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 1st Quarter 2013 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
1st Quarter 2013
Introduction Welcome to the Corcoran Report, our comprehensive quarterly examination of the residential real estate market in Brooklyn. The report examines closed transactions during the First Quarter of 2013 (January 1 through March 31) and compares them to the First Quarter 2012 and the Fourth Quarter 2012. 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. The First Quarter 2013 in Brooklyn revealed continued impressive demand for housing and lingering low levels of supply. The effect of this dynamic was double-digit year-over-year price gains. This quarter we saw significant market-wide improvements in almost every neighborhood, resulting in a market-wide average price increase of 15% and median price increase of 12% relative to last year. Highlighted in our First Quarter 2013 Brooklyn Report are several record sale prices, such as the average condominium price of $909,000 in Williamsburg/Greenpoint, and the average condominium price of $860 per square foot in DUMBO/Brooklyn Heights. Compared to Fourth Quarter 2012, market-wide prices experienced a slight decline and this can be attributed to an uptick in sales activity of entrylevel apartments in the outer parts of the borough. Some notable single-family townhouse sales occurred this quarter, such as one on Henry Street for $6,750,000. However, the general lack of high-end sales in prime neighborhoods resulted in overall median and average price declines in the townhouse market. The new development market also encountered record prices this quarter. An increase in the number of sales compared to First Quarter 2012, primarily of two- and three-plus-bedroom condominiums at high prices, contributed to the record average price of $886,000. Price per square foot reached $758, up 12% from a year ago, and the highest level since Fourth Quarter 2008. Yet even though there was a rise in the number of new development sales from last year, its market share continues to decline relative to the previous three quarters due to a dearth of new condominium product introductions. We hope you will find this edition of the Corcoran Report useful and informative, and we welcome any questions you may have regarding it. View all our current market reports for the most comprehensive analysis of Manhattan, Brooklyn, Long Island’s East End and South Florida at www.corcoran.com/thecorcoranreport/brooklyn.
Sincerely,
Frank Percesepe
Senior Regional Vice President, Brooklyn
Market Wide
ALL SALES
All Apartments Average Sale Price
Median Price
Avg Price per sf
Q1 2013 Change Q4 2012
595K
480K
665
-4% 617K
-4% 499K
5% 632
Q1 2013 Change Q1 2012
595K
480K
665
15%
12%
18%
517K
428K
565
The following members of the The Corcoran Group made significant contributions to this report: Douglas LaMere I Ryan Schleis I Joshua Sachs I Kirsten Spanjer I Brie Train The following members of the PropertyShark team made significant contributions to this report: Matthew Haines I Calin Onet I Robert Raiz I Claudia Santa I Robert Sarb
The Corcoran Report
Page 3
1st Quarter 2013
View all our current market reports for the most comprehensive analysis of Manhattan, Brooklyn, Hamptons and South Florida at www.corcoran.com/thecorcoranreport
Brooklyn Heights Cobble Hill Dumbo Downtown Page 7
Williamsburg Greenpoint Page 6 Fort Greene Clinton Hill Prospect Heights Page 9
Carroll Gardens Boerum Hill Red Hook Page 10
Bedford–Stuyvesant Crown Heights Lefferts Gardens Bushwick Page 11
Park Slope Gowanus Page 8
Kensington Windsor Terrace Ditmas Park Flatbush Prospect Park South 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 13 Average unit sales per square foot (SF):
PropertyShark.com’s map of Brooklyn plots buildings with sales in the First 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
1st Quarter 2013
Resale Market Wide
Average Sale Price
Median Price
Avg Price per sf
Q1 2013 Change Q4 2012
483K
364K
593
-8% 524K
-17% 439K
4% 568
Q1 2013 Change Q1 2012
483K
364K
593
12%
3%
20%
433K
355K
496
Average Sale Price
Median Price
Avg Price per sf
Q1 2013 Change Q4 2012
410K
295K
542
-11% 461K
-18% 359K
1% 539
Q1 2013 Change Q1 2012
410K
295K
542
8%
-1%
9%
378K
299K
495
RESALE CONDOS
RESALE CO-OPS
ALL RESALES
The resale condo market experienced a 31% increase in average price per square foot compared to First Quarter 2012 and upwards of 40% year-over-year growth in average and median sale price. These figures indicate the largest year-overyear growth in price since the Brooklyn market began its steady recovery in Second Quarter 2011. Average sale price for the coop market also increased annually, with a gain of 8%, while median coop price was relatively flat.
