Q4 2017 Brooklyn & Manhattan Real Estate Market Reports!

Q4 2017 Brooklyn Corcoran Report:

Williamsburg & Greenpoint: Median condo price reached a new record

  • Brooklyn Heights, Cobble Hill, Dumbo & Downtown Brooklyn: Condo median and average price was both down by more than 30% versus Fourth Quarter 2016, the largest decline in all of Brooklyn
  • Park Slope & Gowanus: Sales had double-digit gains versus last year despite the drop in inventory
  • Fort Greene, Clinton Hill & Prospect Heights: Average condo sale price was $1,149,000, 14% higher versus last year and a nine-year record
  • Carroll Gardens, Boerum Hill & Red Hook:  Despite the largest decline in inventory in all of Brooklyn, sales were up 63% versus Fourth Quarter 2016
  • Bedford-Stuyvesant, Crown Heights, Lefferts Gardens & Bushwick:Median and average condo sale price achieved a record nine-year high at $767,480 and $767,000, respectively
  • Kensington,Windsor Terrace, Ditmas Park, Flatbush & Prospect Park South Sales were up 12% versus last year, driven by strong co-op sales.

Q4 2017 Manhattan Corcoran Report:

Marketwide median price rose 5% annually to $1.068M

  • The East Side experienced the largest increase in closed sales, rising 32% year-over-year. Median price and median price per square foot rose by 15% and 10%, respectively. Average days on market increased slightly along with a double-digit increase in inventory
  • The West Side registered a 6% increase in closed sales year-over-year. Median and average price figures rose, to $1.505M and $2.113M, respectively. Meanwhile, average days on market fell below 100, despite a 12% increase in active inventory
  • Midtown closed sales rose 6% year-over-year to 664 closings. Inventory declined 1% to just under 1,200 available listings. Median and average price fell by 4% and 16%, respectively, as the majority of closed sales occurred within resale co-ops rather than new or resale condos
  • Downtown had the greatest number of closings of any submarket, however they fell by 17% to 816 sales. Median price fell 4% while average price per square foot fell 8%. Also, with a 5% increase in listed inventory, months of supply finally reached the six-to-nine month equilibrium threshold of six months
Danielle Nazinitsky