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May 1, 2007

Brooklyn Prices Up in Q1, Appraiser Says

bksalesQ107.jpg
The price of Brooklyn real estate continued to rise in the first three months of 2007 compared with the same period a year earlier, according to the appraisal firm HMS Associates; meanwhile, the total number of transactions fell. The average sales price for a home in the borough increased by 9 percent to $757,000. Single-family homes rose by 13 percent to $688,000 while condos on average jumped 26 percent to $551,000. While overall values were up, the study found that prices fell slightly in Greenpoint, Carroll Gardens, Clinton Hill, and Brooklyn Heights.
Brooklyn quarterly home sale prices rise [Crain's]




Posted by Brownstoner at 8:57 AM | Comments (13)
Categories: Market

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HMS officials said that Bedford-Stuyvesant, Bushwick and Brownsville were not included in the study, as a large number of subprime loans were noted and could therefore skew the overall results.

Ahh, selective statistical analysis. How about quarter-over-quarter as well?

Posted by: se at May 1, 2007 9:20 AM

I have to criticize here. You claim
"The average home increased in value by 9 percent ". Article said "average sales price for Brooklyn home rose 9%".
To me it is significant difference that too often gets blurred.
Nothing says for sure my home increased in value. Only thing we know is the homes that sold 1Q over another is higher. Homes are not like stock in some corp. ....meaning they are not all created equal.
It is misuse of stats to draw conclusion you asserted.
Not to pick on you, because media and reading public do this all the time.

Posted by: Anonymous at May 1, 2007 9:22 AM

Good point. Changed it.

Posted by: Brownstoner at May 1, 2007 9:53 AM

9:22, he didn't say YOUR home increased in value by 9%, he said the AVERAGE home increased in value by 9%. And the best way to measure value is by recent sales prices in the market.

Posted by: z at May 1, 2007 10:00 AM

Oops, missed the 9:52 post. Well, OK then. I still think it was accurate the first time around. :)

Posted by: z at May 1, 2007 10:01 AM

The Brooklyn Boom continues unabated. Gotta love this market. 26% increase for condos, Brooklyn Real Estate is nothing less than a cash printing press. Can't wait for the rest of '07.

Posted by: The Player at May 1, 2007 10:18 AM

I'd think certain neighborhoods' sales and values are all about the available inventory from quarter to quarter. Because I find it hard to believe Brooklyn Heights would ever decrease in value compared to other neighborhoods, for example. I don't live there, so I'm not a "booster", I'm just confused by this stat. If a neighborhood has less inventory on the market, and the houses that are sold are the less desireable locations or conditions, why would the decreased prices on those houses mean the entire neighborhood's sale prices have declined?

Posted by: Anonymous at May 1, 2007 10:23 AM

10:23, I was confused by the neighborhoods also. It doesn't fit a pattern. Up in Williamsburgh/down in Greenpoint? Up in Park Slope/down in BHeights? Up in Bay Ridge/down in Sheepshead?

Posted by: Anonymous at May 1, 2007 11:22 AM

As noted above, inconsistencies ersult from potential sampling error (units sold might not on average be representative of neighborhood). Note that sampling error occurs every year so there is no accurate baseline to refer to. E.g., perhaps last year, several BH properties with outlier prices were sold, that would artificially inflate last year's price as the basis for comparison. The opposite may have occurred for another neighborhood.

Posted by: Anonymous at May 1, 2007 11:50 AM

What a joke. Ask anyone who has tried selling this spring and they will tell you differently.

Posted by: Anonymous at May 1, 2007 1:37 PM

i have tried selling last month and had 4 bids (3 over ask) on my place.

i live in park slope.

what was your point 1:37??

Posted by: anon at May 1, 2007 1:58 PM

Yeah 1:37. What's your point. My neighbors put their home on the market three weeks ago, had more than one offer and now will have to move to a rental until they relocate. They sold much sooner than they antcipated. Now be mindful that their home was staged to sell - updated kitchens & baths, great yard, nice decor, etc. I don't think you will go wrong buying in Brooklyn. We will go through phases where property values may not appreciate as quickly but they will appreciate.

Posted by: Anonymous at May 1, 2007 10:24 PM

Anon 1:58 you sold for too cheap ;/)

Posted by: anon at May 2, 2007 7:42 AM

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