Posted by Jonathan J. Miller -Thursday, January 20, 2011, 9:33 PM
Other reports we prepare can be found here.
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.
…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]