Halstead iscoming to Residential Market Report 2020 Quarter Second BHS ID 20161056 ID Brooklyn We’re growing!
Halstead is joining Brown Harris Stevens - which means BHS now has 2,500 agents and 55 offices in luxury markets across NYC, the Tristate area, the Hamptons, Palm Beach, and Miami.
Historically ranked among the nation’s top residential firms, in 2019 both firms combined closed 6,000 transactions totaling more than $9 billion.
Simply put, we have more resources than ever to support our trusted clients.
We are here to serve you, and Brown Harris Stevens has never been stronger. We look forward to working together.
BHSID 20209216
BHS 1 Message from Bess Freedman CEO of Brown Harris Stevens
We are happy to present our second quarter 2020 Brooklyn market report. Since it typically takes at least 2-3 months for a sale to close after a contract is signed, these reports aren’t always representative of current market conditions. If ever a report proved this point it is this one.
When looking at the data, you must keep the following in mind:
1. Roughly 90% of the second quarter 2020 closings had their contracts signed before the covid-19 lockdown began. This means the data is more representative of the market we had before the virus, and not what we see today. It won’t be until the third quarter report that we’ll begin to know the extent the virus and lockdown had on housing prices.
2. Because of this reason and the historically low number of closings in the second quarter, this report should not be used as a pricing tool in the current environment.
BHSID 20202832
BHS 2 Q2 2020 Cooperatives & Condominiums
The average apartment price
fell 2% over the past year in
Brooklyn to $900,622.
Co-op prices averaged $163,805 per room, 8% more than in All Brooklyn
BHSID 20175299 2019’s second quarter. BHS 3 Q2 2020 All Brooklyn Cooperatives & Condominiums
BHSID 20187696
Cooperatives & Condominiums Average & Median Sales Price
$1,100,000 $919,054 $900,622 $900,000 $836,527 $831,604 $808,619 $722,958 $714,000 $675,050 $674,000
$700,000 $658,250
$500,000 2Q19 3Q19 4Q19 1Q 20 2Q20
Average Price Median Price
Cooperative Condominium Average Price Per Room Average Price Per Square Foot
$200,000 $1,100
$180,000 $1,002
$1,000 $982 $163,805 $160,000 $151,535 $900 $140,000
$800 $120,000
$100,000 $700 2Q19 2Q20 2Q19 2Q20
* Includes new development and resale apartments. 2Q20 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to include Sales recorded after our initial reports were released. BHS 4 Q2 2020 1-3 Family Houses
Prices for 1-3 family houses averaged $1,171,985; a 5% decline compared to a year ago.
The median price was 3% All Brooklyn
BHSID 19622110 higher than 2Q19. BHS 5 Q2 2020 All Brooklyn 1-3 Family Houses
BHSID 20134918
Average & Median Sales Price
$1,750,000
$1,500,000 $1,238,467 $1,202,548
$1,250,000 $1,171,985 $1,158,045 $1,110,393 $975,000 $975,000 $950,000
$1,000,000 $925,000 $900,000
$750,000
$500,000 2Q19 3Q19 4Q19 1Q20 2Q20
Average Price Median Price
Average Price Per Square Foot
$600 $558
$550 $542 $538 $520 $515
$500
$450
$400 2Q19 3Q19 4Q19 1Q20 2Q20
BHS 6 Q2 2020 Brooklyn Market Areas
