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BROOKLYN RESIDENTIAL MARKET REPORT FOURTH QUARTER 2016

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Page 1: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

BROOKLYN RESIDENTIAL

MARKET REPORTFOURTH QUARTER2016

Page 2: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

Data HighlightsCover Property: halstead.com WEB# 16014956

halstead.com WEB# 15408145

halstead.com WEB# 15591766

Townhouses set a record average price of

$1,046,951

The average apartment price reached a record

$834,944 in the fourth quarter

Prices rose faster for condos

than co-ops

Page 3: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

Halstead Property 3

* Includes new development and resale apartments.4Q16 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to include sales recorded after our initial reports were released.

All BrooklynCOOPERATIVES & CONDOMINIUMS*

CONDOMINIUM

COOPERATIVES & CONDOMINIUMS

COOPERATIVE

Average & Median Sales Price

Average Price Per Room Average Price Per Square Foot

Average Sales Price Median Sales Price

$140,000

$130,000

$120,000

$110,000

$100,000

$80,000

$90,000

$900

$850

$800

$750

$700

$600

$650

The median apartment price rose

16% over the past year to $645,000

$900,000

$800,000

$700,000

$600,000

$500,000

$300,000

$400,000

$668,512 $570,000

1st Q16

$685,731 $556,000

4th Q15

$834,944 $645,000

4th Q16

$830,391 $608,250

3rd Q16

$736,247 $575,000

2nd Q16

$124,259 $123,925

4th Q15 4th Q16

$839 $895

4th Q15 4th Q16

Page 4: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

All Brooklyn1-4 FAMILY HOUSES

Halstead Property 4

AVERAGE PRICE PER SQUARE FOOT

AVERAGE & MEDIAN SALES PRICE

Average Sales Price Median Sales Price

$500

$475

$450

$425

$400

$350

$375

Townhouse prices averaged $468 per

square foot, 16% more than the

fourth quarter of 2015

$1,100,000

$1,000,000

$900,000

$800,000

$700,000

$500,000

$600,000

$979,311 $800,000

2nd Q16

$938,596 $750,000

4th Q15

$974,706 $815,000

1st Q16

$1,046,951 $850,000

4th Q16

$1,042,588 $838,370

3rd Q16

$468

4th Q16

$405

4th Q15

$438

1st Q16

$444

2nd Q16

$456

3rd Q16

Page 5: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

BROWNSTONEBoerum Hill

Brooklyn Heights

Carroll Gardens

Clinton Hill

Cobble Hill

Columbia Street Waterfront District

Ditmas Park

Downtown Brooklyn

Dumbo

Fort Greene

Gowanus

Greenwood Heights

Park Slope

Prospect Heights

Prospect Park South

Prospect-Lefferts Gardens

Red Hook

South Slope

Vinegar Hill

Windsor Terrace

CENTRALBedford-Stuyvesant

Bushwick

Crown Heights

Stuyvesant Heights

Brownsville

East New York

NORTHEast Williamsburg

Greenpoint

Williamsburg North Side

Williamsburg South Side

SOUTHBath Beach

Bay Ridge

Bensonhurst

Bergen Beach

Borough Park

Brighton Beach

Canarsie

Coney Island

Dyker Heights

East Flatbush

Flatbush

Flatlands

Gerritsen Beach

Gravesend

Kensington

Manhattan Beach

Marine Park

Midwood

Mill Basin

Sea Gate

Sheepshead Bay

Sunset Park

B

S

C

Npage 8

page 10

page 6

page 12

Brooklyn Market Areas

Page 6: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

Brownstone BrooklynCOOPERATIVES & CONDOMINIUMS

Halstead Property 6

CONDOMINIUM

COOPERATIVES & CONDOMINIUMS

COOPERATIVE

Average & Median Sales Price

Average Price Per Room Average Price Per Square Foot

Average Sales Price Median Sales Price

$225,000

$200,000

$175,000

$150,000

$125,000

$75,000

$100,000

New development closings pushed

the average apartment price to

$1,268,001

$1,300,000

$1,200,000

$1,100,000

$1,000,000

$900,000

$700,000

$800,000

$930,537 $798,500

1st Q16

$973,380 $830,000

4th Q15

$1,268,001 $910,000

