[Less To Purchase] 3Q 2012 Brooklyn Report

Posted by Jonathan Miller - Saturday, October 20, 2012, 10:00 AM

We published our report on the Brooklyn sales market for 3Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

• Fastest absorption rate in 4 years, inventory fell sharply.
  
• Sales slipped, partially attributable to falling inventory.
  
• Overall pricing indicators mixed, prices generally stable.
  
• Luxury pricing edged above year ago levels.
  
• Marketing time faster and listing discount compressing with falling inventory.
  
• Condo sales down, co-op sales and 1-3 family sales are up.
  
• South Brooklyn showed gains in prices and sales, one of lower priced regions, most responsive to falling mortgage rates.
  

Here’s an excerpt from the report:

…The Brooklyn housing market continued to show broad stability in price and sales activity, as listing inventory continued to fall. The familiar restraint of tight mortgage lending conditions tempered additional demand created by falling mortgage rates.

Mixed housing price indicators in the third quarter reflected the general stability of the market. Median sales price slipped 0.8% from $510,000 in the same period last year to $506,000, still marking its second highest level in four years. Average sales price increased 1.1% from $607,867 in the prior year quarter to $614,437…

You can build your own custom data tables on the market – now updated with 3Q 12 data. Charts with 3Q12 data appended will be online shortly.

The Elliman Report: 3Q 2012 Brooklyn Sales [Miller Samuel]
The Elliman Report: 3Q 2012 Brooklyn Sales [Prudential Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]