Posted by Jonathan J. Miller -Thursday, January 19, 2012, 9:53 AM
There was a 27.6% surge in lower priced co-op sales in the fourth quarter bringing down the overall price indicators. The jump was influenced by the sharp drop in mortgage rates during the fall. Overall sales for the borough were 6.1% above the prior year quarter. I thought it was interesting that the two lowest priced regions, South Brooklyn and East Brooklyn, posted a sharp increase in sales and drop in price indicators while the two highest priced regions, North Brooklyn and Northwest Brooklyn posted declines in sales and increases in prices.
Here’s an excerpt from the report:
The housing market saw year-over-year gains in sales for the fourth quarter. There were 1,558 sales, 6.1% more than 1,468 in the same quarter last year. The increase in sales was largely due to the increase in market share for co-ops, which comprised 22.5% of all borough sales, up from 18.7% over the same period. The surge in lower priced co-op sales was a result of the sharp decline in mortgage rates during the fall after the S&P downgrade of US debt, which occurred at the end of the summer. Listing inventory declined 4.8% over the same period to 5,908 from 6,203 in the same quarter last year. As a result, the number of months to sell all inventory at the current pace of sales fell to 11.4 from 12.7 over the same period, but above the 10.4 average of the past three-and-a-half years.
The custom data tables are updated and ready for you to play with. The chart section on the new site remains a work in progress.