General Real Estate Brooklyn

Brooklyn quarterly home sale prices rise
By: David Jones
Published: April 30, 2007 - 3:13 pm
From: Crain's NY Business

The market for residential real estate in Brooklyn remained strong in the first quarter, according to a new study by appraisal firm HMS Associates.

The average sales price for Brooklyn home rose 9% to $757,000 during the first three months of the year, according to the report, which included data on single and multi-family homes as well as condominiums.

Single family home prices rose 13% to $688,000 from a year-ago, while four family homes rose 18% to $1.16 million. Condominium prices rose 26% to $551,000.

HMS said that despite the rising sales prices, the number of home actually being sold has declined. Officials said the disparity points to the unwillingness on the part of sellers to drop prices, and the patience of buyers, willing to wait for better deals.

"Home prices can be expected to come back down to earth somewhat with transactions up moderately," said Sam Heskel, executive vice president of HMS, in a statement.

Average prices rose in Williamsburg, Bay Ridge, Park Slope, Crown Heights and Boerum Hill, while prices dipped in Greenpoint, Carroll Gardens, Clinton Hill, Brooklyn Heights and Sheepshead Bay. HMS officials said that Bedford-Stuyvesant, Bushwick and Brownsville were not included in the study, as a large number of subprime loans were noted and could therefore skew the overall results.

A March study by the Real Estate Board of New York showed that sale prices for apartments and family homes surged in 2006, with median prices for one, two and three-family homes rising 16% to $570,000. Coop and condominium prices rose 6% to $343,000