The 1Q 2009 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 1Q 2009 data and a series of updated charts are also available.

Press coverage can be found here.

An excerpt

…Unlike its Manhattan counterpart, the decline in price indicators in Brooklyn, specifically the resale median sales price, showed a more modest decline. The median sales price in Brooklyn this quarter for re-sale properties was $469,000, down 10.7% from $525,000 during the same period last year. Although new development sales tend to reflect the market of more than a year ago, they saw a similar decline in median sales price, down 10.9% to $498,937 from $560,112 in the prior year quarter. The decline in new development price trends was due to a shift in the mix to smaller units that happen to close during the first quarter. Market share of new development closings was 15.2% in the first quarter and was nearly unchanged from the 16.7% market share in the same period last year. The overall median sales price of a Brooklyn residential property was $474,600, down 12.1% from the market peak of $540,000 in the third quarter of 2007. The overall housing market in Brooklyn began to see price declines more than a year ahead of Manhattan, perhaps explaining why there was not a more significant price correction this quarter after the contraction in credit occurred last fall…

Download 1Q 2009 Brooklyn Market Overview


2 Responses to “[Breukelen, Oy Vey] 1Q 2009 Brooklyn Market Overview Available For Download”

  1. you flipped the report excerpts (Queens excerpt with Brooklyn report + vice versa)