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The Average Condo in Brooklyn Will Now Cost You $1 Million

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So Brooklyn-only development firm Ideal Properties Group has come out with its take on borough's real estate market in the second quarter of 2014, and the biggest news is that the average sale price of condos in the neighborhoods they survey has cracked the $1 million mark for the first time. It's $1,079,517, to be precise, up about $30K from the first quarter and $170K from the same time last year.

Some caveats to consider, though. First, the report only takes into account Brownstone Brooklyn as well as Williamsburg and Greenpoint. If condos sold in Bay Ridge, for example, were included, that would pull the average down. Second, average sale price isn't always the best metric by which to measure sales, because super-expensive developments (think $$$ townhouses, condos in Brooklyn Bridge Park) pull up the average, while the median sale price statistic is less prone to that kind of distortion. And Ideal Properties' report says that the median sale price for a condo in Q2 was $907,500—under a million... for now.

If you feel like perusing a lot of charts and graphs bound to instill gentrification fears in all who enter there, check out the full PDF below:

Ideal Properties Group - Market Report 2Q 2014

· Sales Market Reports [Ideal Properties]
· Brooklyn now the borough of kingly prices [NYDN]
· All Market Reports coverage [Curbed]