Photo: Rickbern/Wikimedia Commons
Home sales prices in Brownstone Brooklyn and North Brooklyn posted an annual gain of 13.5 percent in the fourth quarter of 2013 (Tweet this stat).
In the same neighborhoods, fourth quarter prices also increased 1.5 percent from the previous quarter, according to a report released today by real estate firm Ideal Properties Group.
The number of sales fell more than 43 percent from the third quarter, and over 64 percent from a year ago.
“With soaring rents afflicting the borough, higher interest rates seem to have done little to curtail demand, which is turn is continuing to fuel rising prices,” Aleksandra Scepanovic, Managing Director of Ideal Properties Group, said in a statement. “And with 2013 having left many buyers in Brooklyn wanting for more, the constrained inventory may very well lead to prices escalating further in the new year.”
Condominium units sold at an average price of $876,227 — 27 percent higher than the average in the fourth quarter of 2012 (Tweet this stat). Median sales prices increased five percent year-over-year to $671,857.
Unsurprisingly, sales activity was concentrated in Williamsburg, which had 18.2 percent of all deals in the report. Park Slope homes made up 17.4 percent of all sales, and Downtown Brooklyn was 14 percent.
Bidding wars were front-and-center, with Williamsburg condos selling at 107 percent of the list price. Even Brooklyn Heights, the bottom-ranked in terms of bid intensity, posted condo sales at 99 percent of list prices.
Buyers in Brownstone Brooklyn markets were most interested in properties priced from $500,000 to $999,999. About 42 percent of all sales fell within this pricing category.
The report analyzed closed sales data of 1,545 individual co-op and condo units and one- to three-family townhomes in Brooklyn. The “North” neighborhoods covered in the survey were Williamsburg, the Navy Yard and Greenpoint. The “Brownstone” section consisted of 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.
You can read the full report here.