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Brooklyn real estate prices rise, despite COVID-19

Housing Development Corporation

Everything is looking up for the Brooklyn real estate market.

Inventory, transactions and closed-sale prices increased across the borough in the first 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 first quarter of 2020. It was the highest number of first-quarter transactions in 14 years, according 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 three-family 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 three-family 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 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 first 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.

This story first appeared on Brownstoner.com

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