Real Estate

Average Local Home Sale Price Jumps By 40 Percent

Things are looking up if you're looking to sell.

Real estate in New York has always been a fickle thing — but the clouds might be starting to recede, particularly for homeowners in Brooklyn, according to the Real Estate Board of New York.

In a report released this week, the board examined New York City neighborhood by neighborhood, and found a 21 percent increase in home sales volume in the second quarter of 2013, compared to the previous three months. 

Average home prices also increased by six percent — hitting just under $650,000, 

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Brooklyn led the way in both categories, seeing an eight percent overall increase in home sale price — hitting just under $650,000 — and a 29 percent increase in sales of one-to-three family homes. 

Steven Spinola, president of the Real Estate Board, said prices are likely to continue their climb, particularly in hot areas like Brooklyn.

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“It remains to be seen what impact rising mortgage rates will have on sales activity going forward," Spinola said. "But the market overall is seeing steady gains and we anticipate the trend will continue.” 

Park Slope saw the largest single year-over-year price increase of any neighborhood in the borough in the second quarter, the Real Estate Board said. The average sale price of just under $1.1 million, represented a 40 percent increase over the same time period last year.

The Slope was also one of the only neighborhoods in Brooklyn to see a price increase between the first and second quarter of 2013. 

Given last year's average home sale price in the neighborhood of $783,000, it seems to be a very good time to be selling a place in Park Slope. 


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