- Inventory falls to lowest second quarter in 5-years.
- Inventory holding back further gains in sales.
- Price indicators set 10-year records.
- Faster marketing times and less negotiability between buyers and sellers.
- New development market share remains consistent with 4-year average.
- Mortgage lending remains tight but general economy is improving.
Here’s an excerpt from the report:
…The low inventory phenomenon continued through the Brooklyn spring market in 2013, driving the price indicators higher. Listing inventory hit the record low second quarter at 4,704, down 18.5% from the same period last year. This was also the third lowest quarterly inventory total in the five years we have been tracking this metric. The number of sales declined by 6.7% to 1,855 from the prior year quarter, restrained by limited supply. As inventory fell faster than sales, the pace of the market accelerated. The monthly absorption rate, defined as the number of months it took to sell all listing inventory at the current pace of sales, fell to 7.6 months from 8.7 months in the prior-year quarter…
The Elliman Report: 2Q 2013 Brooklyn Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Brooklyn Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Brooklyn Sales Market Charts [Miller Samuel]