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Posted by Jonathan J. Miller -Thursday, April 19, 2012, 4:39 PM
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We published our report on Brooklyn sales for 1Q 2012 this morning. I’ve been authoring this report series for Douglas Elliman since 1994.
Here are some takeaways:
- Listing inventory fell sharply from the same period last year and is now below the five year average. Falling inventory has helped the market stabilize and caused the listing discount to compress.
- Housing prices slipped below year ago levels, largely due to the increased market share of lower priced co-op sales. While all types saw a decline, the share for co-ops expanded. The housing market is currently characterized as stable.
- New development continues to see consistent market share. The 1Q12 market share of 15.2% is consistent with the 15.7% four year average.
- Properties took one month longer to sell in the first quarter than in the same period last year. Part of the increase is contrarian – it is attributable to tight inventory forcing more older listings to be absorbed.
- The East Brooklyn area saw a sharp gain in market share to 18.6% of the borough from 10.3% in the year ago quarter largely because of the increased amount of distressed activity.
Here’s an excerpt from the report:
Housing prices slipped from prior year levels,
largely due to the shift in mix of property types
that sold over the quarter. The sharp decline
in mortgage rates to record lows resulted in
an increase in co-op sales market share, a
lower priced property type. Median sales price
declined 5.3% to $450,000 from $475,000 in
the same period last year. Average sales price
slipped 0.8% to $565,291 from $569,799 over
the same period. Listing discount, the difference
between the list price at the time of contract and
the sales price, was 3.5% tighter than 4.8% in
the same period last year The number of sales fell 23.9% to 1,807 from a
three year high of 2,373 in the prior year quarter.
Listing inventory also saw a large decline, falling
16.7% to 6,092 from 7,316 in the same period
last year. As a result the absorption rate, the
number of months to sell all active inventory
at the current pace of sales, increased to 10.1
months from 9.2 months over the same period…
I’ve got a tool to build custom data tables on the Brooklyn markets and I am updating the charts and will place them here. You can also see other market areas and other generally cool housing market charts (IMHO).
Posted by Jonathan J. Miller -Friday, October 28, 2011, 10:05 AM
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We released our Brooklyn market report last week – Jill Urban of NY1 does a nice segment, interviewing Dottie Herman, President/CEO of Prudential Douglas Elliman and moi.
Wore a new tie.
Posted by Jonathan J. Miller -Tuesday, October 25, 2011, 4:26 PM
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Got a chance to speak with Tom Keene and Ken Prewitt in studio this morning where we covered a lot of ground.
The S&P Case Shiller Index was a released just as I came on the show, as well as what is driving the Brooklyn housing market, why is NYC fairing well, what ails the national housing landscape, will it have further to fall, what are the problems with relying on CSI, foreign buyers and whether Tom is looking at a kick up in his rent next year. Always fun.
Miller Samuel’s Miller Says Home Prices to Fall 5-10% (13 min) [Listen]
Posted by Jonathan J. Miller -Thursday, October 20, 2011, 9:06 AM
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[click to open report]
The Elliman Report: Brooklyn Sales 3Q 2011 was published today. It is part of a report series that we have authored for Douglas Elliman since 1994.
You can build your own custom data tables with the new data. I’m about to launch a site redesign and am rejiggering the way I handle charts (automatic) so I haven’t been very diligent in updating them on my site – sorry about that.
Here’s an excerpt from the report:
…The price indicators, including median sales
price, average sales price, and median sales
price for both new development and re-sales, all
posted year-over-year gains. The median sales
price of a Brooklyn residential property was
$510,000, 5% above $485,504 in the prior year
quarter and 6.3% above $480,000 in the prior
quarter. Average sales price showed a similar
pattern, rising 4.1% to $607,867 from $583,790
in the prior year quarter and increasing 5.8%
from $574,387 in the prior quarter. The yearover-
year gains in median sales price for new
development sales and re-sales were 7.8% and
6.2% respectively…
Other reports we prepare can be found here.
The Elliman Report: Brooklyn Sales 3Q 2011 [Miller Samuel]
Brooklyn custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 14, 2011, 5:10 PM
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[click to open report]
The renamed “The Douglas Elliman Report: Brooklyn Sales 2Q 2011” was published today. It is part of a report series that we have authored for Prudential Douglas Elliman since 1994.
You can build your own custom data tables with the new data. Charts will be added shortly.
Here’s an excerpt from the report:
…Over the past five quarters, Brooklyn price
indicators have shown modest gains over the
same period the last year. In the second quarter,
median sales price was $480,000, 3.7% above
$463,000 in the second quarter last year and
1.1% above $475,000 in the prior quarter.
Average sales price showed the same pattern.
The rise of each price indicator was largely
attributable to the increase in the average size
of a sale in the quarter. While new development
sales averaged 1,030 square feet and was
essentially unchanged over the past year,
the average resale, representing 75.4% of all
apartment sales, expanded 4.9% to 2,155 square
feet over the same period…
Other reports we prepare can be found here.
