Condos in Brooklyn and Queens Stay Hot in the Second Quarter

July 10, 2015 — If you thought Manhattan was the only borough looking good in the second quarter, think again. Late this week, Douglas Elliman released its Q2 report showing Brooklyn and Queens sales figures and they aren't too shabby, either. According to the report, Brooklyn housing prices continued to break records in 2015, including the average sales price for the borough and for brownstones. Rising prices pulled more inventory onto the market, yet supply remained below long-term averages. Douglas Elliman anticipates a fast-paced market to carry on into the fall. Okay, so maybe Brooklyn's figures aren't much of a surprise, but what about Queens? Well, it looks like housing prices there increased, pushing condos to a new record. Median sales prices for condos in Long Island City, for example, soared 29 percent to $998,000. That's good news for these guys. If you're a buyer, though, the news is not so good. The report shows that faster marketing times and less negotiability made it a tougher market for would-be purchasers to navigate. Based on the current market, Douglas Elliman expects similar conditions in the coming quarters.

Take a look at the Queens report (click to enlarge):