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Elliman Report: Brooklyn Sales 3Q 2014

Housing prices increased for the eighth consecutive quarter, setting a new record for the fifth time in the past 6 quarters. Median sales price was up 4% to a new record of $587,515, 8.8% above the pre-financial crisis record set 7 years ago. Year-to-date median sales price was up 2.9% over the same period last year. Average sales price increased 4.5% to $726,100 over the same period. Luxury market housing prices were in sync with the overall market. The entry threshold of the luxury market, which represents the top 10% of all sales, was $1,375,000 this quarter. Median sales price was $1,790,000, 5.3% above the prior year quarter. Average sales price increased 4.2% to $2,074,286 over the same period, marking the third time the $2,000,000 threshold has been reached…

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