Market Snapshot: Sunset Park

PropertyShark hooked us up with a bunch of great data sets on Sunset Park’s real estate market since the beginning of 2005, and the numbers show that home sales in ’11 have been nothing to sneeze at. (On the other hand, bargain hunters might find the co-op and condo markets a bit weaker.) There have been a total of 2,120 residential sales in the neighborhood since the beginning of 2005, and the median sale price for both houses and apartments is $580,000. Breaking it down:

Condos and co-ops: Sales volume appears to be very slow so far this year, with 11 or fewer units selling in the neighborhood each quarter. Since 2005, there have been 20 or more sales most quarters. The median sale price since ’05 is $329,500, but the median price each quarter this year has also lagged well below that ($284K in Q1, $279K in Q2 and $292K in Q3).

Houses: By contrast, the market for houses in Sunset Park is strong this year. There have been around 40 sales every quarter this year, which is below most quarters in 2005, 2006 and 2007 but not off the cliff in the context of the last few years. What’s impressive, though, are the prices the houses are bringing in: The medians in the first and third quarter ($772K and $770K, respectively) are the highest of any quarter over the last six years.

Biggest sale ever: The most expensive sale ever in Sunset Park was for 761 56th Street, which traded for $1,730,000 in mid 2006.

Cheapest prop on the market: 728 41st Street #2C, a studio co-op listed for $124,900

Click through for some cool graphs showing price trends since ’05….

N.B.: We’ve got the neighborhood defined as running from 17th Street to the Gowanus Expressway, which we know some Greenwood Heights folks might quibble with.