2Q Market Reports: Stability Now

The latest real estate market reports have just been released by Prudential Douglas Elliman and Corcoran, and each shows a generally healthy Brooklyn market. Elliman’s report, which is prepared by appraisal firm Miller Samuel, paints a picture of a stable second quarter: There were small year-over-year price increases (with the median sales price going from $463,000 last year to $480,000 this year) and almost exactly the same number of sales this year as compared to last. At the same time, properties stayed on the market significantly longer (142 days, up 38 percent from 2Q 2010) and there was more inventory. Meanwhile, the WIlliamsburg area continues to lead the way when it comes to condos, with the report saying that a whopping 87.8 percent of the borough’s condo sales last quarter were in North Brooklyn. Corcoran’s report (PDF), which is prepared by Property Shark, presents a rosier view, saying that “the median price of a Brooklyn apartment increased 13% from a year ago and 11% from last quarter to $478,000, the highest it has been since Fourth Quarter 2008.” The report also finds that the median resale price in Brooklyn, $405,000, was up 13 percent from the same time last year. Click through for Corcoran’s chart showing the resale numbers.