Market Check: Third Quarter Inventory Down, Prices up

Inventory is down in Brooklyn, and prices edged up, according to third-quarter market reports out today from Prudential Douglas Elliman and Corcoran. Listing inventory dropped 16.2% to 5,602 units from 6,688 units at this time last year, said Douglas Elliman. Corcoran said:

Market-wide sales volume rose 26 percent vs. third quarter 2011 and increased 3 percent vs. second quarter 2012, the third consecutive quarter of increased sales activity. Market-wide, the median sale price surpassed both last quarter and last year, achieving its highest point since the market downturn four years ago. The market-wide median price of $525,000 rose 6 percent from last quarter and 3 percent versus the same quarter in 2011. Meanwhile, the price per foot continued its upward trend, surpassing $600 per square foot for the second quarter in a row, a 2 percent increase from last quarter and a 13 percent increase from third quarter 2011.

The luxury market, defined as the upper 10 percent of all sales, remained fairly steady, according to Douglas Elliman. The median sales price of a luxury property clocked in at $1,440,813, up 0.4% from the same quarter last year. The price of a two- to four-family townhouse throughout Brooklyn increased 33 percent vs. the same quarter last year, said Corcoran.

Inventory in Brooklyn Down, but Pricing Drops [TRD]