Jan
21

Brooklyn Market Overview Q4 2009

By

Today we are released fourth quarter sales  for the Brooklyn residential market.  Brooklyn Market Overview Q4 2009 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“Sales activity was elevated as purchasers sought to take advantage of improved affordability brought on by low mortgage rates, the federal tax credit and lower housing prices.”

  • There were 2,093 sales in the fourth quarter, 13.4% higher than 1,846 units in the same period last year and 13.3% higher than 1,847 units in the prior quarter.
  • As a result of increased sales activity, inventory declined over the same period. There were 5,439 listings available at the end of the fourth quarter, 10% below the 6,042 listings available at the end of the same period a year ago and 2.9% below the 5,600 units available at the end of the prior quarter.
  • The median sales price of a Brooklyn property was $447,174 in the fourth quarter, down 8.7%
  • from $490,000 in the prior year quarter and down 6.1% from $476,000 in the prior quarter.
  • Days on market expanded by a month to 163 days, from 133 days in the same period last year, but was essentially unchanged from 165 days in the prior quarter.
  • Listing discount—the percent spread between the list price at the time of contract and the contract price—was 6%, up from 4% in the prior year quarter and up from 5.6% in the prior quarter.

Comments are closed.