According to appraisal firm HMS Associates, residential sales volume in Brooklyn was down 65 percent in the first quarter, compared to the same period last year. Prices in the borough were off 8 percent compared to last year, but neighborhoods were affected differently. According to HMS, prices were up in Greenpoint, Carroll Gardens and Sunset Park, while Brooklyn Heights, Sheepshead Bay and Fort Greene saw prices drop. “For two years, sales volume has dropped, but prices have not,” said Sam Heskel, executive vice president of HMS. “Now … prices are falling into line with the reality of diminished sales volume.”

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Tags: Brooklyn Real Estate, brooklyn real estate market, residential market report

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