Elliman Releases 3Q Market Report
The Douglas Elliman 3Q Market Overview for Brooklyn, prepared by Miller Samuel and available here, is out this morning and the numbers are decent. Here are the summary stats: – Median sales price increased 2% to $485,504 from $476,000 in the prior year quarter and increased 4.9% from $463,000 in the prior quarter. – Average…
The Douglas Elliman 3Q Market Overview for Brooklyn, prepared by Miller Samuel and available here, is out this morning and the numbers are decent. Here are the summary stats:
– Median sales price increased 2% to $485,504 from $476,000 in the prior year quarter and increased 4.9% from $463,000 in the prior quarter.
– Average sales price increased 7.2% to $583,790 from $544,676 in the prior year quarter and increased 7.1% from $545,110 in the prior quarter.
– Number of sales increased 1.7% to 1,879 from 1,847 sales in the prior year quarter but fell 2.7% from 1,931 units in the prior quarter.
– Listing inventory increased 18.4% to 6,630 units from 5,600 units at this time last year.
– Days on market was 109 days, down from 165 days this time last year.
– Listing discount was 5%, down from 5.6% in the prior year quarter.
Of perhaps special interest to readers is the news that the median sales price was $1,265,000, up 11.9% from the prior year quarter result of $1,130,000, and that the number of sales increased 95.2% to 121 units, from 62 units in the same period last year. Not too shabby.
Nope. Not with thousands more units being built there while prices are falling….
People are snatching up Williamsburg condos to rent them out.
Or because they think they’re a bargain and are going to flip them in 3 years. You don’t hear many people buying in Williamsburg who want to stay there long term. They are treating it like Miami in 2004. Trying to make a buck, but it’s not really working out like they hoped and then they realize that the neighborhood is overrated and is missing lots of the basic services that people who spend that kind of money want.
Did you see the penthouse of Schaefer landing is for sale?
For 300K less than the owner bought it for just 2 years ago.
@ bklplebe: “WELL you know that that prices have already gone down and CS lags by three months”
That’s irrelevant.
I was just referring to BHOs own prior words and illustrating how silly they are. He’s the one who took the naive view that when the index turned green, he’d be bullish. That happened, yet he quickly backtracked and changed his tune to keep spouting the same rhetoric.
Your other point that prices in other parts of the country have already turned down again is also irrelevant. This board is about Brooklyn, with a strong focus on “Brownstone Brooklyn”, and as this report makes pretty clear, that market is strong.
I love the Burg. I just wouldn’t buy a condo there.
wow, lots of Williamsburg hate going on here (where’s dirty hipster to defend?) I’ll defend and say that a 60% increase is sales #’s over last year, with only a 3% drop in median sale price is a very strong sign. It means people are buying there despite the hipsters, the L (which was rated 2nd best subway line in NYC), and the controversial Karl dwellings. Brownstone Brooklyn is lovely, and perhaps a safe investment, but to some people a home is more than just an investment. You have to like the hood. I like the Burg, and apparently so do a lot of other folks.
“Weren’t you going to be a believer when CS Composite “turned green” (your words from sometime in the late winter)? Well that already happened”
WELL you know that that prices have already gone down and CS lags by three months
“That has to be the most asinine phrase every uttered on this website. ”
WELL you know that those days there were buyers paying millions all over Bklyn are long gone
“DoBro is in a much better position. The infrastructure is already there and the surrounding neighborhoods are already established. A lot of parts may still look shitty now but in about 10 years that will all change.”
I agree NYGuy, the ingredients are all there. It is a speculative play, but with good odds of panning out.
That said, the area is pretty damn shitty right now. Was walking down Willoughby to visit a friend this past Sunday evening and it was a ghost town populated with multiple drunks pissing in the middle of the street…
Can’t double dip without a bounce.
***Bid half off peak comps***
Just go away already, BHO.
As month after month of data comes in showing you are wrong, you just modify your opinion and keep spouting the same BS. Weren’t you going to be a believer when CS Composite “turned green” (your words from sometime in the late winter)? Well that already happened — a while ago — and now your tune is “can’t double dip without a bounce.” Priceless.
Basically, your mindless rhetoric has been exposed; time for you to get a life and move on…
“there are no buyers left.”
That has to be the most asinine phrase every uttered on this website. And that’s saying something.
We have mentioned north Brooklyn, that’s what all this talk about Williamsburg has been.