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Sales Up in Brooklyn and Queens, But Only Brooklyn Gets Price Bump

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Queens and Brooklyn continued to play Follow Manhattan in the second quarter: sales in both boroughs spiked in Q2 much as Manhattan sales did, according to today's borough market reports from Elliman. In Queens, sales rose a whopping 86.6 percent compared the second quarter of 2009, while Brooklyn saw a much smaller increase of 16.2 percent.

But in pricing, Brooklyn definitely came out ahead, with average sales prices going up 10.1 percent and median prices up 5 percent. Way to make Queens feel bad again. There the average price fell 3.6 percent and the median 7.5 percent, a drop the Elliman report blames on the fact that a larger than usual 23.2 percent of sales during the quarter were condos.
Williamsburg and Greenpoint have struggled with pricing and sales for several quarters, but things seem to looking up, with the North Brooklyn neighborhoods seeing not only an 88.3 percent increase in number of sales, but also a 10.8 percent rise in median sales price, to $585,000. The sun kept shining on brownstone Brooklyn (the 1-3 family home subcategory of Northwest Brooklyn), too, with a 95.3 percent spike in number of sales and a 12.2 percent jump in median sales price.

While Brooklyn starts setting off its celebratory fireworks, lets slink over to Northwest Queens, the Elliman category that includes the new development hotbeds of LIC and Astoria. There, median sales prices fell 5.3 percent from the second quarter of 2009, and median new development prices in particular dropped 9.7 percent. The average new development price per square foot now stands at $581. Don't worry, Queens, someday nobody will care whether you were popular in high school Q2 2010.
· Market Reports [Elliman]
· Market Report coverage [Curbed]

Queens and Brooklyn report coverage elsewhere:
· Queens beats Brooklyn in home sales volume, not prices [Real Deal]
· Brooklyn Shows its Appeal for Buyers [WSJ]