The trends revealed in the quarterly market reports for Brooklyn and Queens tend to match those for Manhattan, and it was no different in the second quarter. Prices in Manhattan stayed stable while inventory dropped, and the same held true in Brooklyn, according to the Elliman report released at midnight. The median sales price fell just 0.6 percent from the second quarter of 2011, to $477,108. But listing inventory fell 17.6 percent. “A big part of the reason for the decline is low home equity,” explains report preparer/graph guru Jonathan Miller. “Sellers are buyers after they sell, but if they don’t have enough equity for the next purchase, then they sit.” The stable pricing/dropping inventory trend is happening nationwide, not just in Manhattan and Brooklyn.
The inventory drop in Queens was much sharper: 33.3 percent. But this is actually good thing for the Queens market—partially because the Queens market has been in such bad shape these past few years. The median price in Queens rose only 3.8 percent, but that’s the greatest increase the borough has seen in six years, according to JMillz. And tight inventory is partly to thank (blame?) for keeping prices stable. JMillz predicts the trend will continue for at least the next year, so we’ll check back in July 2013, hmm? In the meantime, Brooklyn and Queens buyers, sellers, and market-watchers, the floor is open.
