Sales

Prices down across the board: The median sales price was $454,383, which is down 11 percent from Q3 and 4 percent year over year; the average price was $529,640, down 13 percent from the third quarter and 8 percent from the same period in ’10.
Sales volume stronger than last year: There was a 6 percent increase in sales year over year, with 1,558 closings recorded. Still, that represents a 30 percent drop-off from the third quarter.
Brownstone Belt: There were 61 total sales of one- to three-families in Northwest Brooklyn, which is a big drop compared to Q4 2010 (down 25 percent) and Q3 2011 (down 31 percent). Prices were high on the houses that did actually sell, though: The median price was $1,150,000, which is a 16 percent increase year-over-year but a 23 percent decline from the prior quarter.
Co-ops: The total number of sales, 351, represented a 28 percent increase from the same period last year. The median sales price, $265,000, was down 16 percent from $315,000 in Q4 2010.
Condos: The median sales price was $476,580, which is down 8 percent from the same time in 2010. The total number of condo sales, 479, was basically unchanged from fourth quarter 2010.

Here’s more of Miller’s take on the market: “Brooklyn annual sales (all 4 quarters 2011 compared to 2010) are up 13.3% year over year. Big shift in mix at the end of the year as lower priced co-op sales responded to drop to record mortgage rate levels. Considering the weak economic conditions in the region, the market fared well. I call it fragile stability since general economic conditions remain somewhat uncertain.”
4Q11 Brooklyn Market Report [Elliman]