Still Near Record Highs, Brooklyn Home Prices Slow

"Median and average sale prices grew modestly in the fourth quarter, while prices per square foot were down across a number of home types. Brooklyn home prices hovered near record levels in the fourth quarter, with median and average sale prices ticking up modestly to reach the third highest on record. At the same time, the number of sales dipped slightly and inventory expanded, early signs that the market may be beginning to cool, albeit modestly."

"The average sale price for all home types climbed 3.8 percent year over year to $1,306,113, according to a market report from appraisal firm Miller Samuel for Douglas Elliman. The median reached $990,000, up just 0.1 percent from a year earlier - a slower pace of growth than in previous quarters. Inventory increased 10.5 percent compared to last year, while the number of sales slipped 0.4 percent to 2,271 transactions. Newly constructed condos saw the steepest decline in number of sales, falling 23.1 percent year over year to 268."

"By contrast, condo resales rose 21.8 percent to 400, the largest transaction increase among property types. Despite fewer sales, new condominiums posted the strongest price growth in the final quarter. Median prices jumped 17.3 percent year over year to $1,237,500, up from $1.055 million the year before. Co-op prices saw the second-largest increase, rising 10.4 percent annually to a median of $499,500. Condo median prices increased 9.1 percent to $1.090 million, though the price per square foot declined 5.8 percent to $1,128."

Median and average sale prices in Brooklyn rose modestly in the fourth quarter, with the average climbing 3.8 percent to $1,306,113 and the median reaching $990,000. Inventory increased 10.5 percent while total sales slipped 0.4 percent to 2,271 transactions. Newly constructed condos experienced the steepest sales decline, down 23.1 percent, while condo resales increased 21.8 percent. New condominium median prices jumped 17.3 percent to $1,237,500. Co-op medians rose 10.4 percent to $499,500 and overall condo medians increased 9.1 percent, even as price per square foot fell for several property types. Luxury medians rose modestly to $3.1 million.

Read at Brownstoner