- Lowest inventory levels recorded in 5 years.
- Sales below year ago levels as lack of inventory impairing sales volume.
- Prices are up as supply limitations keep pressure on market.
- More bidding wars.
Here’s an excerpt from the report:
…The Brooklyn housing market began 2013 with rising prices, chronically low inventory and sales restrained from the lack of supply. Several records were set in the first quarter: lowest inventory and listing discount in the 5-years they have been tracked, highest median sales price since Lehman fell and the sharpest year-over-year decline in inventory. Average sales price registered a similar year-over-year gain of 12.3% to $634,594 in the first quarter, a new record. New development trends, often a function of what is made available to the market at any given time, showed a larger gain in median sales price than the re-sale market from the same period last year…
You can build your own custom data tables on the market – now updated with 1Q 13 data. Charts updated with 1Q13 data will be online shortly.