Brooklyn home sales, prices increase in second quarter, per REBNY report

July 19, 2012 By Linda Collins Brooklyn Daily Eagle

Share this:

With home sales and prices increasing citywide in the second quarter of 2011, Brooklyn sales and prices also fared well, according to the Real Estate Board of New York (REBNY).

REBNY’s just-released Second Quarter New York City Residential Sales Report, noted that four out of the five boroughs, the Bronx being the exception, saw home sale values increase since the same period last year.

Citywide, home value increased 6 percent compared to the second quarter of 2011.

The average sales price of a home (co-op, condo or one- to three-family dwelling) in the second quarter was $789,000, up 6 percent since the same period in 2011.

According to Steven Spinola, REBNY president, this increase can be attributed to an increase in sales in Manhattan, particularly at the high end of the market. There were several transactions in Manhattan between $20 million and $70 million.

The total number of sales of all homes in the city was down 2 percent from the same period last year.

“Our second quarter report demonstrates a stable residential market in terms of volume of sales and value,” said Spinola. “Growth in the housing market has been hampered by the continual stress on banks in Europe, the slow job growth domestically, and the lack of new residential developments in the city.
“However, a steady market will slowly create favorable conditions for new development. We would expect this pace to accelerate when the rest of the global economy gets back on its feet.”

Total residential consideration for this quarter was $7.670 billion, which is 3.37 percent greater than the second quarter of 2011, according to REBNY. Total consideration in Manhattan this quarter was $4.786 billion, an 8.6 percent increase compared to the same time last year.

The average sales price of an apartment (co-ops and condos) in the city during the second quarter of 2012 was $945,000, an increase of six percent year-on-year.

Brooklyn’s average sales price of an apartment in the second quarter of 2012 was $545,000, an increase of 5 percent from the previous year’s second quarter.

Brooklyn residential home sales activity was focused in Williamsburg (183 sales), Bedford-Stuyvesant (142), Park Slope (140) and Bay Ridge/Fort Hamilton (108).

The average sale price of a condo in the city in the second quarter increased 12 percent compared to last year’s second quarter, to $1.185 million.

In Brooklyn the average sales price was $657,000, an increase of 10 percent year on year.

To view the full report, please visit www.rebny.com or REBNY’s home listings site, NY1Residential.com.