Home values in Brooklyn continue a precipitous decline, as median sales prices slid 16 percent in the second quarter, and sales activity slumped to a trickle — but still showing improvement over the last anemic quarter, according to a recent report.
The median sales price of all residential properties fell to $441,090, from $525,000 last year during the same period, according to the report, issued by broker Prudential Douglas Elliman Real Estate and Miller Samuel Inc., a Manhattan−based appraiser. Overall sales dipped 29.7 percent compared to last year, but increased 20.4 percent from the prior quarter.
“While all markets are seeing fewer sales than in the previous spring, there was a larger than seasonal increase in sales activity since the beginning of the year, caused by the release of pent−up demand that began accumulating in the fall,” the report states. “Prices continue to decline in most segments as the time it takes to sell properties has expanded and sellers continue to chase the market when setting prices.”
There was a 7.7 percent decline in condo median sales price to $475,283 borough−wide over the same period, according to the report, released January 13. Compared to last year’s second quarter, condo sales tumbled a staggering 46.1 percent to 372 units — an improvement over the prior quarter’s 328 units in the first quarter.
The median sales price of one− to three−family properties dropped 12.5 percent to $520,000. Sales declined 30.3 percent to 716 units, compared to last year. Still, this figure is up 18.2 percent from last quarter.
In the southern portion of the borough, median sales price slipped 14.6 percent to $477,500. The number of sales fell 21.6 percent to 846 units compared to the same period last year, according to the report.
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. “Like all regions, South Brooklyn saw a larger than normal 21.7 percent uptick from the prior quarter total of 695 sales,” the report notes. Sales in these neighborhoods comprised 59.2 percent of all sales in the borough.
The eastern section of Brooklyn saw the greatest drop in values. Neighborhoods like Bedford Stuyvesant and East Brooklyn saw home prices decline 18.3 percent to $408,213, representing the weakest price trend of all the borough’s regions, the report notes. Here, the number of sales declined 39.6 percent to 243 units.
Boroughwide, co−op sales were a bright spot, with the number of sales increasing 8.3 percent to 340 units. Co−op median sales price was down 2.2 percent, to $249,500, compared to last year at this time.
The median sales price of luxury properties, representing the highest 10 percent of all Brooklyn co−op, condo and 1−3 family home sales, was $983,622, down 18 percent, according to the report.
