Brooklyn, Queens are more expensive than they’ve ever been; Manhattan rents are down

Posted On Thu, October 13, 2016 By

Posted On Thu, October 13, 2016 By In real estate trends

Market reports are in from the third quarter of this year, and sales numbers are setting new records, especially in Brooklyn and Queens. From Douglas Elliman, numbers show sales prices in Brooklyn and Queens climbing for the fourth year in a row across the board for condos, co-ops and one- to three-family homes, as well as luxury properties (defined as the upper 10 percent of the market). The median sales price rose 8.7 percent to $735,000; the average sales price went up 14.8 percent to $983,511; the median sales price for luxury properties rose 23.5 percent to $2.5 million. All three numbers represent record increases. The rising market has likely been the result of a healthy job market in New York City and population growth that’s five years ahead of schedule.

market report, market reports, Q3 2016, brooklyn, queens, condos, co-ops, townhouses, average sales price, jonathan miller, miller samuel, douglas elliman

$1.145 million was the average sales price for a Brooklyn condo (a 24 percent jump from last year) and $812,008 was the median price (a 6.8 percent jump); the median price for co-ops rings in at $428,000, and for one- to three-family homes that number is $830,000. The average sale price for luxury property is $3.099 million, a 25 percent leap from last year. Closings from new developments are responsible for a sizable portion of those increases, according to Elliman data whiz Jonathan Miller.

market report, market reports, Q3 2016, brooklyn, queens, condos, co-ops, townhouses, average sales price, jonathan miller, miller samuel, douglas elliman
Charts: Elliman Report via Douglas Elliman

Sales volume increased by 15 percent from the previous year as, somewhat surprisingly, inventory fell by over one third. Listings are spending more time on the market, meaning that buyers aren’t purchasing just anything with a big price tag. Also notable was the report from Brown Harris Stevens which found that townhouse prices averaged over $1 million in the borough for the first time, and the price per square foot for townhouses rose to a record $469, an 18 percent increase.

market report, market reports, Q3 2016, brooklyn, queens, condos, co-ops, townhouses, average sales price, jonathan miller, miller samuel, douglas elliman

market report, market reports, Q3 2016, brooklyn, queens, condos, co-ops, townhouses, average sales price, jonathan miller, miller samuel, douglas elliman

market report, market reports, Q3 2016, brooklyn, queens, condos, co-ops, townhouses, average sales price, jonathan miller, miller samuel, douglas elliman
Charts: Elliman Report via Douglas Elliman

Queens sales set records as well, due to the inevitable “Brooklyn spillover” factor. In that borough, median sales prices rose 10.7 percent to $499,000, (another record); the average sales price increased about eight percent to $562,216. Prices also set records in Queens for all properties, with the average condo sales price rising 7.4 percent from last year to $613,337. The average co-op price rose six percent to $266,574; one- to three-family homes averaged $677,234, and luxury properties went for $1.276 million on average. Miller noted the obvious: “Manhattan has been maxed out, so now it’s Brooklyn,” Miller told Crains, with Queens getting the spilllover and the Bronx “seeing a tremendous amount of rental activity.”

market report, market reports, Q3 2016, brooklyn, queens, condos, co-ops, townhouses, average sales price, jonathan miller, miller samuel, douglas elliman
Chart via CitiHabitats

Is a softer rental market a silver lining for renters? For the time being it may be. For Manhattan, the median rental price was down for the second time this year to $3,396/month, down 1.2 from last year, though the average, $4,117, is .8 percent higher than last year. Miller told Curbed the rental market can be expected to “bump along over the near future since the rental market is sitting on top of a fairly strong city economy.” Brooklyn renters aren’t as lucky: Median rental prices were down for two months in a row, then began beating their year-ago numbers. The median rental price rose 2.4 from last year to $2,949/month, with the average increasing 2.5 percent to $3,197. The number of new leases jumped 85.6 percent to 1,248 due to lots of new inventory entering the market.

Read the full reports here: Elliman Report; The Corcoran Report; Citi Habitats September 2016 Market Report; Brown Harris Stevens Brooklyn Market Reports

RELATED:

Tags : , , , ,

MOST RECENT ARTICLES

  • ‘Ten & Taller’ exhibition maps the rise of Manhattan’s first skyscrapers from 1874 to 1900

    ‘Ten & Taller’ exhibition maps the rise of Manhattan’s first skyscrapers from 1874 to 1900

    Though it might seem that each recent generation attempts to take credit for the rise of the futuristic “skyscraper,” buildings ...
  • With the rise of ride-hailing apps, daily yellow cab trips fell 27 percent since 2010

    With the rise of ride-hailing apps, daily yellow cab trips fell 27 percent since 2010

    6sqft recently shared analysis that 3,000 ridesharing vehicles could replace the city’s fleet of 13,587 taxis. And while this was more ...
  • Cuomo dubs revised 421-a plan ‘Affordable New York,’ advances new legislation

    Cuomo dubs revised 421-a plan ‘Affordable New York,’ advances new legislation

    A year after the city’s 421-a tax exemption program expired, a new version of the affordable housing incentive is officially moving ...
  • This renovated historic townhouse in Mott Haven is only $800,000

    This renovated historic townhouse in Mott Haven is only $800,000

    File this one under things you won’t find in Brooklyn: This pretty, totally modernized 2,828 square-foot Queen Anne row house ...
  • Massive Greenpoint loft with beamed ceilings wants $4,750/month

    Massive Greenpoint loft with beamed ceilings wants $4,750/month

    There are over 1,700 glorious square feet in this Greenpoint loft, now up for rent at the Pencil Factory building ...
  • Weekly highlights: Top picks from the 6sqft staff

    Weekly highlights: Top picks from the 6sqft staff

    Cuomo announces 750-mile Empire State Trail, a continuous trail connecting NYC to Canada Live in ODA’s new Crown Heights rental ...
  • Natalia Geci’s clever furniture system was inspired by Marie Kondo’s de-cluttering principles

    Natalia Geci’s clever furniture system was inspired by Marie Kondo’s de-cluttering principles

    Like many organizationally challenged folks, Argentinean designer Natalia Geci was inspired by Marie Kondo’s bestselling book “The Life-Changing Magic of Tidying Up.” Following ...
  • FREE RENT: A roundup of NYC’s latest rental concessions

    FREE RENT: A roundup of NYC’s latest rental concessions

    Renovated Apartments on West 30th Street Near Hudson Yards Offering One Month Free [link] Free Rent & Special Offers at ...
  • How to style your houseplants, 5 tips from a pro

    How to style your houseplants, 5 tips from a pro

    One woman’s plant filled bedroom. Image by 6sqft Forget Scandinavian design—when it comes to décor, these days plants are all ...
  • Bright Park Slope condo with unique built-ins, details asks just $675K

    Bright Park Slope condo with unique built-ins, details asks just $675K

    We won’t blame you if this Park Slope apartment makes you drool. Located at 85 Sixth Avenue, the 10-unit condo ...
  • Derek Jeter and A-Rod’s former home goes into contract; the strange things left in library books

    Derek Jeter and A-Rod’s former home goes into contract; the strange things left in library books

    The $7.5 million West Village townhouse that was once home to Derek Jeter and A-Rod finds a buyer. [LL NYC] ...
  • Bronx Commons will bring 305 affordable apartments and a new music venue to the South Bronx

    Bronx Commons will bring 305 affordable apartments and a new music venue to the South Bronx

    Not only did the Times recently name the South Bronx one of this year’s hottest travel destinations, but the up-and-coming ...

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.