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Second Quarter 2021 Residential Market Report

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Second Quarter 2021 Residential Market Report Cooperatives & Condominiums Second Quarter 2021 Residential Market Report Second Quarter 2021 Residential Market Report Cooperatives & Condominiums Brooklyn BHSID 20845406 Message from Bess Freedman CEO of Brown Harris Stevens Brooklyn apartment prices averaged a record $965,575 in the second quarter, as demand remained incredibly strong. Closings more than doubled compared to a year ago, and were also up 26% from 2021’s first quarter. The number of contracts signed during the second quarter set a new record, so expect the number of closings to rise sharply in 3Q21. I’m also happy to announce we have made two major changes to our Brooklyn quarterly report beginning with this issue. First, instead of reporting on just four major areas, we now have data for 12 neighborhood groupings. This will allow us to present more localized and relevant data to you. Secondly, we are now just reporting on apartments, as townhouses will now have their own semiannual report. BHSID 20873538 BHS 2 Q2 2021 All Brooklyn Brooklyn apartment prices averaged a record $965,575 in the second quarter, which was 10% higher than a year ago. The average condo price per square foot also set a record, crossing the $1,000 mark for All Brooklyn BHSID 20221010 the first time. BHS 3 Q2 2021 All Brooklyn* BHSID 20828157 Cooperatives & Condominiums Average & Median Sales Price $1 ,200 ,0 00 $1,000,000 $965,575 $936,985 $880,729 $874,892 $835,030 $810,000 $792,000 $800,000 $760,000 $700,000 $692,410 $600,000 $400,000 2Q20 3Q20 4Q20 1Q 21 2Q21 Average Price Median Price Cooperative Condominium Average Price Per Room Average Price Per Square Foot $250,000 $1,2 50 $1,008 $200,000 $1,000 $969 $181,808 $162,425 $150,000 $750 $100,000 $500 $50,000 $250 2Q20 2Q21 2Q20 2Q21 * Includes new development and resale apartments. 2Q21 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 2021 Boerum Hill Brooklyn Heights Carroll Gardens Cobble Hill DUMBO In the second quarter of 2020, the luxury development Quay Tower had several closings, including two for over $10 million. These sales helped inflate the average price a year ago, and without similar closings in 2Q21, it’s not surprising the average price fell. The median price, which measures the middle of the market, rose 3% over the past year to $1,366,000. BHSID 21078696 BHS 5 Q2 2021 Boerum Hill, Brooklyn Heights, Carroll Gardens, Cobble Hill, & DUMBO BHSID 21078696 Cooperatives & Condominiums Average & Median Sales Price $2,250,000 $1,787,445 $1,750,000 $1,588,537 $1,533,913 $1,531,936 $1,366,000 $1,355,816 $1,325,000 $1,294,446 $1,277,500 $1,250,000 $1,215,000 $750,000 2Q20 3Q20 4Q20 1Q21 2Q21 Average Price Median Price Cooperative Condominium Average Price Per Room Average Price Per Square Foot $400,000 $1,7 50 $1,407 $1,370 $300,000 $272,461 $260,925 $1,2 50 $200,000 $750 $100,000 $0 $250 2Q20 2Q21 2Q20 2Q21 BHS 6 Q2 2021 Park Slope South Slope Windsor Terrace A jump in condo sales helped bring the average apartment price 13% higher than a year ago. The average co-op price per room ticked up to $227,836. BHSID 20249654 BHS 7 Q2 2021 Park Slope, South Slope, & Windsor Terrace BHSID 20249654 Cooperatives & Condominiums Average & Median Sales Price $1,750,000 $1,500,000 $1,202,442 $1,250,000 $1,181,108 $1,114,799 $1,094,095 $1,062,982 $1,055,000 $995,000 $975,000 $1,000,000 $960,000 $880,000 $750,000 $500,000 $250,000 2Q20 3Q20 4Q20 1Q21 2Q21 Average Price Median Price Cooperative Condominium Average Price Per Room Average Price Per Square Foot $300,000 $1,5 00 $1,257 $1,2 50 $250,000 $1,176 $227,836 $225,261 $200,000 $1,000 $150,000 $750 $100,000 $500 2Q20 2Q21 2Q20 2Q21 BHS 8 Q2 2021 Clinton Hill Fort Greene Brooklyn Navy Yard Prospect Heights Vinegar Hill Prices averaged $1,044,458 in the second quarter, a 4% improvement compared to a year ago, and 6% more than the prior quarter. The average condo price of $1,110 per square foot was 3% higher than 2020’s second quarter. BHSID 21101497 BHS 9 Q2 2021 Clinton Hill, Fort Greene, Brooklyn Navy Yard, Prospect Heights, & Vinegar Hill BHSID 21101497 Cooperatives & Condominiums Average & Median Sales Price $1,500,000 $1,250,000 $1,154,946 $1,044,458 $1,023,072 $1,008,702 $986,996 $955,000 $1,000,000 $907,500 $851,391 $835,000 $839,000 $750,000 $500,000 $250,000 2Q20 3Q20 4Q20 1Q21 2Q21 