Movin’ on up.
Residential sales prices in North and Brownstone Brooklyn are on the rise according to Brownstone Brooklyn and Beyond, a market report released by Ideal Properties Group (IPG).
According to the quarterly report released in April, residential sale prices in neighborhoods including Williamsburg, Greenpoint, Boerum Hill, Brooklyn Heights, Carroll, Gardens, Clinton Hill, Cobble Hill, Park Slope, Prospect Heights, Windsor Terrace and the Columbia Waterfront District as well as parts of Downtown, DUMBO, Fort Greene, Gowanus, Red Hook and Vinegar Hill have gone up 21.6 percent since last year – a 7.1 percent increase from the previous quarter.
The report looks into the most popular neighborhood sales markets, according to IPG, and breaks down the sales data of individual co-ops, condo units and one to three-family townhouses.
“The momentum from 2014 – a landmark year for residential real estate sales in Brownstone Brooklyn – has fueled prices early on in 2015,” said Managing Director of IPG Aleksandra Scepanovic.
The data shows that North and Brownstone Brooklyn’s residential properties sold for an average of $1.373 million, up from last year’s $1,129,776. Median prices increased 15.2 percent from the previous year ($844,000), making $972,000 the new median. Additionally, average prices per square foot grew from $828 to $939, up 13.4 percent and median prices rose from $808 per square foot to $921, increasing 14 percent.
The report gathered the data based on a sample of 667 sales transactions recorded in the first quarter of 2015. The transactions represent a systematic examination of the pricing trends in the Brooklyn real estate sales market and were compiled using public records at the end of the quarter.
“This part of Brooklyn continues to shatter record after record,” said Scepanovic. “What was this quarter’s record? A historical high: one fifth of all properties sold have sold for $2M and over. Even with the bitter cold and snow we experienced for much of the first quarter, interest increased and we expect the trend to continue as warmer months bring even more potential buyers to the area.”
The report also found that Park Slope leads the neighborhoods with 22 percent of all sales and Williamsburg came in second at 16 percent.
The full report can be viewed at ipg.nyc/about/market-reports.