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 per cent compared the second quarter of 2009, while Brooklyn saw a much smaller increase of 16.2 per cent.
But in pricing, Brooklyn definitely came out ahead, with average sales prices going up 10.1 per cent and median prices up 5 per cent. Way to make Queens feel bad again. There the average price fell 3.6 per cent and the median 7.5 per cent, a drop the Elliman report blames on the fact that a larger than usual 23.2 per cent 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 per cent increase in number of sales, but also a 10.8 per cent 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 per cent spike in number of sales and a 12.2 per cent 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 per cent from the second quarter of 2009, and median new development prices in particular dropped 9.7 per cent. 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 Q2 2010.
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