Prudential Douglas Elliman and The Corcoran Group both released their second quarter Brooklyn market reports today. The highlights: The number of sales is up, inventory is down. As for prices in the second quarter, they were up by pretty much every measure–average sales price, median sales price and price per square foot–versus the same quarter a year ago and the first quarter of 2012, according to Corcoran. Elliman showed similar, albeit less bullish, trends, with the exception of median sales price, which dipped less than 1 percent. The luxury market, which Elliman defines as starting at $999,000, outperformed the overall market by rising more than 5 percent year over year. Mortgage underwriting is still “irrationally tight,” said Elliman, but mortgage rates continue to fall to record lows. Corcoran’s numbers confirm anecdotal reports Bed Stuy is hot: An increase in sales of townhouses there caused the median price of townhouses Brooklyn-wide to drop year over year. Elliman shows a modest increase (1.3 percent) year-over-year in the average sales price of a 1-3 family home. “The standout is the brownstone market, a small niche, with only 3 percent of the Brooklyn market [share],” said Jonathan Miller, president of real estate analytics firm Miller Samuel and author of Elliman’s market report, in a story by The Real Deal. “But it is the highest-priced housing stock.” The 18 percent decline in inventory in the borough year-over-year is “firming up the market by stabilizing prices,” he added. The graph above, which can be enlarged by clicking on it, comes from the Corcoran report and shows historical sales and price per square foot changes since the third quarter of 2008.
The Elliman Report: Brooklyn Sales 2Q 2012
The Corcoran Group Q2 Report
In Q2, Brooklyn Inventory Down, Brownstones Commanding Higher Prices [TRD]
Chart by The Corcoran Group