real estate

Median Home Sale Price in Brownstone Brooklyn Rises to Over $1.1 Million

NEW YORK - JULY 28: A home stands for sale on July 28, 2009 in the Brooklyn borough of New York City. The Commerce Department announced July 27, that new-home sales surged in June from the previous month, the third straight increase in a row. Sales of single-family homes increased by 11.0% to a seasonally adjusted annual rate of 384,000 compared to the prior month. (Photo by Spencer Platt/Getty Images)
You probably can't afford this home.

Thanks to historically low interest rates, Brooklyn saw a real estate market in the fourth quarter of 2011 that, if not roaring, at least held its own. According to a Prudential Douglas Elliman–Miller Samuel report released today, the median price there dipped by 4.3 percent from the same period the year before to $454,383, and the number of transactions rose by 6.1 percent to 1,558. The number of sales in south and east Brooklyn climbed 20.2 percent and 15.9 percent respectively, offsetting declines in every other part of the borough.

Brownstone Brooklyn didn’t sell as many houses as the year before — sales dipped from 81 to 61 — but did see its median price enter the seven-figure category from $995,000 to $1,150,000. Co-ops and condos in parts of “brownstone Brooklyn” saw major shifts, however. Per Brown Harris Stevens’s survey, the oft-favored neighborhoods of Park Slope and Prospect Heights witnessed a slide in the median price of co-ops and condos; it’s down from $649,000 in the second half of 2010 to $553,000 in the second half of 2011. The report attributes the change to a “sharp decline in closings over $1 million.” Guess higher-end houses weren’t finding takers?

Meanwhile, the market continues to search for a bottom in Queens, per Miller Samuel. Both prices and number of sales there fell from 2010 to 2011. The median price for property in the borough declined from $369,000 to $343,000; sales dove from 2,483 to 2,003. Still, condos fared extremely well, posting a 57.8 percent gain in the median sales price; it’s now at $410,310. This despite much fewer deals; the number of sales fell from 625 to 240 units.

Brooklyn and Queens Market Reports: Mixed Bag