Elliman 3Q Report: Mixed Results
Both average and median sales prices in Brooklyn ticked down overall last quarter, according to the Prudential Douglas Elliman report that dropped this morning, but the big number was the decline in the number of sales from the previous year from 3,718 to 2,298. (Inventory has also trended down.) Average price per square foot actually…
Both average and median sales prices in Brooklyn ticked down overall last quarter, according to the Prudential Douglas Elliman report that dropped this morning, but the big number was the decline in the number of sales from the previous year from 3,718 to 2,298. (Inventory has also trended down.) Average price per square foot actually rose slightly year-over-year for both new developments and resales but fell just over 5 percent from the 2nd to 3rd quarters. Co-ops were a bright spot, rising in both price and number of transactions. Williamsburg and Greenpoint also put up good numbers. One- and two-family houses in Brownstone Brooklyn did pretty well too, with average and median sales prices as well as price-per-square-foot measurements all trending up. For details, check out the full report.
Brooklyn Home Prices Drop as Banks Cut Jobs and Curb Lending [Bloomberg]
I actually heard her voice as I read that. Snark are you a writer or a comic in “real” life? If not you should really consider it. You always make me laugh.
And guys…I think Suzy would be more interested in me getting into her pantsuit than Snark (who I am assuming is male).
I do Dave, but she told me I can’t afford them. Denied! Alas.
I think the unit volume may have gone down because people were scared to sell their homes now. The people who selling in this climate are those that HAVE to. They’re probably more desperate than the typical seller who may just be ready to sell the house and move to Boca. The typical homeowner is going to hold on to their homes and ride out the storm.
First come lower sales than come lower prices. If you love your home than it doesn’t matter. But if you are looking to sell better get it done and fast..
unit volume is the concern, average and median prices deceptive
SnarkSlope…I bet you lust after Suze orman’s pantsuits!!
I think it’s interesting to look at the full report. Specifically Northwest Brooklyn (page 4 f 4) which is comprised of the typical Brownstone Brooklyn what we focus on here.
Single family home sales prices increased significantly up 15.6% from last quarter and 31.3% from prior year Q.
It’s the 2 family homes that took the hit down 21.1% from last Q and down 23.1% from year prior Q.
I guess the single family home is still pretty bulletproof.
As has been commented upon previously about such reports, these types of reports are not always very meaningful. As someone who has been watching the market very closely in specific neighborhoods, I’m seeing numerous price cuts that show a clear downward trend, and all of this before the current economic meltdown. The fact that NYC held up pretty well up until recently indicates IMO that it is now finally due for a correction, which is inevitable in this climate.
Suze Orman, is that you?