The Real Estate Board of New York released its year-end market report for 2007, and the numbers paint a very positive picture for the year that was in Brooklyn. The report, put together by REBNY subsidiary ResidentialNYC.com and based on city records, shows the average sales price for Brooklyn condos and co-ops increasing 14 percent in 2007 to $494,000, the steepest uptick of all five boroughs. The average sales price for all of New York City increased 11 percent, to $779,000, and Manhattan’s average price was $1.2 mil. Price appreciation on Brooklyn houses wasn’t as pronounced: Single-family homes were up 5 percent, and the average sales price on multi-fams went up 8 percent borough-wide. The stats show a healthier market than the one depicted in Corcoran’s year-end report, which recorded the (median, not average) sales price on condos and co-ops up 7 percent, to $590,000.
Corcoran ’07 Market Report: Brooklyn’s Still Up [Brownstoner]
Downtown, Brownstone Brooklyn Development Boosts Market [Brooklyn Eagle]
Photo by brooklyngreenway.