Brooklyn Housing Market: More Sales, Lower Prices

Elliman released its fourth-quarter Brooklyn reports today, and the figures show the same trends seen in Manhattan: more sales, lower prices. The median sales price fell 8.7 percent to $447,174, and the number of sales increased 13.4 percent to 2,093.

Williamsburg, with its tragic glassy condos, was the only neighborhood to see the reverse pattern–a drop in the number of sales and an increase in median price. There, a median sales price $610,475 reflected a 2.4 percent increase over the prior year quarter, and the 128 units sold were a 9.9 percent decrease. The price per square foot for condos was up 1.8 percent, and since condos made up 83.6 percent of North Brooklyn sales, that increase counted. Some, at least.

And what of Brooklyn’s other neighborhoods? Notes Observer real estate editor Tom Acitelli: In “Brownstone BK, to which Observer readers aspire, half the homes went for over $1 M.”

Brooklyn Housing Market: More Sales, Lower Prices