Average Sale Price
Median Price
Avg Price per sf
Q1 2013 Change Q4 2012
707K
608K
651
12% 630K
10% 550K
11% 588
Q1 2013 Change Q1 2012
707K
608K
651
40%
41%
31%
506K
430K
496
Historical Sales and Price per Square Foot (Condos and Co-ops) This quarter’s 18% jump in average price per square foot from last year, an increase of $100 per square foot, brought the figure to just 1% below its peak price of $672 per square foot in Third Quarter 2008. The number of sales is also up 16% from last year, fueled solely by the coop market, but is still slightly under the four-year average due to low condo inventory levels. Number of Sales
Average PPSF
$900
1,600
$800
1,400
$700
1,200
$600
1,000
$500
800
$400
600
$300
400
$200
200
$100
0
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
$0
Price per Square Foot
Number of Sales
1,800
The Corcoran Report
Page 5
1st Quarter 2013
Townhouses Townhouse averages can be skewed each quarter due to the limited number of sales. While there were certainly some noteworthy sales of single-family homes in neighborhoods like Park Slope and Cobble Hill, the median price of $1.237M was 4% below Fourth Quarter 2012, and 13% below last quarter. Sale prices of two- to four- family townhomes were also reduced compared to last quarter and last year, primarily due to a shortage of sales in prime neighborhoods.
MARKET WIDE
1 Family
2-4 Family
Average Price
Median
Average Price
Median
Q1 2013 Change Q4 2012
1.488M
1.238M
1.269M
888K
-23% 1.925M
-13% 1.425M
-22% 1.618M
-36% 1.395M
Q1 2013 Change Q1 2012
1.488M
1.238M
1.269M
888K
-21%
-4%
-9%
-17%
1.880M
1.285M
1.391M
1.068M
Sales by Price Category The top two price tiers (sales priced from $1M to over $2M) gained an additional 4% market share compared to First Quarter 2012, and simultaneously squeezed the price bracket of $350K to $500K to its lowest market share presence since tracking of this metric began. This price bracket shrunk to just 15% of the market, almost equal to the number of sales seen in residences priced between $750K and $1M. Under $350K
38%
Quarter
1Q13 4Q12
15%
28%
0%
10%
20%
40% 50% 60% Percent of Sales
70%
2 %
12%
13% 20%
$2M+
$1M-$2M
14%
23% 23%
30%
$750K-$1M
$500K-$750K
20%
23% 39%
1Q12
$350K-$500K
12% 10%
80%
90%
7%
1 % 1 % 100%
New Developments
MARKET WIDE
This quarter, the Brooklyn new development market experienced record-breaking sale prices. The median sale price of $799,000 was a 35% boost from First Quarter 2012 and a 31% leap from last quarter. A 12% increase in average price per square foot relative to last year brought the average to $758, which was a further improvement of 8% from Fourth Quarter 2012. Average sale price was up 20% from last year, and 14% from last quarter. Average Sale Price
Median Price
Avg Price per sf
Q1 2013 Change Q4 2012
886K
799K
758
14% 774K
31% 612K
8% 705
Q1 2013 Change Q1 2012
886K
799K
758
20%
35%
12%
738K
590K
676
The Corcoran Report
Page 6
1st Quarter 2013
Market Wide Williamsburg Greenpoint
CO-OPS
Following a record-breaking average condo sale price last quarter, First Quarter 2013 jumped an additional 14% to $909K, which was also 34% higher than this time last year. While the number of condo sales in Williamsburg and Greenpoint dropped compared to both last quarter and last year, both median price and average price per square foot achieved the highest figure on record. Note that there are a statistically insignificant number of co-op sales in the submarket.
