Stribling & Associates Releases Third Quarter 2017 Brooklyn Sales Report

NEW YORK, Oct. 12, 2017 /PRNewswire/ -- Stribling & Associates, a premier New York residential brokerage, today releases the third quarter Brooklyn Market Report. The report, one of the only to cover the entire borough, revealed the average sales price has topped $1M for the first time. Strong sales amongst condos, luxury properties, and growth in the outer submarkets propelled prices in the third quarter of 2017. Northwest Brooklyn recorded the strongest gains as more new developments came to market.

"The average price in Brooklyn surpassed $1 million, a major milestone for the borough," said Garrett Derderian, Director of Data & Reporting at Stribling. "Over the past several years, an incredible amount of new product has been constructed, particularly in the North and Northwest submarkets. The resulting price increases have caused somewhat of a ripple effect across the entire borough, as we saw all submarket average sale price per square foot numbers rise in the third quarter."

The report also noted third quarter closings under $500K were at their lowest level to date, just above 19%, well below the 9-year third quarter average of 32%. Meanwhile, closings in the higher brackets continued to capture an increased market share. This, in turn, has driven up inventory prices.

"Northwest Brooklyn continued to be one of the most active markets in New York City during the third quarter," according to Derderian. "Tremendous growth, both in terms of pricing of number of new construction units, pushed the average asking price above $2 million in the submarket."

Asking prices in the other submarkets had increases as well. Both East Brooklyn and South Brooklyn saw their median prices increase by 16%, to $985,000 and $750,000, respectively. North Brooklyn, which encompasses the Williamsburg market, also saw its median asking price rise by 15% to $1,500,300.

Outside of the construction boom, Derderian pointed to another factor driving price growth: "Many Brooklyn areas still have a strong feeling of community when compared to Manhattan. There are not as many vacant storefronts, and, depending on the location, transportation into the city is relatively easy. It is possible to feel a world away, but be only a couple subway stops from Manhattan."

Highlights from Stribling & Associates 3Q Brooklyn Market Report:

• Median sales increased to $850,000 (record)
• Average sales price surpassed $1M for the first time: $1,023,422 (record)
• Average price per square foot was $925 (record)
• Average days on market is 101
• There are 6.4 months of supply, up from 6.1 last year

Recorded Sales:

• There were 1,851 recorded sales to date
• Condo units saw an average PPSF of $1,114 (record)
• Townhouses/houses had the highest median price at $1,150,000
• Co-op units had a median price of $500,000
• Properties sold between $500K-1M made up 41% of all closings
• 10% of closings were priced above $2M
• North Brooklyn had the highest average PPSF at $1,210
• Northwest Brooklyn had the highest average sale price at $1,363,686
• South Brooklyn remained the most affordable submarket with an average PPSF of $494

Contracts Signed:

• There were 1,840 contracts signed
• Condos made up 47% of all contracts
• Condos recorded the highest average PPSF at $1,093
• Townhouses/houses were the only property type with a median price above $1M
• Units signed below $500K saw the median price rise 8% and average 7%
• Units priced above $3M saw all price metrics decline
• All submarkets noted yearly price increases
• South Brooklyn had the largest price increases with the median up 8% and average up 10%
• Northwest Brooklyn had the noted expensive contracts signed with a median price of $1,150,000 and average of $1,484,072

Inventory:

• There were 3,647 active units in the borough
• Townhouses/houses made up 46% of inventory
• Condo units had the highest average PPSF at $1,020
• Co-op units were the most affordable, with an average PPSF of $548
• Inventory under $500K dipped below 20% for the first time in a third quarter, with 17%
• 36% of inventory was priced between $500K-1M, while 31% was between $1-2M
• No submarket had average or median price declines
• Strongest yearly price gains were in South Brooklyn, with a median increase of 16% and average rise of 18%

About Stribling & Associates

Stribling & Associates, Ltd. is a premier residential real estate firm with over 300 agents throughout three locations in Manhattan and one in Brooklyn. As one of the most renowned brokerages in New York, Stribling uses its respected expertise in the current market to provide individualized services to both buyer and sellers. Stribling agents specialize in the sale of luxury townhouses and cooperative and condominium apartments. The company's philosophy is based on professional, personalized services coupled with exceptional knowledge of key residential market trends. Stribling Private Brokerage specializes in the discreet marketing of properties over $5 million and commands a prominent market share in that sector of Manhattan residential real estate. Through strategic partnerships with Miami's Cervera and international estate services firm Savills, Stribling's global reach extends to more than 700 offices worldwide.

Press Contact:
Ashley Murphy, Director of Public Relations
[email protected]
646-675-5068

SOURCE Stribling & Associates