Brooklyn Resi Market Refuses to Stop Breaking Records
Brooklyn saw an 18% jump in its average home price from Q3 ’14 to Q3 ’15, according to a new report from Douglas Elliman. The price bump took the average to a record high of $857k for condos, co-ops and one-, two- or three-family homes. The median sale price rose 15% to $676k.
Tight inventory also brought the average time homes stayed on the market in the borough to a new low of 55 days—that’s 40% below a year earlier. Another Q3 report from Corcoran found that Park Slope and Gowanus had the shortest average time for homes staying on the market, at just 35 days. It says condo price gains were biggest in Carroll Gardens, Boerum Hill and Red Hook, where they spiked 46% over the last year to $1.45M. [DNA]