BY CRAIG HUBERT
Everything is looking up
for the Brooklyn real estate
market.
Inventory, transactions and
closed-sale prices increased
across the borough in the fi rst
quarter of 2021, according to a
report prepared by appraiser
Jonathan Miller of Miller Samuel
and published by Douglas
Elliman this morning.
The average sale price this
quarter set a new record at
$1,114,193, which was a 5.6 percent
increase from the previous
quarter and a 9.9 percent
increase from the same period
last year.
At the same time, the number
of sales reached 2,822, a 4.7
percent increase from the previous
quarter and an 11.8 percent
increase from the fi rst
quarter of 2020. It was the highest
number of fi rst-quarter
transactions in 14 years, according
COURIER L 10 IFE, APRIL 16-22, 2021
to the report.
Condo sales volume overall
saw the biggest growth,
with a 15.9 percent increase
from the previous quarter
and a 34.1 percent increase
from last year. The number
of sales of co-ops grew 1.8 percent
from last quarter and 16
percent from last year, while
the number of one- to threefamily
home sales declined by
1.2 percent from the previous
quarter and 2.2 percent from
the beginning of 2020.
But per square foot, the average
price of one- to threefamily
homes rose 4 percent to
$647 from the previous quarter
and 5 percent from the previous
year. The average price per
square foot for condos hit $981,
a 2.7 percent increase from last
quarter but a 10.3 percent decline
from last year. (Resales
A recently completed condo building. Housing Development Corporation
decreased more than new development.)
Per square foot
averages are not available for
co-ops, but the average sale
price clocked in at $739,426, a
3.7 percent increase from the
prior quarter and a 25.4 percent
jump vs. the same period
in 2020.
The number of listings increased
to 2,885, a 9.4 percent
jump up from the previous
quarter and a 10.2 percent rise
from the fi rst quarter of 2020.
Interestingly, some of the
most expensive markets in
the borough — townhouses in
northwest Brooklyn and all
properties in north Brooklyn
— showed softness while more
affordable options continued
to grow. The average price per
square foot of one- to three-family
houses in northwest Brooklyn
reached $1,212, a 3.7 percent
decrease from the prior quarter
and a 15.1 percent drop for
the year. In Williamsburg and
Greenpoint, the average sales
price for all properties reached
$1,257,294 , a drop of 3.5 percent
vs. the prior quarter and
a dip of 8.8 percent compared
to the year earlier. Average
price per square foot for condos
in the area came in at $959,
a decrease of 1.3 percent vs. the
prior quarter and an 11.3 percent
drop vs. the year before.
BULLISH!
Brooklyn real estate prices
rise, despite COVID-19
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