East Brooklyn house sales prices growing fast, Manhattan steadyStaff writer ▼ | March 29, 2016
Sales prices in the East Brooklyn submarket increased 20.5 percent in February, according to the February 2016 StreetEasy Market Reports.
Real estate New York City saw big difference in prices
Manhattan saw the slowest pace of growth since October 2012, with the median resale price increasing 4.4 percent from last year.
The median resale price of Manhattan luxury homes fell 0.1 percent from last year to $3,224,589 in February, the only segment of the market to experience a decline in prices.
Sales price growth will continue to slow. According to the StreetEasy Price Forecast, the median resale price in Manhattan is expected to grow only 3.2 percent over the next 12 months, and by less than one percent in Brooklyn.
After years of surging prices, the Manhattan sales market is returning to a more stable rate of growth, according to the February 2016 StreetEasy Market Reports. The median resale price in Manhattan rose just 4.4 percent in February to $982,437, the slowest pace of growth since October 2012.
While the Upper Manhattan submarket continued to see double-digit increases, rising 10.4 percent from last year, it was the East Brooklyn submarket that saw the biggest annual increase in sale prices.
Resale prices grew 20.5 percent year-over-year to $473,095 in February, more than three times faster than Brooklyn as a whole. Brooklyn's median resale price rose 6.9 percent from last year to $539,300.
Leading the market slowdown is Manhattan's luxury market, which continues to adjust to waning demand against the influx of new development units that have come to market over the past two years.
The median resale price of Manhattan luxury homes fell 0.1 percent from last year to $3,224,589 in February; the luxury tier was the only segment of the market to experience a decline in annual price growth.
Over the next 12 months, the Manhattan median resale price is expected to grow by a mere 3.2 percent, according to the StreetEasy Price Forecast. In Brooklyn, the median resale price is expected to grow by less than one percent.
This predicted slowdown is particularly notable in the Upper Manhattan and Northwest Brooklyn submarkets, as Upper Manhattan prices are projected to grow at only half the rate of last year, while negative price growth is predicted in Northwest Brooklyn. ■