Posted by Jonathan J. Miller -Thursday, January 19, 2012, 10:17 AM
We released our report on the Brooklyn sales market for 4Q 2011 this morning. I’ve been authoring this series for Douglas Elliman since 1994. This report is the first to provide comprehensive insight and analysis for both counties beyond standard MLS stats.
Overall Westchester price indicators were mixed while the number of sales slipped from the same period a year ago. Overall sales were up but single family sales fell 5.4%. Sales of Westchester 1 families comprised 57% of all county residential sales, their lowest market share in 30 years (as far back as the data goes). Over the last few years there have been quarters that have been close. The uptick in everything else (lower priced or rent driven) caused the low market share. Putnam showed a jump in overall sales while the price indicators were mixed.
Here’s an excerpt from the report:
The price indicators for the quarter were partially mixed partially, as a result of a significant variance caused by the surge in entry-level co-op sales. The average square footage of a residential sale was 2,082, down 2.8% from 2,143 in the same period last year. As a result of the decline in size and shift in the mix to smaller sales, the fourth quarter median sales price and average sales price were nearly identical. The median sales price of a Westchester residential sale was $525,000, up 16.7% from $450,000 in the prior year quarter. The average sales price showed the opposite trend, falling 9% to $524,722 from $576,512 in the prior year quarter.
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.