958K
6% 740K
0% 742
910K 47%
787K 33%
743 17%
621K
621K
636
Q2 2014 Change Q1 2014 Q2 2014 Change Q2 2013
Average Price per SF
VE HA
US
B AT
FL
Average Sale Price
ATLA N GTO WASHIN
TIC A VE
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
N AVE
EAS TER
Townhouses
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Interactive map online at PropertyShark.com/maps
N PK WY
Average unit sales per square foot (SF):
Single-family
Multi-residence
Average Price
Median
Average Price
Median
Q2 2014 Change Q1 2014
1.925M
1.925M
1.722M
1.613M
N/A N/A
N/A N/A
-21% 2.187M
-19% 1.995M
Q2 2014 Change Q2 2013
1.925M
1.925M
1.722M
1.613M
-5%
-5%
-10%
-10%
2.023M
2.023M
1.909M
1.800M
The Corcoran Report
Page 12
2nd Quarter 2014
Carroll Gardens - Boerum Hill - Red Hook
Average Sale Price
Median Price
Average Price per SF
801K
800K
865
13% 708K
13% 705K
7% 808
801K
800K
865
3%
7%
11%
781K
745K
776
Q2 2014 Change Q1 2014 Q2 2014 Change Q2 2014
ATL A
Governors Island
LT ON
ST
VE HA
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
Median Price
Average Price per SF
Q2 2014 Change Q1 2014
1.216M
1.195M
1,032
29% 946K
41% 850K
22% 849
Q2 2014 Change Q2 2013
1.216M
1.195M
1,032
45%
59%
29%
841K
752K
799
CONDOS
Go wa nu s
Average Sale Price
Single-family
Townhouses
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Interactive map online at PropertyShark.com/maps
ST
Ca na l
DE GR AW
4T
HA VE
RAW ST
Average unit sales per square foot (SF):
Number of unit sales per building:
US
COU RT ST
FU
B AT
DEG
IC A VE
FL
BQE
NT
HO YT
ST
Up
pe
rB ay
CO-OPS
The condo market saw the largest gain in average price per square foot in the borough this quarter. An increase of 29% from last year brought the figure to an impressive $1,032 per square foot, a six-year high for the neighborhood. Median price increased 59% yearover-year and was also the highest seen in the submarket in six years. Price gains were more modest in the co-op market, up 3% and 7% year-over-year in average and median price, respectively.
Multi-residence
Average Price
Median
Average Price
Median
Q2 2014 Change Q1 2014
2.898M
3.230M
2.139M
1.988M
-22% 3.738M
-14% 3.738M
-12% 2.434M
-22% 2.550M
Q2 2014 Change Q2 2013
2.898M
3.230M
2.139M
1.988M
37%
57%
-11%
-23%
2.119M
2.053M
2.414M
2.588M
The Corcoran Report
Page 13
2nd Quarter 2014
Bedford–Stuyvesant - Crown Heights - Lefferts Gardens - Bushwick The 20% year-over-year increase in average condo sale price per square foot brought the figure to $506, the largest annual gain seen in the submarket in over three years. Average condo sale price saw an increase of 7% compared to last year, but was down compared to last quarter. Co-op median price experienced double-digit annual and quarterly gains, yet average co-op price was down from a year ago.
RE SS
AVE HING FLUS
CO-OPS
Queens
CY P
AV E
W YC KO F
F
AV E
Q2 2014 Change Q1 2014 Q2 2014 Change Q2 2013
Average Sale Price
Median Price
Average Price per SF
262K
264K
304
5% 250K
16% 228K
2% 297
262K
264K
304
-7%
35%
9%
281K
195K
280
BEDFO RD AV
Number of unit sales per building:
E
Cemetery of the Evergreens
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
ATLA N
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Interactive map online at PropertyShark.com/maps
N
TO WASHING AVE
TIC A VE
Average unit sales per square foot (SF):
E AV
NOSTRAND AVE
CONDOS
E
W NE
RK YO
EMPIRE BLVD
E
PARKSIDE AV
Q2 2014 Change Q1 2014 Q2 2014 Change Q2 2013
Average Sale Price
Median Price
463K
450K
506
-16% 548K
-10% 499K
25% 404
463K
450K
506
7%
4%
20%
431K
444K
420
Townhouses
Single-family
Average Price per SF
Multi-residence
Average Price
Median
Average Price
Median
Q2 2014 Change Q1 2014
1.059M
1.250M
967K
950K
-7% 1.138M
10% 1.138M
-10% 1.074M
2% 935K
Q2 2014 Change Q2 2013
1.059M
1.250M
967K
950K
6%
37%
12%
19%
1.003M
912K
862K
799K
The Corcoran Report
Page 14
2nd Quarter 2014
Kensington - Windsor Terrace - Ditmas Park - Flatbush - Prospect Park South
CO-OPS
EC T
T EC
PR OS P
Prospect Park
P OS PR
PA RK
W
Unlike other submarkets, median and average price in the condo market were down both year-over-year and quarter-over-quarter due to an uptick in sales of one bedroom residences. Co-op sale price increased significantly, experiencing double-digit gains from last quarter and last year. Not typically seen in the for-sale apartment market, this quarter median price for co-ops was actually greater than condo median sale price.
