Posted by Jonathan J. Miller -Friday, October 15, 2010, 11:22 AM
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Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
…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]