Posted by Jonathan J. Miller -Thursday, April 19, 2012, 4:39 PM
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).
- The Elliman Report: 1Q 2012 Brooklyn Sales [Miller Samuel]
- The Elliman Report: 1Q 2012 Brooklyn Sales [Prudential Douglas Elliman]