Elliman Q4 Report: Prices Down, Sales Up
Although Brooklyn real estate prices continued to decline in the fourth quarter, the number of sales increased for the third quarter in a row while the average time on the market fell, according to the latest report prepared by Miller Samuel for Prudential Douglas Elliman. Overall, median sales price fell 8.7% to $447,174 from $490,000…
Although Brooklyn real estate prices continued to decline in the fourth quarter, the number of sales increased for the third quarter in a row while the average time on the market fell, according to the latest report prepared by Miller Samuel for Prudential Douglas Elliman. Overall, median sales price fell 8.7% to $447,174 from $490,000 in the prior year quarter and fell 6.1% from $476,000 in the prior quarter. Co-op prices ticked up slightly while condos and 1-3 family homes were down 8.8 percent and 10.1 percent, respectively. More notably, perhaps, the luxury end of the market (defined as the top 10 percent of sales) was off 23.7 percent. (Ouch!) South Brooklyn held up much better than Northwest and Brownstone Brooklyn.
Citi, whether they get bailed out or not, is well ahead of us, DIBS. So is the all on collapse of Dubai. Double digit P/E ratios in a recession (actually a depression) spell T-R-O-U-B-L-E ahead. There will be another stock collapse before housing bottoms.
Places are no longer sitting for awhile, Johnny. Read the summary again. We’re far from the old days but the path there will be very painful for holders and sellers.
The bigger the boom, the bigger the bust, Brokedeveloper (20 years ago vs today). Half off is a slam dunk.
Uh huh, southbrooklyn. 32% down overall (dibs likes to cherry pick the noise like @ 10:13 but the trend is down down down). But this is just the beginning of the end of peak comps.
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“The economy, DIBS? The economy???!!! The U.S. economy is an unmitigated disaster that will now, thanks to the loss of the 60th Democratic senator”
it’s that loss to the republicans that is the shot heard round the world setting things BACK ON TRACK.
The economy, DIBS? The economy???!!! The U.S. economy is an unmitigated disaster that will now, thanks to the loss of the 60th Democratic senator, not longer receive any stimulus money to keep at least sputtering, barely growing while it racks up a monster debt, generating contradictory data and “stuck in neutral”. No: now it will start going down again by mid-2010.
am i reading the report correctly? brownstones are off 32% from this time last year?
-3,600…-3,601…-3,602…
“Although Brooklyn real estate prices continued to decline in the fourth quarter, the number of sales increased for the third quarter in a row while the average time on the market fell…”
ALTHOUGH?! Although what? The collapse is in full effect. Prices can’t drop without increasing sales and decreasing time on market. Sellers and holders are getting real.
Coops appear to be the saving grace for the median, for now. But price drops for condos and 1-3’s are accelerating (larger QOQ than YOY). “Last Week’s Biggest Sales” off -23.7% (Ouch!). Affordability is obviously killing the brownstone belt.
***Help Haiti***
ecoux, nitpicking!!!!
Sorry that the colums didn’t come out right.
It should be red a: 2Q07 with the ASP at $655k and the PSF of $275.
Median price DIBS…off 16.5%
Here’s the data for 1-3Family:
Period Price PSF
2Q07 655k $275
3Q07 696 294
4Q07 671 281
1Q08 679 280
2Q08 654 276
3Q08 685 293
4Q08 666 278
1Q09 641 266
2Q09 569 241
3Q09 622 268
4Q09 577 247
4Q % OFF
From Peak 17.1% 16.0%
The Magical Kingdom of Brownstone Brooklyn down 16.5% overall year over year.
One family down 21.1%
Two family down 4.4%
Three family down 22.6%
Just trying to keep the cheerleaders honest.