Jul
14

Second Quarter 2011 Brooklyn Residential Sales Market Overview

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Today we are released second quarter sales  for the Brooklyn residential market.  Brooklyn Market Overview Q2 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“Prices edged higher as sales surged, but rising inventory tempered further gains.”

  • Median sales price rose 3.7% from $463,000 second quarter last year to $480,000, also marking a 1.1% increase from $475,000 in the prior quarter.
  • There were 1,942 sales across the borough, just slightly above last year’s numbers, as sales activity has generally remained stable over the past two years.
  • The number of sales remained 7.7% below the 5 year quarterly average, while the number of listings remained 17.4% above the 5 year quarterly average.
  • The time taken to sell a residential property expanded by more than a month over the last year to 142 days, but was consistent with the historic norms prior to last year’s federal homebuyers tax credit.
  • The percentage difference between the listing price at time of contract and the contract price—the listing discount—increased to 3.9% from 2.8% in the prior year quarter.

Categories : Market Reports

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