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Elliman Report: Brooklyn Sales 2Q 2016

Brooklyn housing prices moved higher with expanding sales and declining inventory. Median sales price increased 8.9% to $659,000 from the prior year quarter, a 15-quarter trend that began in the fourth quarter of 2012. Average sales price followed the same pattern, rising 3.6% to $816,827 over the same period. The median sales price for condos up 10.6% to $773,926, coops up 20% to $390,043, and 1-3 family houses up 2.9% to $700,000 respectively over the same period. For much of the market, prices continue to move higher due to constrained supply and higher demand. Simply put, the Brooklyn housing market has remained on a tear – along with its global brand – that began more than 5 years ago…

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