Miller Samuel Report: Sales Down; Bstone, Burg Prices Up

Brooklyn has left the stone age behind, or at least joined the ranks of Manhattan, Queens and Long Island in finally having a Miller Samuel residential market report to call its own. The inaugural report from Jonathan Miller & co. for Elliman is based on public records and breaks down the borough into four regions, which shows how diverse Brooklyn’s market it is and more or less only finds one commonality among all the neighborhoods in the second quarter: Sluggish sales volume. The number of sales was down 43.6 percent from the second quarter in ’07. “The market is weaker than it was a few years ago simply because of the lower level of activity, but depending on the submarket we’re looking at, we’re certainly seeing a lot of sales,” says Miller Samuel CEO Jonathan Miller, who attributes the big drop in sales mostly to the tighter credit market. “For example, sales in brownstone Brooklyn are still half of what they were last year. Part of that is dearth of credit, but there’s also not much inventory.” About that brownstone Brooklyn: The report found the median sales price was up 7.5 percent in brownstone neighborhoods, to $673,101, over the same time last year, even though the number of sales was down 34 percent. Click through for some of the other takeaways.
CONDOS: Median sales price of a condo this quarter was $514,725, up 8.1% from last year at this time. New development condos sold for $649 per square foot, up 27.5% from the prior year quarter, while re-sale condos sold for $496 per square foot, up 7.4% from the same period last year. (Read: There’s been a lot of closing activity on new developments)
1-3 FAMILY HOUSES: Comprise more than half the sales in Brooklyn. Average sales price, $654,614, was basically unchanged from this time last year.
WILLIAMSBURG AND GREENPOINT: Overall median sales price of all property types was $508,402, up 9% from the same period last year.
SOUTHERN BROOKLYN: More than half of the total sales in the borough were in this area. Median sales price slipped 2.6% to $477,500 from the same period last year, the lowest median price of the four market areas.
EAST BROOKLYN: Median sales price dropped 10.9% to $673,101 this quarter, the weakest price trend of the four market regions.
May 21, 2012 | 02:16 PM