2Q 2011 Brooklyn Sales Report [Miller Samuel]
Brooklyn custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, January 20, 2011, 9:33 PM
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[click to open report]
The 4Q 2010 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
The 4Q 2010 data and a series of charts are updated with the 4Q 2010 data.
Press coverage can be found here.
Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
An excerpt
…There were 1,468 sales in the fourth
quarter, 29.9% below 2,093 sales in the prior year
quarter and 21.9% below 1,879 in the prior quarter.
While the decline in number of sales from the prior
quarter is a seasonal pattern, the decline is greater
than the 8.9% average of the prior five years. A
significant portion of the decline in number of
sales is attributable to the expiration of the federal
homebuyer tax credit, which incentivized more
sales activity in the first half of 2010, coming at the
expense of less sales activity in the second half of
2010. Listing inventory rose 14% to 6,203 in the
fourth quarter, from 5,439 in the prior year quarter
and 6.4% below 6,630 in the prior quarter. The drop
in sales caused inventory to rise and the monthly
absorption rate—the number of months to sell all
active inventory at the current pace of sales—to
edge higher. The absorption rate was 12.7 months
in the fourth quarter, weaker than 7.8 months in
the prior year quarter, but below the first quarter
2009 rate of 15.3 months, immediately following
the onset of the credit crunch at the end of 2008…
4Q 2010 Brooklyn Market Overview [Miller Samuel]
Brooklyn housing market chart gallery [Miller Samuel]
Brooklyn custom data tables [Miller Samuel]
4Q 2010 Brooklyn Market Overview Podcast [The Housing Helix]
Posted by Jonathan J. Miller -Thursday, January 20, 2011, 8:22 PM
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Here’s a brief recap of the 4Q 2010 Brooklyn Market Overview that my firm prepares for Prudential Douglas Elliman.
Check out the podcast.
The Housing Helix Podcast Interview List
You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.
Posted by Jonathan J. Miller -Friday, October 15, 2010, 11:22 AM
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[click to open report]
The 3Q 2010 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
The 3Q 2010 data and a series of charts are newly updated and available.
Press coverage can be found here.
Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
An excerpt
…The median
sales price of a Brooklyn residential property
was $485,504 in the third quarter, 2% above
$476,000 in the same period last year and 4.9%
higher than $463,000 in the prior quarter. This
was consistent with the trend seen in re-sale
activity, which grew 2% over the same period. The
average sales price for the borough also showed
the same pattern, but with larger increases
caused by a higher concentration of activity at
the upper end of the market. The average sales
price was $583,790 in the third quarter, up 7.2%
from $544,676 in the same period last year and
up 7.1% from $545,110 in the prior year quarter.
This increase was largely caused by the rise in
the average square footage of a sale, rising 13%
to 1,874 square feet from 1,658 square feet in the
same period last year…
3Q 2010 Brooklyn Market Overview [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 15, 2010, 11:57 PM
1 Comment
Here’s a brief summary of the 2Q 2010 Manhattan Rental Market Overview, 2Q 2010 Brooklyn Market Overview and 2Q 2010 Queens Market Overview. The latter two were released today.
I’ve been authoring a series of market studies covering the New York City metro area for real estate firm Prudential Douglas Elliman since 1994.
Check out the podcast for the Manhattan Rental, Brooklyn and Queens market reports.
The Housing Helix Podcast Interview List
You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.
Posted by Jonathan J. Miller -Thursday, July 15, 2010, 12:21 PM
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[click to open report]
The 2Q 2010 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
The 2Q 2010 data and a series of charts are newly updated and available.
Press coverage can be found here.
Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
An excerpt
…The median sales
price of a Brooklyn property was $463,000 in
the second quarter, 5% above the $441,090
median sales price of the p0rior year quarter
and nominally below the $466,000 median
sales price of the prior quarter. This indicator
showed a year-over-year increase for the first
time since the third quarter of 2007 and showed
diminishing quarterly declines over the past year.
This suggests that price levels have stabilized.
Average sales price was $545,110 in the second
quarter, 10.1% above $495,120 in the prior year
quarter and 2.5% above $532,061 in the prior
quarter. The trends were not skewed by a shift
in the mix of properties that sold over the past
year. The average size of all sold property types
in the second quarter was 1,532 square feet,
down a modest 1.2% from 1,550 square feet in
the prior year quarter…
2Q 2010 Brooklyn Market Overview [Miller Samuel]
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10/06/2011
05/13/2013 Had a fun interview with Tom and Sara this morning on the always MUST watch/listen Bloomberg Surveillance. We talked housing, rentals, vacancy and inventory. An added bonus was the addition of Adam Davidson – co-founder and co-host of Planet Money... Read More
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