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The Douglas Elliman 3rd Quarter Market Report for Brooklyn came out this morning and the numbers show broad improvement quarter-over-quarter but still weakness compared to a year ago. Median sales prices fell 6.7% to $476,000 from $510,000 in the prior year quarter but rose 7.9% from $441,090 in the prior quarter; average sales price fell 5.3% to $544,676 from $575,287 in the prior year quarter but jumped 10% from $495,120 in the prior quarter; and the total number of sales declined 19.6% to 1,847 from 2,298 sales from the prior year quarter but increased 29.3% from 1,428 units in prior quarter. The numbers in North Brooklyn looked the ugliest, with average price per square foot down 35% from the year earlier and the number of sales off by more than 40%. Two-family houses across the borough also proved surprisingly resilient, with median sales price holding flat from a year ago and rising 27% over the quarter. For more detail, check out the full report here.


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  1. Right, a real estate report produced by a broker in conjunction with an appraisal firm.

    That said, the data actually does make some sense given the relative upbeat attitude in the 3Q comapred to 2Q and the super low interest rates available (I had a mortage guy quote me a conforming 30 yr fixed for 4.85% with 0.25 pts and a HELOC at prime with is currently sub 4%). In terms of NYC home prices, though, its really just a race against time – can the local economy recover before interest rates start to go up again, and can sellers continue to hold out. Still a risky proposition to buy right now if you only have 30% or less of a home value in your bank account.

  2. well, inflation is an easier thing to call than brooklyn real estate and people are all over the place. I mean, you’ve got the most slack in the economy in 80 years, you’ve got a very hawkish fed, asset prices still very depressed, personal wealth devastated, 10% unemployment…and you’re talking about wheelbarrows of cash just because the Fed has rates at zero?

    Do you know how long Japan had rates at zero? More than 10 years! and what did their economy do? It deflated over that time.

    If inflation is the base of your best argument for higher real estate prices, I’m interested in hearing your second best argument.

  3. this is better news than expected but dont believe this is saying / showing prices are going up rather it’s a mix change driven increase. nevertheless it is better news than I expected – logs that into notepad.

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