Average Price Median Price Cooperative Condominium Average Price Per Room Average Price Per Square Foot $250,000 $1,5 00 $202,226 $1,2 50 $198,522 $200,000 $1,110 $1,074 $1,000 $150,000 $750 $100,000 $500 2Q20 2Q21 2Q20 2Q21 BHS 10 Q2 2021 Bedford-Stuyvesant Bushwick Crown Heights Stuyvesant Heights The average apartment price was slightly higher than a year ago, while the median rose 9% during that time. Compared to 2Q20, prices were lower for condos but higher for co-ops. BHSID 20243078 BHS 11 Q2 2021 Bedford-Stuyvesant, Bushwick, Crown Heights, & Stuyvesant Heights BHSID 21083118 Cooperatives & Condominiums Average & Median Sales Price $1,250,000 $1,000,000 $848,542 $839,137 $823,359 $808,830 $798,441 $774,826 $755,000 $758,453 $747,446 $750,000 $724,500 $500,000 $250,000 2Q20 3Q20 4Q20 1Q21 2Q21 Average Price Median Price Cooperative Condominium Average Price Per Room Average Price Per Square Foot $250,000 $1,2 50 $200,000 $1,000 $919 $875 $144,558 $150,000 $142,321 $750 $100,000 $500 $50,000 $250 $0 $0 2Q20 2Q21 2Q20 2Q21 BHS 12 Q2 2021 East Williamsburg Greenpoint Williamsburg North Side Williamsburg South Side Apartment prices averaged $1,246,462 in the second quarter, which was 13% more than the prior quarter. The average condo price per square foot rose 5% over the past year to $1,152. BHSID 20903847 BHS 13 Q2 2021 East Williamsburg, Greenpoint, Williamsburg North Side, & Williamsburg South Side BHSID 20903847 Cooperatives & Condominiums Average & Median Sales Price $1,750,000 $1,500,000 $1,250,000 $1,246,462 $1,146,369 $1,135,766 $1,126,811 $1,099,245 $1,071,906 $990,000 $985,000 $985,000 $1,000,000 $946,000 $750,000 $500,000 2Q20 3Q20 4Q20 1Q21 2Q21 Average Price Median Price Cooperative Condominium Average Price Per Room Average Price Per Square Foot $200,000 $1,5 00 $150,000 $1,2 50 $1,152 $128,150 $124,624 $1,098 $100,000 $1,000 $50,000 $750 $0 $500 2Q20 2Q21 2Q20 2Q21 BHS 14 Q2 2021 Ditmas Park Flatbush Midwood Prospect Lefferts Gardens Prospect Park South A sharp decline in co-op prices helped bring the overall average apartment price down 5% compared to a year ago. At $774, the average condo price per square foot was a 9% improvement from 2Q20. BHSID 20792126 BHS 15 Q2 2021 Ditmas Park, Flatbush, Midwood, Prospect Lefferts Gardens, & Prospect Park South BHSID 20792126 Cooperatives & Condominiums Average & Median Sales Price $1,000,000 $750,000 $559,685 $548,496 $507,224 $505,450 $501,930 $490,000 $468,000 $481,976 $458,013 $500,000 $445,000 $250,000 $0 2Q20 3Q20 4Q20 1Q21 2Q21 Average Price Median Price Cooperative Condominium Average Price Per Room Average Price Per Square Foot $200,000 $1,000 $150,000 $800 $774 $709 $121,622 $106,040 $100,000 $600 $50,000 $400 $0 $200 2Q20 2Q21 2Q20 2Q21 BHS 16 Q2 2021 Downtown Brooklyn A large number of closings at the new developments Brooklyn Point and 11 Hoyt helped bring the average apartment price 10% higher than the first quarter of 2021. Prices also rose sharply for co-ops compared to a year ago. BHSID 20925716 BHS 17 Q2 2021 Downtown Brooklyn BHSID 20925716 Cooperatives & Condominiums Average & Median Sales Price $2,500,000 $2,000,000 $1,440,864 $1,500,000 $1,313,782 $1,290,000 $1,148,690 $1,120,000 $1,095,000 $1,009,840 $915,000 $1,000,000 $834,888 $763,055 $500,000 $0 2Q20 3Q20 4Q20 1Q21 2Q21 Average Price Median Price Cooperative Condominium Average Price Per Room Average Price Per Square Foot $500,000 $1,6 00 $1,400 $400,000 $1,306 $350,268 $1,2 00 $1,180 $300,000 $1,000 $203,490 $200,000 $800 $100,000 $600 $0 $400 2Q20 2Q21 2Q20 2Q21 BHS 18 Q2 2021 Bensonhurst Borough Park Kensington The average apartment price ticked up from the prior quarter to $714,500. Condo prices averaged $606 per square foot, 7% more than in 2020’s second quarter. BHSID 21088620 BHS 19 Q2 2021 Bensonhurst, Borough Park, & Kensington BHSID 21088620 Cooperatives & Condominiums Average & Median Sales Price $1,250,000 $1,000,000 $701,425 $714,500 $699,000 $699,000 $681,208 $750,000 $665,236 $640,000 $616,577 $602,755 $555,000 $500,000 $250,000 $0 2Q20 3Q20 4Q20 1Q21 2Q21 Average Price Median Price Cooperative Condominium Average Price Per Room Average Price Per Square Foot $200,000 $1,000 $150,000 $750 $124,935 $606 $119,044 $569 $100,000 $500 $50,000 $250 $0 $0 2Q20 2Q21 2Q20 2Q21 BHS 20 Q2 2021 Bay Ridge Dyker Heights Greenwood Heights Sunset Park At $607,909, the average apartment price was down slightly from a year ago, but 5% more than 1Q21.
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