Average Prices Up in BK, Inventory Down
Looks like the law of supply and demand is at work in Brooklyn. According to a market trend report from Trulia, the average listing price of Brooklyn homes rose 1.4% between September 24 and October 1, from $691,857 to $701,779. The number of listings, however, went down from about 4,725 to about 4,625. Think folks…
Looks like the law of supply and demand is at work in Brooklyn. According to a market trend report from Trulia, the average listing price of Brooklyn homes rose 1.4% between September 24 and October 1, from $691,857 to $701,779. The number of listings, however, went down from about 4,725 to about 4,625. Think folks are holding off releasing units until the credit crisis wanes? We thought prices were starting to come down…
I agree with Susan Elkins that I’m not going to wait for the bottom – if we see something we like at a fair price we can afford, we will buy. But sellers do need to realize that if they price as if there is no crisis, then their properties will not move. People always need to sell, and not just due to divorce/retirement (those were just a few examples of reasons to sell) so while inventory may remain low, there will be houses coming to market and prices will come down. Maybe not the kind of crash we’re currently seeing in the stock market, but I think folks like PropJoe and sebb are in a state of denial to think it can’t happen – historically, it has before and it can certainly happen again.
“Blokes from Manhattan will move to Brooklyn”
Why? Prices in Manhattan are already falling.
Lots of comments saying, “the prices aren’t falling very much” and then more comments saying, “the inventory is painfully low.”
No one seems to see the connection.
In a high-priced market such as “premium brooklyn,” shouldn’t the restricted volume cause prices to go up? All that is happening is that the prices aren’t softening that much… hardly a strong position. Just imagine how low prices would be if the inventory was increase, say 20%.
A few fun things are going to (re-)emerge in this tightening marketplace… there will be fewer real estate agents (Horray!) and the professional ones, that is to say the non-desperate ones, won’t waste their time with sellers who aren’t serious… and the overinflated Corcoran-style price tags will become closer to reality — asking = selling
Oh – and you will actually have to have a decent product to sell in this new buyers’ market. If the quality doesn’t match the price tag, forget it.
Imagine!
“QOMD?
quote of my day?”
Yeah.
Lechacal–while I appreciate the wisdom of your advice I am also sympathetic to what Susan Elkins is saying. For some people being patient fits their life trajectories and for some it does not. Waiting 2-4 years to buy would have put me in a very uncomfortable spot in my old apartment with too many people for too little space. So I did as Susan says she is going to–namely buy something that fits from a personal/aesthetic standpoint and price standpoint. For people who are childless or have flexibility for other reasons your advice is no doubt sage.
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1353683
In contract for $2.2mm. Ask was $2.25mm That’s almost $1400 per sq foot 15 minutes from Boro Hall subway. Enuff said.
Brooklyn ain’t falling friends.
Average price residential stats are interesting but less valuable than unit volume. Compare #s of closings in trend lines……Values are off, period.
‘there are three kinds of lies; lies, damned lies and statistics’ benjamin disraeli
If I had to rely on divorces and retirements to occur to have a house I want become available, I’d be depressed. We did our house search when there were plenty houses on the market and still it was so hard to find one we loved. The house (not condo) inventory is going to be much smaller than it was 2 or more years ago. There’s no way it won’t with what’s going on.
QOMD?
quote of my day?