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[Breukelen, Oy Vey] 1Q 2009 Brooklyn Market Overview Available For Download

The 1Q 2009 Brooklyn Market Overview [1] that I author for Prudential Douglas Elliman [2] was released today.

Other reports we prepare can be found here. [3]

The 1Q 2009 data [4] and a series of updated charts [5] are also available.

Press coverage can be found here [6].

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 [1]