REBNY Issues Mid-Year Brooklyn Market Report

The mid-year report on the Brooklyn market from the Real Estate Board of New York just came out and there aren’t a lot of surprises. Given the time lag, however, a reader could be forgiven for thinking there was no correction underway. The report compares the first six months of 2006 against the first six months of 2005. Since it only measures closed deals and most deals take a solid three months from accepted offer to closing, it can’t reflect much deal-making after the end of March. Regardless, it’s always fun to look at the numbers. So wadda we got? Median apartment prices across the borough were up 8.4% while one- and two-family houses were up 20%. Price per square foot was $536 for co-ops and condos and $331 for houses. The median price for an apartment jumped 30% to $520 in Brooklyn Heights, 28% to $385,000 in Clinton Hill and 38% to $556 in Fort Greene. (Fort Greene higher than Brooklyn Heights!) Price per square for for one- and two-family houses was up 35% to $779 in Park Slope, 38% to $311 in Bed Stuy and 42% to $451 in Clinton Hill. Like last year, the priciest nabe by far was Dumbo, where the average price was $790 per square foot; the cheapest area in the survey was Bed Stuy with average apartment prices of $301 (up from $254 in the first half of ’05). In the townhouse market, Brooklyn Heights was by far the most expensive: Houses sold for an average of $3.1 million.