According to third quarter market reports, Manhattan renters saw a bit of a break while sales prices in Brooklyn and Queens hit record-setting numbers. Here is a look at a some of the third quarter market data that was recently released for Brooklyn and Queens.
Brooklyn Prices Continue to Rise
The latest market report showed that Brooklyn is in its fourth consecutive year of rising prices. Not only did condo prices set new records, but so did co-op prices, one to three family home prices and luxury prices. Compared to last year, median sales prices increased by 8.7 percent to $735,000, while average sales prices increased 14.8 percent to $983,511 and median sales prices for luxury properties increased by 23.5 percent to $2.5 million. Meanwhile, average sales prices for condos increased by 24 percent to $1.145 million while the median price increased by 6.8 percent to $812,008. At the same time, the median price for co-ops was $428,000 while the median price for one- to three-family homes was $830,000. For all luxury property, the average sale price increased by nearly 25 percent to $3.099 million.
While prices are on the rise, listings are spending a bit longer on the market. As such, those who are interested in purchasing a Brooklyn property still are not willing to take the leap if the prices are too high.
Rental prices in Brooklyn tell a different story, with the median rental price dipping for two months in a row before surpassing figures from a year ago. Overall, the median rental price increased by 2.4 percent when compared to last year to $2,949 per month. Meanwhile, the average rental price increased by 2.5percent to $3,197 per month. The number of new leases increased by 85.6 percent to 1,248.
Queens Experiencing Record-Setting Prices
Just like Brooklyn, Queens has also enjoyed record-setting sales prices. While much of this can be attributed to Brooklyn spillover, the borough has reported some impressive figures. For example, the median sales price in Queens increased by 10.7 percent to a record high of $499,000 while the average sales price increased by just short of eight percent to $562,216. Total sales in Queens also increased by three percent 3,751. Other records include the average condo sales price, which increased by 7.4 percent to $614,337 and the average co-op increase by six percent to $266,574. One- through three-family homes experienced average prices of $677,234 while luxury properties sold for an average of $1.276 million. Just as is the case with Brooklyn, the absorption rate in Queens is moving fast.
In terms of rental prices in Queens, the forecast is less predictable with prices changing according to the type of product that is available. In the northwest region – including Long Island City, Woodside and Astoria – median rental prices fell by 5.7 percent to $2,787. Average rental prices also fell by 5.4 percent to $2,881 while the number of new leases increased by 12.3 percent to 274.