BROOKLYN — Condo prices in central Brooklyn plunged by 18 percent at the end of 2015, according to a real estate report from The Corcoran Group.
The average price for condos in Bedford-Stuyvesant, Crown Heights, Prospect-Lefferts Gardens and Bushwick came in at $570,000 for the last quarter of the year, compared to $697,000 for the same period in 2014, the real estate group said.
Corcoran attributed the dip to the fact that 2014 saw a seven-year record high, which was in large part due to new development, according to Mark Martov, a Corcoran real estate agent for Bed-Stuy and Bushwick.
Meanwhile, average co-op prices in the area went up by 64 percent, coming in at $460,000 for the final quarter of 2015 compared to $281,000 in 2014.
The growth is likely due to the limited co-ops on the market, Martov said.
"It's the basic rules of economics: way too much demand, and not enough supply," he added, saying that many people being priced out of Williamsburg are making their way further south to "the next wave."
Overall, the number of home sales in the four neighborhoods increased by 11 percent versus last year, but the overall median price decreased 4 percent to $504,000 from the third quarter to the last of quarter of 2015.
The report also found that the price of multi-family townhouses averaged at $1.267 million, making the neighborhoods the least expensive area in the borough — aside from South Brooklyn — for multi-family townhouses.