Home prices in Brooklyn and Queens are continuing their steady ascent, reaching respective median sales points of $795,000 and $510,000 during the second quarter of 2017, according to Douglas Elliman’s latest quarterly report.
Both price points were significantly higher than they were during the second quarter of 2016, with Brooklyn shooting up by 20.6 percent and Queens increasing by 9.7 percent. Sales volume increased during the same time period as well, going from 1,888 to 2,845 in Brooklyn and from 2,611 to 3,839 in Queens.
“We’re seeing inventory deteriorate,” said Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the report, “and as a result, we’re seeing the fastest moving market that we’ve reported.”
This is now the fourth quarter in a row that Brooklyn has set a record for median sales price, according to Miller.
The report looks at sales for condominiums, co-ops and one-to-three-family properties, all of which saw their median prices rise during the second quarter of 2017 compared to the second quarter of 2016 in both boroughs, the report shows.
Condos were the priciest property type in Brooklyn with a median sales price of $900,000, higher than the median sales price for both co-ops and one-to-three-family homes. New condo developments in the borough had an even higher median price of $990,000.
South Brooklyn was the most popular region of the borough by sales volume, with 1,341 sales in the second quarter, while northwest Brooklyn was the most expensive region, with a median sales price of $1.15 million.
Condos were the most expensive property type in Queens as well, with a median sales price of $648,425. The median sales price for new condos was roughly $100,000 higher at $749,674.
Southern Queens had the highest amount of sales by volume with 1,057, while the highest median sales price was in northwest Queens at $805,339.
Douglas Elliman also released a report on the Riverdale market in the Bronx, where the median sales price for the second quarter was $285,000, up from $274,000 in the second quarter of last year. The priciest properties in the neighborhood were one-to-three-family homes, with median sales of $845,500.
Despite the median price increase, the number of sales in Riverdale between the second quarter of 2016 and 2017 dropped, going from 179 last year to 155 this year.
“The problem facing Riverdale right now is inventory is dropping sharply, and that is keeping sales in check,” Miller said.
“There just isn’t enough turnover to look for in this market to see sales growth like we’re seeing in the outer boroughs, in the boroughs of Brooklyn and Queens,” he continued.