Sales Prices, Rental Prices: Everything Is Up

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Yesterday Corcoran and Douglas Elliman released their Brooklyn market reports for the second quarter of the year. No surprises here, sales activity was strong. Corcoran reports that the market-wide average sale price rose this quarter to $627,000, the highest level in over four years. New development sales prices per square foot (coming in at $762) are at the highest level since 2008, although the number of new development sales declined 34 percent since last year. The total number of closed sales in Brooklyn during this past quarter was 983, 2 percent lower than last year’s numbers. And Elliman has some news on the luxury market — luxury median sales price increased 20.4 percent from last year to $1,650,000.

As for rentals, median rental price had the largest jump since August of 2012 — prices increased 13.5 percent from last year to $2,737. The price gains were consistent across all apartment size categories. Also since last year, rental price per square foot increased 9.5 percent to $35.97 and the number of new rentals slipped 3.1 percent to 412.

All this is putting pressure on other areas such as Queens, where prices are also going up. For more details, check out the report on Brownstoner Queens.