Record-low mortgage rates and cheaper prices on co-ops made it a buyer’s market for those looking to snap up new homes in Brooklyn, real-estate reports released yesterday show.
The number of home sales — everything from condos to brownstones — leaped 6 percent in Brooklyn in the final quarter of 2011 compared with the same period in 2010.
At the same time, the median sales price of a Brooklyn home dropped 4.3 percent, from $475,000 to $454,383, according to the Prudential Douglas Elliman study.
Fueling the surge was a desire by homeowners for lower-priced housing, especially co-ops.
Co-op sales in Brooklyn rose a staggering 27.6 percent in the final quarter of 2011 compared with the same time in 2010.
But at the same time, the average sales price of a Brooklyn co-op plunged from $400,997 to $339, 156.
“The sharp drop in mortgage prices resulted in co-op sales surging,” said Jonathan Miller, who prepared the report.
The people who benefit most from low mortgage rates are those who buy on the lower end, he said — and New Yorkers are buying smaller and cheaper these days.
Areas with cheaper homes saw sales boom.
For example, there was a 20 percent jump in sales in south Brooklyn, which includes such neighborhoods as Bath Beach, Bensonhurst, Brighton Beach, Flatbush and Sheepshead Bay.
There was a 16 percent increase in sales in east Brooklyn, which includes Bedford-Stuyvesant, Brownsville, Crown Heights and East New York.
The average sales price in south Brooklyn was $459,671 and in east Brooklyn it was $378,781.
In contrast, the average in northwest Brooklyn, which includes Brooklyn Heights, Park Slope, Carroll Gardens and Fort Greene, was $745, 330.
“Brooklyn is hot and the desire to purchase there is very strong,” said Prudential Douglas Elliman CEO Dottie Herman. “Those who live there want to stay there when they make a move, and outsiders are lured to the borough.”
In the non-co-op market, Brooklyn prices fell 5.8 percent for condos, to a median of $530,000, and 8 percent for the luxury market, to $1,195,676.
The sales price for one- to three-family homes was basically unchanged at a median of $518,750.
In Queens, both sales and prices fell. The average home price was $395,264 in the final quarter of the year, down 2.5 percent from the comparable period of 2010. Total sales were off by 19.3 percent, the study found.
Co-op sales jumped 127.7 percent in the borough while the average sales price dropped nearly 2 percent, from $209,244 to $205,696.
And in Westchester, the low mortgage rates also helped boost sales, by 1.6 percent in the last quarter of 2011, compared with the same period of 2010.
At the same time, the average price of a single-family home fell 6 percent, from $744,883 to $699,388.
The average number of days that a home remained on the market rose in Brooklyn from 119 to 135, in Queens from 99 to 119, and in Westchester from 186 to 194.