Brownstone Boerum Hill Brooklyn Heights Carroll Gardens Clinton Hill Npages 12-15 Cobble Hill Columbia Street Waterfront District Ditmas Park Downtown Brooklyn Dumbo Fort Greene Gowanus Greenwood Heights Park Slope Bpagespage 8-11 6 Prospect Heights Prospect Park South Prospect-Lefferts Gardens Red Hook South Slope Vinegar Hill Cpagespage 16-19 10 Windsor Terrace
Central Bedford-Stuyvesant Brownsville Bushwick Crown Heights
East New York Stuyvesant Heights
North East Williamsburg pagesSpage 20-23 12 Greenpoint Williamsburg North Side Williamsburg South Side
South Bath Beach Borough Park Dyker Heights Gerritsen Beach Marine Park Sheepshead Bay Bay Ridge Brighton Beach East Flatbush Gravesend Midwood Sunset Park Bensonhurst Canarsie Flatbush Kensington Mill Basin Bergen Beach Coney Island Flatlands Manhattan Beach Sea Gate
BHS 7 Q2 2020 Cooperatives & Condominiums
While co-op prices were flat,
the average condo price per
square foot fell 3% over the Brooklyn Brownstone
BHSID 20206015 past year. BHS 8 Q2 2020 Brownstone Brooklyn Cooperatives & Condominiums
BHSID 20172700
Cooperatives & Condominiums Average & Median Sales Price
$1,700,000
$1,450,000 $1,285,274 $1,181,626 $1,141,477 $1,200,000 $1,129,708 $1,071,999 $1,042,500 $950,000 $919,500 $950,000 $909,145 $910,000
$700,000 2Q19 3Q19 4Q19 1Q20 2Q20
Average Price Median Price
Cooperative Condominium Average Price Per Room Average Price Per Square Foot
$275,000 $1,450 $223,996 $224,630
$225,000 $1,215 $1,2 00 $1,179
$175,000
$950 $125,000
$75,000 $700 2Q19 2Q20 2Q19 2Q20
BHS 9 Q2 2020 1-3 Family Houses
A year ago, pending transfer
tax increases led to a jump in high-end
1-3 family closings.
Not surprisingly, the 2Q20
average and median prices
were down sharply Brooklyn Brownstone
BHSID 20137813 from these levels. BHS 10 Q2 2020 Brownstone Brooklyn 1-3 Family Houses
BHSID 20206955
Average & Median Sales Price
$3,500,000
$3,000,000 $2,840,732 $2,611,881 $2,419,402 $2,500,000 $2,401,250 $2,300,000 $2,281,450 $2,262,500 $2,201,131 $2,040,875 $2,000,000 $1,984,500
$1,500,000 2Q19 3Q19 4Q19 1Q20 2Q20
Average Price Median Price
Average Price Per Square Foot
$1,05 0 $965
$950 $931 $889 $882 $850 $850
$750 2Q19 3Q19 4Q19 1Q20 2Q20
BHS 11 Q2 2020 Cooperatives & Condominiums
One year ago, closings at
The Greenpoint helped push the average and median apartments prices up sharply in this market. Without North Brooklyn North similar closings this past quarter, these values retreated
Halstead Exclusive 20178776 from those levels. BHS 12 Q2 2020 North Brooklyn Cooperatives & Condominiums
Halstead Exclusive 20185871
Cooperatives & Condominiums Average & Median Sales Price
$1,750,000
$1,500,000 $1,286,696 $1,248,576 $1,250,000 $1,161,246 $1,155,194 $1,145,531 $1,149,880 $1,114,984
$1,000,000 $993,988 $992,500 $993,283
$750,000 2Q19 3Q19 4Q19 1Q20 2Q20
Average Price Median Price Condominium Average Price Per Square Foot
$1,400 $1,261 $1,2 50 $1,126 $1,100
$950 2Q19 2Q20
BHS 13 Q2 2020 1-3 Family Houses
While 1-3 family prices fell sharply, there were North Brooklyn North only 13 reported closings in
2020’s second quarter at the
Halstead Exclusive 20195701 time of this report. BHS 14 Q2 2020 North Brooklyn 1-3 Family Houses
Halstead Exclusive 20191016
Average & Median Sales Price
$3,500,000
$3,000,000 $2,661,155
