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Trends from last quarter:
Lack of inventory resulted in less closings.
Brooklyn continues to be in high demand however buyers are competing for very limited available inventory. The total number of closed sales declined by 10% year-over-year and 7% from Q4 2013.
- Market-wide average ppsf down.
Despite strong price growth in several submarkets, market-wide average ppsf decreased by 5% versus last year. This is the first year-over-year decline in average price per square foot in seven quarters. - New development prices set new record highs.
The average sale price of $955,000 was 8% higher than a year ago and median price showed a 10% annual gain. Average ppsf increased 11% from Q1 2013 to $841. - High-end townhouse market strong.
The average price of a single-family townhome in Brooklyn was $2.2 million, up from $1.5 million just a year ago. Both single and two- to four-family properties continue to attract buyers who are looking for ownership and investment in all areas of Brooklyn.
Full report may be accessed here
Adam Ashkenas Manhattan Real Estate 
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