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.
http://news.yahoo.com/s/yblog_localnyc/housing-hot-again-home-sales-shoot-up-18-in-new-york-city-total-sales-prices-climb-26-report
Brooklyn all over Yahoo news
what dibs said.
brownstone brooklyn numbers are always very thin so i wouldn’t say the market shot up, but on a psf basis we are basically flat to a tad higher than prior year. that’s probably close enough to being accurate. that last quarter was an odd sampling.
the world watches payroll and inflation (and watch for currency wars) and continues to buy a little bit of property in nyc.
bonuses may be down this year, so no big tailwind, but no signs of inflation either. business as usual for now.
I know quite a few people trying to cut and run on their Williamsburg condos for Cobble Hill/Prospect Heights and the Slope.
They’ve admitted that they were lured by the “hip” factor of Williamsburg and once they got there it was not at all what they expected. Dumb. I tried to warn them.
I think seeing their condos lose value while the other “less hip” parts of Brooklyn (Brownstone area) continue to rise is really starting to make them realize that they made poor decisions.
Most also comment how terrible the transportation issues are…I mean last weekend there was NO L SERVICE AT ALL!!!
For the entire weekend.
Despite all the hype about Williamsburg it’s still a neighborhood with pretty crappy public transportation options and that’s never going to change. I’d shoot myself if I had to rely on the L line.
The Real Deal does an article about the resurgence in Brownstone Brooklyn…
http://therealdeal.com/newyork/articles/brownstone-brooklyn-sees-resurgence-condo-market-shows-weakness-according-to-report-from-elliman
It also talks about the drop in Williamburg and Greenpoint prices as new condos remain volatile.
A couple of this to keep an eye on. Inventory, up 18% yoy. That is significant. Could lead to downward pressure on pricing. Days on market is the number of days between the date of last list price change to the contract date. Also, discount to asking is effectively the same as it was a year ago. A total days on the market statistic would be an interesting measure.
This a very local observation (Bk Heights, CH, CG, Boerum Hill), while listing inventory is expanding borough wide, listing inventory is tight in landmarked brownstone neighborhoods. Competetion for listings is fierce. Asking prices appear to be very aggressive for some property types. This could translate in to an increase in inventory, for certain property types, early next year. Volume is also thin and/or flat which makes it hard to determine market direction.
To those who did not believe that NYC is different, these numbers clearly reflect that. Brooklyn is now a super hot brand and we are seeing that play out in the real estate market.
Did you check out the Northwest Brooklyn (Brownstone Brooklyn) numbers? These are not numbers the rest of the country are seeing.
Can’t double dip without a bounce.
***Bid half off peak comps***
On the other hand, both the time on the market and the price discount increased from the previous quarter.
Still, if this is what a recovery looks like when times are tough, things should look pretty rosy when the economy eventually recovers.