Queens
n to
ew
N ee Cr
Q1 2013 Change Q1 2012
Median Price
Average Price per SF
260K
260K
492
N/A N/A
N/A N/A
N/A N/A
260K
260K
492
-67%
N/A
-31%
780K
N/A
709
Average Sale Price
Median Price
Average Price per SF
Q1 2013 Change Q4 2012
909K
765K
837
14% 796K
13% 680K
9% 768
Q1 2013 Change Q1 2012
909K
765K
837
34%
30%
12%
676K
588K
747
CONDOS
k
East River
Q1 2013 Change Q4 2012
Average Sale Price
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
VE NG A
HI FLUS
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
MARKET WIDE
1 Family Average Price
2-4 Family Median
Average Price
Median
Q1 2013 Change Q4 2012
1.225M
N/A
1.831K
1.795K
-9% 1.350M
N/A 1.200M
48% 1.237K
44% 1.250K
Q1 2013 Change Q1 2012
1.225M
N/A
1.831K
1,795K
-9%
N/A
61%
80%
1.345M
N/A
1.136K
999K
The Corcoran Report
Page 7
1st Quarter 2013
Market Wide Brooklyn Heights Cobble Hill Dumbo Downtown Both coops and condos in this submarket experienced tremendous gains, many figures reaching historical highs. The 29% yearover-year growth in both median condo and coop sale price, plus a double-digit average price gain relative to First Quarter 2012, are results of strong sales of all unit types. The average price per square foot of condos in this submarket increased 15% from last year, reaching a record high of $860 per square foot.
CONDOS
Ea st R
iv er
CO-OPS
Manhattan
FLUSHING AVE
Median Price
Average Price per SF
613K
508K
682
9% 562K
23% 413K
6% 645
613K
508K
682
21%
29%
13%
508K
395K
603
Average Sale Price
Median Price
Average Price per SF
Q1 2013 Change Q4 2012
1.083M
959K
860
21% 892K
26% 760K
6% 810
Q1 2013 Change Q1 2012
1.083M
959K
860
17%
29%
15%
924K
744K
747
Q1 2013 Change Q4 2012 Q1 2013 Change Q1 2012
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
MARKET WIDE
1 Family Average Price
2-4 Family Median
Average Price
Median
Q1 2013 Change Q4 2012
1.400M
N/A
2.508M
2.230M
-63% 3.821M
N/A 3.300M
-24% 3.280M
-21% 2.825M
Q1 2013 Change Q1 2012
1.400M
N/A
2.508M
2.230M
-87%
N/A
-43%
-4%
11.000M
N/A
4.406M
2.329M
The Corcoran Report
Page 8
1st Quarter 2013
Market Wide Park Slope Gowanus
HA VE 4T ST
Average Sale Price
Median Price
Average Price per SF
Q1 2013
695K
605K
751
Change Q4 2012
-10% 768K
-10% 675K
6% 710
Q1 2013 Change Q1 2012
695K
605K
751
33%
23%
15%
522K
492K
651
Average Sale Price
Median Price
Average Price per SF
Q1 2013 Change Q4 2012
824K
800K
770
10% 748K
9% 733K
7% 717
Q1 2013 Change Q1 2012
824K
800K
770
45%
51%
21%
568K
530K
636
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
The Park Slope condo market also jumped to record breaking prices, and the 51% year over year gain in median sale price was the largest increase seen in the borough this quarter. The average condo sale price of $824K was a 45% boost from First Quarter 2012, while a similar 33% increase in average sale price was seen in the coop market. The neighborhood’s median single-family townhouse price leaped 37% compared to last quarter, but not enough to show a year-over year price improvement. Relative to last quarter, coop prices were actually down 10%.
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
MARKET WIDE
1 Family
2-4 Family
Average Price
Median
Average Price
Median
Q1 2013 Change Q4 2012
1.955M
1.700M
1.538M
1.325M
15% 1.699M
37% 1.243M
-14% 1.798M
-18% 1.610M
Q1 2013 Change Q1 2012
1.955M
1.700M
1.538M
1.325M
-14%
-25%
-2%
-3%
2.280M
2.280M
1.565M
1.360M
The Corcoran Report
Page 9
1st Quarter 2013
Market Wide Fort Greene Clinton Hill Prospect Heights
CO-OPS
The 27% rise in average condo sale price per square foot brought the figure to $625, and the median condo price of $570K set a new record for the neighborhood. Both average and median sale price saw increases of 14% relative to both last quarter and last year. Additionally, the median coop price advanced 29% from First Quarter 2012, which was a 2% increase from last quarter.
