Home Sales in Queens and the Bronx Beat Brooklyn in Q3

While home sales in Queens and the Bronx increased by 17 percent and 35 percent respectively, sales in New York’s coolest borough are still going strong. The number of Brooklyn home sales increased by 12 percent compared to the same time last year, according to the Real Estate Board of New York’s Q3 report for 2015, released Wednesday.

The report also found that Brooklyn’s average price per square foot is $520 this quarter, still vastly below Manhattan’s $1,425 average price per square foot. The average price of a Brooklyn home overall increased 18 percent during the period studied, to $822,000.

Brooklyn saw the highest increases in the average sales price of condos and coops than any other borough. Average condo prices were up more than 20 percent (to $905,000), and coop prices up 16 percent (to $500,000) from the third quarter of 2014.

But where REBNY’s sales data gets particularly interesting is where it breaks out sales data by condo, coop, townhouse, and neighborhood — allowing for some interesting insight into a changing Brooklyn.

For instance, Boerum Hill saw the greatest percent increase in average sales price for one- to three-family homes — up 61 percent over the third quarter in 2014. That brings the average price from $1,934,000 in the third quarter of 2014 to $3,139,000 in the same period this year.

Bed Stuy racked up 190 sales over the past three months — more than any other part of the borough. But given Bed Stuy’s status as one of Brooklyn’s largest neighborhoods, that’s not particularly surprising.

What is surprising? The average sales price of a one- to three-family home in Bed Stuy went up by 34 percent compared to the third quarter of last year — to $1,082,000.

Of those 190 sales, by the way, 150 of them were one- to three-family homes. In Bed Stuy, the townhouse dominates.

Other high-sales Brooklyn neighborhoods were Bay Ridge / Fort Hamilton and Park Slope — which both saw 178 sales.

Williamsburg had the most condo sales of any borough — 118 of a total 156 Williamsburg sales were condos. That’s an increase of 33 percent compared to the third quarter of last year.

Also, the average price of Williamsburg condos grew over the year by 7 percent, up to $1,019,000.

[Source: REBNY | Photo: Cate Corcoran]

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