[Stableborough] 2Q 2012 Brooklyn Report

Posted by Jonathan Miller - Thursday, July 19, 2012, 8:45 AM

We published our report on the Brooklyn sales market for 2Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Brooklyn

-Number of sales edged higher as inventory fell sharply.
-Monthly absorption rate (Inventory/sales) at fastest pace in 2 years.
-Luxury market (starts at $999k) outperforming the overall market.
-New dev market share has remained stable for two years.


-Mortgage underwriting still “irrationally tight” but mortgage rates continue to fall to record lows.
-Regional economy slowly improving.

Here’s an excerpt from the report:

…The Brooklyn housing market could best be described as having stabilized prices and sales, largely due to falling inventory and a slowly improving regional economy. Unusually tight mortgage lending conditions have tempered further improvement. Median sales price was $477,108, nominally below $480,000 in the prior year quarter. The average sales price increased 2% to $585,777 from $574,387 over the same period…

You can build your own custom data tables on the market – now updated with 2Q 12 data. You can browse our chart library for the latest – updated for 2Q 2012.

The Elliman Report: 2Q 2012 Brooklyn Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Brooklyn Sales [Prudential Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]