Elliman Q3 Report: Better Than Q2
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…
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.
Joe, this is the edumacated crowd. It’s not like I got to do some ‘splainin to cornerbodega.
dave, judging by these posts, you might want to explain what CPI is.
Throw in the towel, Pete. Take your lumps and concede defeat like the chicken did.
To me # of sales is significant figure. But quoting change in median and average sales prices and claiming that represents change in value of your condo or house is inaccurate and misleading. Condos and houses are not stock certs where each has same meaning and value.
The mix (location, size, quality) from 1 quarter or year does not = the mix (location, size, quality) of another.
The figure can indicate trends but should absolutely not be interpreted as value of your home is up or down X%.
IN OTHER NEWS THIS MORNING…. The CPI FELL 1.3% YOY in September
http://www.paddypowertrader.com/uploads/blog/jul28_09_vob_dw.gif
DIBS – I know where you can get one made from ipe if you’re interested
nss & ditto are apparently more aware of this than the collective knowledge of the bond market. Although I own hedges on treasuries (which, so far I have lost money on) we are not going to see extremely high single digit inflation let alone anything double digit resembling either the Weimar Republic (lunatic fringe thinking) or the late 70s/early 80s here in the US (not far from lunatic fringe thinking).
Carry on.
newsouthsloper : 100% correct.
Jim Rogers has said that the Dow could go as high as 50000 nobody knows how high things can go , resulting from the Fed’s monetary easing.
NSS- says who? treasury market doesn’t see what you see, that’s for certain.
this report highlights the growing gap btwn brownstone price (semi-stable) and condo/coop prices (northwest median falling pretty significantly), which can’t last forever.