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Has Brooklyn's Luxury Sales Market Peaked?

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The short answer is probably not, but it's complicated

All bets are off in Brooklyn now that the quiet sub-neighborhood of Columbia Street Waterfront District has claimed the title of Brooklyn's Most Expensive Neighborhood, so it should come as no surprise that another unthinkable may become a reality.

New data gathered by PropertyShark for 2016's first quarter hints that there may be a luxury sales market slowdown in Brooklyn ahead. Although the number of luxury home sales hit 300 in Q1, up six percent from this time last year, the median sales price has remained steady, hovering around $1.38 million.

The luxury sales market in Brooklyn may be slowing down, but non-luxe sales are still going strong. Median sales for regular-people housing is at an all-time high in the borough with prices climbing 11 percent from this time last year to $594,000, marking a high since 2012.