4th Q16

$1,188,265 $872,500

3rd Q16

$974,269 $840,000

2nd Q16

$194,330 $201,994

4th Q15 4th Q16

$1,200

$1,100

$1,000

$900

$800

$600

$700

$1,082 $1,174

4th Q15 4th Q16

Page 7: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

Halstead Property 7

Brownstone Brooklyn1-4 FAMILY HOUSES

Average Sales Price Median Sales Price

$2,500,000

$2,250,000

$2,000,000

$1,750,000

$1,500,000

$1,250,000

$950

$900

$850

$800

$750

$650

$700

$2,750,000

AVERAGE PRICE PER SQUARE FOOT

AVERAGE & MEDIAN SALES PRICE

The average townhouse price

rose 5% from a year ago, to

$2,369,353

$2,284,085 $2,100,000

1st Q16

$2,369,353 $2,200,000

4th Q16

$2,266,683 $1,900,000

4th Q15

$2,263,134 $2,000,000

3rd Q16

$2,137,075 $2,000,000

2nd Q16

$875

4th Q16

$835

4th Q15

$880

1st Q16

$804

2nd Q16

$839

3rd Q16

Page 8: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

Halstead Property 8

North BrooklynCOOPERATIVES & CONDOMINIUMS

COOPERATIVES & CONDOMINIUMS

Average & Median Sales Price

Average Sales Price Median Sales Price

$600,000

At $1,121,904, the average

apartment price was 12%

higher than a year ago

$1,200,000

$1,100,000

$1,000,000

$900,000

$800,000

$700,000

$936,376 $806,000

1st Q16

$1,000,884 $900,000

4th Q15

$1,121,094 $1,030,000

4th Q16

$1,060,316 $842,500

3rd Q16

$961,904 $781,500

2nd Q16

$1,048

4th Q15 4th Q16

$1,050

$1,025

$1,000

$975

$950

$900

$925

$1,027

Page 9: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

Halstead Property 9

North Brooklyn1-4 FAMILY HOUSES

Average Sales Price Median Sales Price

$2,250,000

$2,000,000

$1,750,000

$1,500,000

$1,250,000

$1,000,000

$1,000

$900

$800

$700

$600

$400

$500

$2,500,000

AVERAGE PRICE PER SQUARE FOOT

AVERAGE & MEDIAN SALES PRICE

Townhouse prices fell slightly

compared to 2015’s fourth quarter

$1,904,486 $1,681,250

1st Q16

$1,838,536 $1,767,500

4th Q16

$1,864,571 $1,825,000

4th Q15

$2,274,600 $1,894,000

3rd Q16

$2,051,069 $1,700,000

2nd Q16

$867

4th Q16

$728

4th Q15

$772

1st Q16

$915

2nd Q16

$911

3rd Q16

Page 10: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

Halstead Property 10

Central BrooklynCOOPERATIVES & CONDOMINIUMS

COOPERATIVES & CONDOMINIUMS

Average & Median Sales Price

Average Sales Price Median Sales Price

$700,000

$600,000

$500,000

$400,000

$300,000

$100,000

$200,000

CONDOMINIUM

Average Price Per Square Foot

$750

$700

$650

$600

$550

$450

$500

Both the average and median

apartment prices posted modest

gains over the past year

$587,296 $575,000

1st Q16

$611,202 $565,000

4th Q15

$623,229 $600,000

4th Q16

$611,730 $554,250

3rd Q16

$687,952 $652,000

2nd Q16

$732 $702

4th Q15 4th Q16

Page 11: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

Central Brooklyn1-4 FAMILY HOUSES

Halstead Property 11

Average Sales Price Median Sales Price

$850,000

$800,000

$750,000

$700,000

$650,000

$600,000

$375

$350

$325

$300

$275

$225

$250

$900,000

AVERAGE PRICE PER SQUARE FOOT

AVERAGE & MEDIAN SALES PRICE

Townhouse prices rose

sharply, reaching an average of

$898,103

$358

4th Q16

$297

4th Q15

$832,569 $710,000

1st Q16

$898,103 $772,500

4th Q16

$742,991 $627,500

4th Q15

$843,372 $698,000

3rd Q16

$806,150 $682,500

2nd Q16

$341

1st Q16

$326

2nd Q16

$344

3rd Q16

Page 12: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

South BrooklynCOOPERATIVES & CONDOMINIUMS

Halstead Property 12

CONDOMINIUM

COOPERATIVES & CONDOMINIUMS

COOPERATIVE

Average & Median Sales Price

Average Price Per Room Average Price Per Square Foot

Average Sales Price Median Sales Price

Fueled by the condo market, South

Brooklyn experienced strong pricing

gains over the past year

