Brooklyn Real Estate Market Soars in Third Quarter

It was a good third quarter for Brooklyn real estate, according to Prudential Douglas Elliman’s latest market report. The report, which is prepared by appraisal firm Miller Samuel, showed a big jump in sales compared to the same quarter last year—2,219 versus 1,879, or an 18.1 percent increase. The median sales price in the borough was also up 5 percent, going from $485,504 to $510,000, which is the highest it’s been in 3 years. The number of condo sales, 839, increased a whopping 52.8 percent percent year-over-year; 87 percent of the sales in North Brooklyn last quarter were condos. Meanwhile, the number of home sales in the Northwest, or Brownstone Brooklyn, dropped 27.3 percent, but the median price rose to $1.5 million from $1.265 million. “The real story here is that we’ve now had more than a year of stability in the Brooklyn market, which is much healthier than most markets in the country,” Michael Guerra, a Park Slope-based director at Prudential Douglas Elliman, told The Post. “We’re lucky to live here.”
3Q – 2011 Brooklyn Sales [Elliman]
B’klyn Housing Prices Are Jumping [NY Post]