Brooklyn sales soar

With summer right around the corner, let's look at what that means for the New York real estate market?

Manhattan's residential market took a breather in April, with mortgage rates rising. Contract signings to buy co-ops declined 6 percent from a year ago, while condos edged down 0.6 percent for condos. The rental market remains strong. In Manhattan, prices rose as the studio showed +2.1% growth, 1 Bedroom +3.5%, 2 Bedrooms +2.5%, and 3 bedrooms. In some cities, demand is swift, and rent prices have soared.

However, Brooklyn's market was busier. There was a 16 percent increase in co-ops entering into contracts and a 4 percent decrease in condos. Deals for one- to three-family homes were up 61 percent. Brooklyn's price trends continued their record-breaking streak as sales soared. The median sales price set a new record for the sixth consecutive quarter. Year over year growth in sales above the $1 million thresholds was three times that of sales below that threshold. One in every five-borough sales concluded at a price higher than the initial asking price.

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