Oct
15

Brooklyn and Queens 3Q 2009 Residential Sales Market Reports

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Just released today are the new 3Q 2009 Residential Sales Market Reports for Brooklyn and Queens prepared by Miller Samual Inc. for Prudential Douglas Elliman.

QMO_3Q09Queens Residential Sales Market Excerpts/Highlights

After below trend sales activity in the first two quarters of 2009, there was a release of pent-up demand as buyers who had been “sitting on the fence” began to make purchase decisions en masse in the third quarter. This was prompted by a rapidly rising stock market that improved consumer confidence, low mortgage rates and newly found affordability as a result of falling housing prices.

There were 2,789 sales in the current quarter, down 13.9% from 3,240 units in the prior year quarter, but jumped 31% from 2,129 units in the prior quarter.

The surge in the number of sales resulted in a decline in listing inventory.

A portion of the decline from the prior year quarter was attributable to sellers pulling their listings from the market with the strategy of re-listing when market conditions improve.

Brooklyn Residential Sales Market Report Q3 2009Brooklyn Residential Sales Market Excerpts/Highlights

The number of sales for the quarter surged for the second consecutive quarter, rising 29.3% to 1,847 units from 1,428 units in the second quarter.

Despite the increase in activity, the number of sales were 19.6% below the 2,298 number of sales in the prior year quarter.

The jump in the number of sales from the prior quarter reflects a release of pent-up demand from an unusually low level of sales activity seen in the early part of the year.

Listing inventory has fallen sharply but remains above typical levels.

This inventory decline was caused by individual sellers removing their listings from the market in hopes of re-listing when conditions improve.

Categories : Market Reports

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