Brooklyn apartment prices hit 11-year high
According to THE REAL DEAL, Brooklyn apartment prices have skyrocketed within the last portion of 2013 due to demand and the tapering off of inventory. Meaning the apartments in demand created a surge and influx of takers, allowing for the pricing to rise. "A total of 1,752 sales took place in Brooklyn in the fourth quarter, a 21.2 percent uptick from 1,445 in the same period last year. Inventory hovered at 3,385 for the quarter, a 27.7 percent slide from 4,685 in the last quarter of 2012.( Quote from article). This is quite a considerable rise in sales from the year before seeing as the supply of available space has dwindled. Areas such as Williamsburg, Greenpoint, and Prospect Park have seen an increase in housing prices of roughly $179,500.
Let's look at the chart below:
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| http://therealdeal.com/ |
From the graph we see the average pricing for the condos from Quarter 3 to Quarter 4 had increased by 7% in 2013 alone, a minor contrast compared to the 22% increase from 2012.
We would love to hear from real estate professionals working in Brooklyn and hear their thoughts on the pricing for 2014. Will the pricing remain the same, increase, or decrease within the coming months? Leave us a comment below.
Original Article in it's entirety can be found by following link below!
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