FLUSHING AVE
CONDOS
RD AVE
BEDFO
Median Price
Q1 2013 Change Q4 2012
548K
449K
575
6% 519K
2% 439K
12% 514
Q1 2013 Change Q1 2012
548K
449K
575
27%
29%
22%
433K
347K
471
Average Sale Price
Median Price
Average Price per SF
618K
570K
625
14% 542K
14% 499K
16% 541
618K
570K
625
14%
14%
27%
541K
500K
492
Q1 2013 Change Q4 2012 Q1 2013 Change Q1 2012
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
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
1 Family
MARKET WIDE
Average unit sales per square foot (SF):
2-4 Family
Average Price
Median
Average Price
Median
Q1 2013 Change Q4 2012
1.505M
1.550M
1.726M
1.717M
-36% 2.365M
N/A N/A
14% 1.514M
20% 1.435M
Q1 2013 Change Q1 2012
1.505M
1.550M
1.726M
1.717M
N/A
N/A
31%
26%
N/A
N/A
1.320M
1.367M
The Corcoran Report
Page 10
1st Quarter 2013
Market Wide Carroll Gardens Boerum Hill Red Hook
Average Sale Price
Median Price
Average Price per SF
Q1 2013 Change Q4 2012
656K
699K
691
-3% 675K
17% 595K
3% 669
Q1 2013 Change Q1 2012
656K
699K
691
3%
14%
-8%
636K
615K
749
ATL A
Governors Island
LT ON
ST
VE HA
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
CONDOS
Go wa nu s
Average Sale Price
Median Price
Q1 2013 Change Q4 2012 Q1 2013 Change Q1 2012
Average Price per SF
929K
829K
739
-20% 1.165M
-10% 918K
-5% 782
929K
829K
739
12%
9%
11%
830K
764K
665
1 Family
MARKET WIDE
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
Median and average sale price of condos dipped slightly from last quarter’s record highs, primarily due to a smaller number of sales of three bedroom residences. The average sale price and price per square foot however, was still 12% and 11% higher than last year, respectively. Compared to First Quarter 2012, median price was 9% greater for condos, while coop pricing gained a 14% boost during the same time.
2-4 Family
Average Price
Median
Average Price
Median
Q1 2013 Change Q4 2012
2.643M
1.700M
2.460M
2.500M
12% 2.358M
-25% 2.266M
-18% 2.996M
7% 2.340M
Q1 2013 Change Q1 2012
2.643M
1.700M
2.460M
2.500M
72%
-3%
20%
12%
1.540M
1.750M
2.045M
2.238M
The Corcoran Report
Page 11
1st Quarter 2013
Market Wide Bedford–Stuyvesant Crown Heights Lefferts Gardens Bushwick Both the coop and condo markets in Bed-Stuy, Crown Heights, and Bushwick showed gains this quarter relative to last quarter and last year. The median condo sale price rose a remarkable 45% from First Quarter 2012, to a record high of $477K. The average condo sale price also rose above the figure from last year, resulting in a 32% gain. Compared to this time last year, the median coop sale price was up 25%, and the average price grew by 15%. Average Sale Price
Median Price
Q1 2013 Change Q4 2012
234K
249K
241
23% 190K
33% 188K
41% 171
Q1 2013 Change Q1 2012
234K
249K
241
15%
25%
12%
204K
199K
216
RE SS
VE NG A
HI FLUS
CO-OPS
Queens
CY P
AV E
W YC KO F
F
AV E
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
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
N
TO WASHING AVE
TIC A VE
Average Price per SF
E AV
NOSTRAND AVE
CONDOS
E
W NE
RK YO
EMPIRE BLVD
E
PARKSIDE AV
Average Sale Price
Median Price
Average Price per SF
Q1 2013 Change Q4 2012
460K
478K
406
19% 386K
26% 378K
2% 399
Q1 2013 Change Q1 2012
460K
478K
406
32%
45%
11%
348K
330K
366
MARKET WIDE
1 Family
2-4 Family
Average Price
Median
Average Price
Median
Q1 2013 Change Q4 2012
755K
755K
760K
715K
-41% 1.285M
-41% 1.285M
-11% 851K
-11% 800K
Q1 2013 Change Q1 2012
755K
755K
760K
715K
-21%
-6%
39%
39%
956K
799K
545K
514K
The Corcoran Report
Page 12
1st Quarter 2013
Market Wide Kensington Windsor Terrace Ditmas Park Flatbush Prospect Park South The for-sale market in Ditmas Park, Windsor Terrace, and Kensington was dominated by one-bedroom coop sales this quarter, forcing median sale price to be well below $300K. Average price for coops, also below $300K, dipped 10% from First Quarter 2012, and 14% from Fourth Quarter of last year. This quarter there were an insignificant number of condo sales in the submarket.