$450,000

$400,000

$350,000

$300,000

$250,000

$200,000

$398,249 $349,500

1st Q16

$368,965 $315,000

4th Q15

$445,825 $375,000

4th Q16

$410,274 $370,000

3rd Q16

$404,779 $355,000

2nd Q16

$85,000

$80,000

$75,000

$70,000

$65,000

$55,000

$60,000

$73,512 $77,294

4th Q15 4th Q16

$600

$575

$550

$525

$500

$450

$475

$496 $577

4th Q15 4th Q16

Page 13: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

South Brooklyn1-4 FAMILY HOUSES

Halstead Property 13

Average Sales Price Median Sales Price

$850,000

$800,000

$750,000

$700,000

$660,000

$600,000

$450

$425

$400

$375

$350

$300

$325

$900,000

AVERAGE PRICE PER SQUARE FOOT

AVERAGE & MEDIAN SALES PRICE

The average townhouse price per

square foot rose 11% from a

year ago, to $437

$437

4th Q16

$392

4th Q15

$416

1st Q16

$435

2nd Q16

$425

3rd Q16

$838,276 $777,000

1st Q16

$873,978 $781,500

4th Q16

$830,091 $730,000

4th Q15

$874,508 $793,000

3rd Q16

$850,740 $750,250

2nd Q16

Page 14: 2016 BROOKLYN RESIDENTIAL MARKET REPORTmedia.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_4Q16.pdf · MARKET REPORT 2016 FOURTH QUARTER. Data Highlights Cover Property: halstead.com

Prepared by Gregory Heym,

Chief Economist,

Halstead Property, LLC.

©2017 by Halstead Property, LLC. All Rights Reserved. This information may not be copied, commercially

used or distributed without Halstead Property’s prior consent.

While information is believed true, no guaranty is made of accuracy.

Visit halstead.com for access to all of our reports, listings, neighborhood information and more.

OFFICES

MANHATTANPARK AVENUE499 Park AvenueNew York, NY 10022212.734.0010

EAST SIDE770 Lexington AvenueNew York, NY 10065212.317.7800

WEST SIDE408 Columbus AvenueNew York, NY 10024212.769.3000

VILLAGE831 BroadwayNew York, NY 10003212.253.9300

SOHO451 West BroadwayNew York, NY 10012212.253.9300

HARLEM2169 Frederick Douglass BoulevardNew York, NY 10026212.381.2570

WASHINGTON HEIGHTS819 West 187th StreetNew York, NY 10033212.928.3805

RIVERDALERIVERDALE JOHNSON3531 Johnson AvenueRiverdale, NY 10463718.878.1700

RIVERDALE MOSHOLU5626 Mosholu AvenueRiverdale, NY 10471718.549.4116

BROOKLYNBROOKLYN HEIGHTS150 Montague StreetBrooklyn, NY 11201718.613.2000

BOERUM HILL495 Atlantic AvenueBrooklyn, NY 11217718.613.2090

PARK SLOPE76 Seventh AvenueBrooklyn, NY 11217718.399.2222

PARK SLOPE244 Fifth AvenueBrooklyn, NY 11215718.622.9300

COBBLE HILL162 Court StreetBrooklyn, NY 11201718.613.2020

BEDFORD STUYVESANT316 Stuyvesant AvenueBrooklyn, NY 11233718.613.2800

SOUTH SLOPE OFFICE1214 8th AvenueBrooklyn, NY 11215718.878.1888

HUDSON VALLEYHUDSON526 Warren StreetHudson, NY 12534518.828.0181

CONNECTICUTDARIEN671 Boston Post RoadDarien, CT 06820203.655.1418

NEW CANAAN - ELM STREET183 Elm StreetNew Canaan, CT 06840203.966.7800

NEW CANAAN - SOUTH AVENUE6 South AvenueNew Canaan, CT 06840203,966.7772

ROWAYTON140 Rowayton AvenueRowayton, CT 06853203.655.1418

GREENWICH125 Mason StreetGreenwich, CT 06830203.869.8100

STAMFORD1099 High Ridge RoadStamford, CT 06905203.329.8801

WESTPORT379 Post Road EastWestport, CT 06880203.221.0666

WILTON21 River RoadWilton, CT 06897203.762.8118

NEW JERSEYHOBOKEN200 Washington StreetHoboken, NJ 07030201.478.6700

MONTCLAIR635 Valley Road, Montclair, NJ 07030973.744.6033

QUEENSLONG ISLAND CITY47-12 Vernon BoulevardQueens, NY 1110718.878.1800

HAMPTONSEAST HAMPTON2 Newtown LaneEast Hampton, NY 11937 631.324.6100

SOUTHAMPTON31 Main StreetSouthampton, NY 11968631.283.2883

CORPORATECOMMERCIAL SALES770 Lexington AvenueNew York, NY 10065212.381.3208

DEVELOPMENT MARKETING445 Park AvenueNew York, NY 10022212.253.9300

GLOBAL SERVICES770 Lexington AvenueNew York, NY 10065800.765.2692 x6521