[Tempering Sales] 4Q 2012 Brooklyn Report
Posted by Jonathan Miller - Monday, January 21, 2013, 10:13 PM
We recently published our report on the Brooklyn sales market for 4Q 2012. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
- Record low mortgage rates fueling demand but credit remains tight holding demand in check.
- Lowest inventory total in four years.
- Price indicators show sharp year over year gains.
- Number of sales declined from year ago levels restrained by limited inventory.
- Market share of new development at lowest level since credit crunch began as old pipeline of product has been nearly exhausted.
Here’s an excerpt from the report:
…The Brooklyn housing market saw a final
quarter of 2012 characterized by unusually
low inventory, which in turn limited the volume
of both re-sale and new development activity
despite the demand generated by record low
mortgage rates. As a result, the price indicators
showed a year-over-year jump across most
There were 4,685 listings at the end of the
fourth quarter, the metric’s lowest total since we
began tracking it in mid-2008. Listing inventory
was 20.7% below prior year levels, resulting
in a 9.7-month absorption rate, faster than the
11.4-month rate in the same period last year.
Despite record low mortgage rates and a slowly
improving economy, the number of sales fell
7.3% to 1,445 over the same period, as limited
inventory and tight mortgage lending conditions
continued to restrain demand…
You can build your own custom data tables on the market – now updated with 4Q 12 data. Charts with 4Q12 data appended will be online shortly.
The Elliman Report: 4Q 2012 Brooklyn Sales [Miller Samuel]
The Elliman Report: 4Q 2012 Brooklyn Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]