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[Stableborough] 2Q 2012 Brooklyn Report

[1]

We published our report on the Brooklyn sales market for 2Q 2012 [2] this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman [3] since 1994.

Key Points

Brooklyn

-Number of sales edged higher as inventory fell sharply.
-Monthly absorption rate (Inventory/sales) at fastest pace in 2 years.
-Luxury market (starts at $999k) outperforming the overall market.
-New dev market share has remained stable for two years.


-Mortgage underwriting still “irrationally tight” but mortgage rates continue to fall to record lows.
-Regional economy slowly improving.

Here’s an excerpt from the report:

…The Brooklyn housing market could best be described as having stabilized prices and sales, largely due to falling inventory and a slowly improving regional economy. Unusually tight mortgage lending conditions have tempered further improvement. Median sales price was $477,108, nominally below $480,000 in the prior year quarter. The average sales price increased 2% to $585,777 from $574,387 over the same period…

You can build your own custom data tables [4] on the market – now updated with 2Q 12 data. You can browse our chart library [5] for the latest – updated for 2Q 2012.




The Elliman Report: 2Q 2012 Brooklyn Sales [Miller Samuel [2]]
The Elliman Report: 2Q 2012 Brooklyn Sales [Prudential Douglas Elliman [6]]
Market Chart Library [Miller Samuel [7]]
Aggregated Custom Market Data Tables [Miller Samuel [4]]