$2,500,000 $2,222,719 $2,116,979 $2,009,125 $1,932,348 $1,875,000 $2,000,000 $1,867,500 $1,800,000 $1,759,460 $1,625,000 $1,500,000
$1,000,000 2Q19 3Q19 4Q19 1Q20 2Q20
Average Price Median Price
Average Price Per Square Foot
$1,000
$900 $893 $870 $861 $844
$800 $703 $700
$600
$500 2Q19 3Q19 4Q19 1Q20 2Q20
BHS 15 Q2 2020 Cooperatives & Condominiums
The average condo price per Central Brooklyn Central square foot rose 7% over
Halstead Exclusive 20046961 the past year to $870. BHS 16 Q2 2020 Central Brooklyn Cooperatives & Condominiums
BHSID 20182059
Cooperatives & Condominiums Average & Median Sales Price
$1,000,000 $796,745 $750,000
$750,000 $726,544 $728,521 $691,595 $677,553 $663,087 $635,000 $615,665 $593,000
$500,000 2Q19 3Q19 4Q19 1Q20 2Q20
Average Price Median Price
Condominium Average Price Per Square Foot
$950 $870 $850 $810
$750
$650
$550 2Q19 2Q20
BHS 17 Q2 2020 1-3 Family Houses
Both the average and median
1-3 family prices posted Central Brooklyn Central gains compared to the
Halstead Exclusive 20138310 second quarter of 2019. BHS 18 Q2 2020 Central Brooklyn 1-3 Family Houses
Halstead Exclusive 20082069
Average & Median Sales Price
$1,500,000
$1,250,000 $1,077,080 $1,005,331 $997,609
$1,000,000 $948,661 $930,000 $901,240 $875,000 $850,000 $840,000 $799,000 $750,000
$500,000 2Q19 3Q19 4Q19 1Q20 2Q20
Average Price Median Price
Average Price Per Square Foot
$550 $474
$450 $429 $417 $416 $394
$350
$250 2Q19 3Q19 4Q19 1Q20 2Q20
BHS 19 Q2 2020 Cooperatives & Condominiums South Brooklyn Apartment prices averaged
$503,435, a 5% improvement
BHSID 19679128 from a year ago. BHS 20 Q2 2020 South Brooklyn Cooperatives & Condominiums
Halstead Exclusive 20214782
Cooperatives & Condominiums Average & Median Sales Price
$700,000
$550,000 $503,435 $480,607 $478,416 $472,180 $453,623 $449,000 $440,000 $440,000 $410,000 $410,000 $400,000
$250,000 2Q19 3Q19 4Q19 1Q 20 2Q20
Average Price Median Price
Cooperative Condominium Average Price Per Room Average Price Per Square Foot
$120,000 $700 $656 $98,687 $97,888 $100,000 $650 $641
$80,000 $600
$60,000 $550 2Q19 2Q20 2Q19 2Q20
BHS 21 Q2 2020 1-3 Family Houses South Brooklyn The average price rose 2% from 2019’s second quarter
BHSID 20188885 to $1,002,882. BHS 22 Q2 2020 South Brooklyn 1-3 Family Houses
Halstead Exclusive 20070812
Average & Median Sales Price
$1,225,000 $1,033,410
$1,050,000 $1,011,541 $1,002,882 $981,053 $975,814 $910,000 $900,000 $885,000 $880,000 $875,000 $864,000
$700,000 2Q19 3Q19 4Q19 1Q20 2Q20
Average Price Median Price
Average Price Per Square Foot
$600
$550 $538 $513 $502
$500 $494 $494
$450
$400 2Q19 3Q19 4Q19 1Q20 2Q20
BHS 23 Second Quarter 2020 Residential Market Report
Brooklyn Heights Park Slope 129 Montague Street 100 Seventh Avenue Brooklyn, NY 11201 Brooklyn, NY 11215 718.875.1289 718.230.5500
Halstead is coming to
Brooklyn Heights South Slope 122 Montague Street 1214 8th Avenue Brooklyn, NY 11201 Brooklyn, NY 11215 718.613.2000 718.878.1888
Park Slope Fort Greene 160 7th Avenue 725 Fulton Street Brooklyn, NY 11215 Brooklyn, NY 1127 718.878.1960 718.613.2800
Cobble Hill Bay Ridge 162 Court Street 8324 4th Avenue Brooklyn, NY 11201 Brooklyn, NY 11209 718.613.2020 718.878.1880
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