Ditmas Park Home Sale Prices Dip After Early Year High

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, 

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.

“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.” 

In Ditmas Park and Flatbush, home prices are actually down compared to the first quarter of this year, but up over the number set during a lull in 2012. Home prices in the area during the second quarter of 2012 were below average for the borough at $417,000. 

This year, that number is up by roughly 19 percent, hitting $495,000, starting to approach the Brooklyn average. 

Unfortunately, that number is still down from the first quarter of 2013, in which the area had an average sale price of $566,000.