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'Brooklyn Spillover' Benefiting Queens


Queens has become a key beneficiary of the search for affordability, in what Miller Samuel's Jonathan Miller calls a "Brooklyn spillover."

The number of sales for the borough jumped 32.7% to 3,436, and the median sales price saw a 9.2% spike to $470k, while properties are selling in an average 57 days versus 2014's 97 days, he told New York Magazine.

Brooklyn's average sales price jumped 6.8% to $808,121 and the median sales price climbed 11.1% to $650k, according to the Douglas Elliman report Jonathan recently prepared. He doesn't think these price jumps are over either, as the market is still testing out where the price ceiling is. [NYM]