A spike in condo values is buoying Brooklyn’s residential market, according to Zillow.com’s second-quarter market report. The real estate website’s statistics— which differ from other reports in that its Zindex is a composite figure that purports to holistically track home values rather than sale price fluctuations—show that while Brooklyn home values posted marginal second-quarter increases, condo values were up a whopping 9.4 percent. In comparison, Brooklyn-wide home values increased a relatively staid 2.1 percent, to $645,618. Brooklyn’s average condo, meanwhile, was worth $529,278 during the period that ended in June, building on the 9.9 percent increase Zillow recorded in the first quarter. And how did brownstone Brooklyn neighborhoods fare? Carroll Gardens was the big winner, with a 5 percent increase over the first quarter, to $1.2 million; Brooklyn Heights, on the other hand, saw the biggest decline, with home values falling 7.4 percent, to $1.9 million.

While we’ll admit to not totally understanding the secret sauce that goes into the Zindex, we’re not necessarily ready to take these numbers on blind faith. Brooklyn Heights down more that 7 percent last quarter? Doubtful.
Quarterly Home Value Reports [Zillow]
REBNY: Prices Up Across the Board in Q2 [Brownstoner]
BHS Report: Brooklyn Up Less Than Manhattan [Brownstoner]