Brooklyn Real Estate Prices Hold Steady in First Quarter

It was business as usual in the Brooklyn real estate market in the first quarter. While the number of sales decreased, prices didn’t budge, according to a report.

The median sales price clocked in at $950,000 for all types of homes sold in the borough in the first quarter — exactly the same as one year prior, according to a report out today for Douglas Elliman by appraisal firm Miller Samuel. The number of sales was 2,209, down 1.2 percent from the same time last year, continuing a trend.

In line with the shrinking number of sales, listing inventory also dipped, as it has been doing for the last eight quarters, the report said. Homes on the market numbered 2,413, a drop of 8.8 percent compared to a year earlier.

Notably, time on market rose 19.7 percent from last year to 79 days.

When measured by average price per square foot, a relatively reliable indicator of value, some categories bucked the overall trend. Average price per square foot for all condos in the borough rose 10.9 percent while condos in north Brooklyn (Williamsburg and Greenpoint) fell 7.8 percent vs. the year prior.

At the same time, average price per square foot for one- to three-family houses throughout the borough increased 14.1 percent, while “brownstones” (defined as one- to three-family houses in the northwest) jumped 39.7 percent.

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