Home values in Brooklyn plummeted 8.7 percent in the fourth quarter from the year prior, representing the ninth consecutive quarterly decline, according to a recent report.
The median sales price of all residential properties in the quarter fell 8.7 percent to $447,174 from $490,000 last year during the same period last year, according to the report, issued by broker Prudential Douglas Elliman Real Estate and Miller Samuel Inc., a Manhattan-based appraiser. In the southern portion of the borough, prices slipped 2.4 percent to $424,100. Sales increased 15.9 percent to 1,190 units, from 1,027 units in the same period last year.In the report, this area includes a broad range of neighborhoods, including Bay Ridge, Bensonhurst, Canarsie, Midwood, Sheepshead Bay, Flatbush, Mill Basin, Dyker Heights, Marine Park, Borough Park and Coney Island.
The eastern section ofBrooklyn, which includes neighborhoods like Bedford-Stuyvesant and East New York saw home prices decline a staggering 15.6 percent, to $380,000 from the prior year quarter of $450,000. Sales increased 14.2 percent to 321 units.
Sales activity overall increased 13.4 percent to 2,093 from 1,846 sales in the prior year quarter — the first year-on-year quarterly gain since 2005.
“Sales activity was elevated as purchasers sought to take advantage of improved affordability because of low mortgage rates, the federal tax credit and lower housing prices,” according to the report. “This was the third consecutive quarter of increased activity despite the end of the year seasonality that usually results in few sales at the end of any given year.As a result, the amount of available inventory continued to decline.”Still, housing prices remain lower than at this time last year.
Borough-wide, co-op median sales price was $269,000, up a slight .6 percent, from the prior year quarter of $267,5000. The number of sales increased 41 percent to 500 units, from 452 units in the same period last year.
There was a 8.8 percent drop in condo median sales price to $468,975, compared to the prior year’s borough-wide result of $514,216, according to the report, released Jan 21. Compared to last year’s second quarter, condo sales increased 18.1 percent to 613 units, from 519 units in the same period last year.
The median sales price of 1-3 family properties dropped 10.1 percent to $525,000. Sales increased 12 percent to 980 units, from 875 in the same period a year ago.
North Brooklyn, which includes Williamsburg and Greenpoint, saw a median sales price of $610,475, up 2.4 percent from the prior year quarter. The area saw its number of sales drop 9.9 percent though, from 142 units the prior year quarter to 128.Northwest Brooklyn, which includes neighborhoods such as Boerum Hill, Brooklyn Heights, Carroll Gardens, Red Hook, Park Slope, and Gowanus saw a massive 15.7 percent decline in median sales price to $518,636. The number of sales increased 14.6 percent to 454 units, from 396 units for the same period last year.