R PA
E
K
PARKSIDE AV
SW E SID RK
E AV
Average Price per SF
381K
350K
405
30% 294K
26% 277K
14% 355
381K
350K
405
18%
25%
13%
323K
280K
358
Average Sale Price
Median Price
Average Price per SF
Q2 2014 Change Q2 2013
Q2 2014 Change Q1 2014 Q2 2014 Change Q2 2013
359K
330K
450
-26% 488K
-38% 533K
-16% 534
359K
330K
450
-13%
-20%
0%
413K
410K
451
L MCDONA
D AVE
E NOSTRAND AV
CONDOS
Median Price
Q2 2014 Change Q1 2014
PA
Greenwood Cemetery
Average Sale Price
Number of unit sales per building:
D AVE
E AV
ISLAN CONEY
ER
ST FO
E AVENU
I
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Interactive map online at PropertyShark.com/maps
Single-family Average Price
Townhouses
Average unit sales per square foot (SF):
Multi-residence Median
Average Price
Median
Q2 2014 Change Q1 2014
2.100M
N/A
1.042M
1.200M
N/A N/A
N/A N/A
-25% 1.396M
N/A N/A
Q2 2014 Change Q2 2013
2.100M
N/A
1.042M
1.200M
104%
N/A
-22%
-14%
1.029M
895K
1.329M
1.400M
The Corcoran Report
Page 15
2nd Quarter 2014
South Brooklyn East Flatbush Marine Park Mill Basin Bergen Beach Gerritsen Beach Greenwood Sunset Park Borough Park Mapleton Midwood Bay Ridge Dyker Heights Bensonhurst Bath Beach Gravesend Sheepshead Bay Sea Gate Coney Island Brighton Beach Manhattan Beach
Average and median condo sale price in southern Brooklyn experienced over 40% year-over-year gains during Second Quarter 2014. The average price per square foot in the condo market grew by 20% versus Second Quarter 2013, and was also up 11% from last quarter. Average and median price in the co-op market declined versus a year ago, partially due to a surge in number of sales under $250,000.
Average unit sales per square foot (SF):
EW
39 T
Upper Bay
H
EMPIRE BLVD
ST
RK YO
E AV
EN
Number of unit sales per building:
NOSTRAND AVE
I
CO-OPS
LD AVE
MCDONA
AVENUE
Gateway National Recreation Area
Q2 2014 Change Q1 2014 Q2 2014 Change Q2 2013
CONDOS
Lower Bay
Average Sale Price
Median Price
237K
220K
271
3% 231K
3% 213K
-11% 305
Townhouses
Average Price per SF
237K
220K
271
-20%
-29%
362K
275K
381
Average Sale Price
Median Price
Average Price per SF
Q2 2014 Change Q1 2014
485K
428K
453
16% 418K
5% 406K
11% 409
Q2 2014 Change Q2 2013
485K
428K
453
49%
44%
20%
326K
296K
378
Single-family Average Price
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
-35%
Gravesend Bay
Interactive map online at PropertyShark.com/maps
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Multi-residence Median
Average Price
Median
Q2 2014 Change Q1 2014
849K
782K
757K
740K
75% 484K
127% 345K
-4% 790K
-12% 843K
Q2 2014 Change Q2 2013
849K
782K
757K
740K
13%
-10%
17%
24%
753K
869K
648K
599K