CO-OPS
EC T
T EC
PR OS P
Prospect Park
P OS PR
PA RK
W
Average Sale Price
R PA
E
K
PARKSIDE AV
SW
VE EA
ID KS
286K
245K
333
-14% 332K
-22% 315K
7% 312
Q1 2013 Change Q1 2012
286K
245K
333
-10%
-18%
3%
318K
301K
322
Average Sale Price
Median Price
Average Price per SF
Q1 2013 Change Q4 2012 Q1 2013 Change Q1 2012
N/A
N/A
N/A
N/A 557K
N/A 465K
N/A 511
N/A
N/A
N/A
N/A
N/A
N/A
356K
393K
433
L MCDONA
D AVE
E NOSTRAND AV
CONDOS
Average Price per SF
Q1 2013 Change Q4 2012
R PA
Greenwood Cemetery
Median Price
Number of unit sales per building:
D AVE
E AV
ISLAN CONEY
ER
ST FO
E AVENU
I
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
1 Family
MARKET WIDE
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
Average unit sales per square foot (SF):
2-4 Family
Average Price
Median
Average Price
Median
Q1 2013 Change Q4 2012
976K
900K
N/A
N/A
-25% 1.300M
-31% 1.300M
N/A 1.501M
N/A 1.618M
Q1 2013 Change Q1 2012
976K
900K
N/A
N/A
-1%
-9%
N/A
N/A
984K
984K
901K
953K
The Corcoran Report
Page 13
1st Quarter 2013
Market Wide 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
Relative to First Quarter 2012, median and average price held firm for condos and average price per square foot showed an 8% improvement. Coop prices experienced declines compared to last quarter and last year primarily from fewer large apartment sales. Year-over-year gains in this submarket were seen in two- to four- family townhouse sales where the average and median price grew by 4% and 2% respectively. Compared to last quarter, single-family median price was up 19% and average price grew by 16%. Average unit sales per square foot (SF):
VE KA
EW
39 T
Upper Bay
H
EMPIRE BLVD
ST
R YO
EN
Number of unit sales per building:
NOSTRAND AVE
Gateway National Recreation Area
Median Price
Q1 2013 Change Q4 2012
207K
188K
272
0% 207K
3% 184K
-4% 284
Q1 2013 Change Q1 2012
207K
188K
272
2%
1%
8%
202K
186K
251
Average Sale Price
Median Price
Average Price per SF
CONDOS
Gravesend Bay
Lower Bay
Interactive map online at PropertyShark.com/maps
Q1 2013 Change Q4 2012 Q1 2013 Change Q1 2012
Average Price per SF
328K
270K
341
-25% 438K
-34% 409K
-14% 395
328K
270K
341
-28%
-26%
-14%
455K
365K
396
1 Family
MARKET WIDE
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
Average Sale Price
I
CO-OPS
LD AVE
MCDONA
AVENUE
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
2-4 Family
Average Price
Median
Average Price
Median
Q1 2013 Change Q4 2012
670K
689K
576K
579K
16% 580K
19% 580K
-27% 790K
-3% 599K
Q1 2013 Change Q1 2012
670K
689K
576K
579K
-26%
-24%
4%
2%
908K
908K
554K
570K