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Brooklyn

3Q-2011

highlights of the quarterly survey of residential sales

Sales noticeably increased, as all price indicators edged higher, and listing inventory remained stable.

Brooklyn Rental Market Matrix

3Q–2011

% Chg (qtr)

2Q–2011

% Chg (yr)

3Q–2010

Average Sales Price

$607,867

5.8%

$574,387

4.1%

$583,790

Median Sales Price

$510,000

6.3%

$480,000

5.0%

$485,504

New Development

$590,585

10.4%

$535,000

7.8%

$547,928

Resalea

$499,000

10.9%

$450,000

6.2%

$469,750

2,219

14.3%

1,942

18.1%

1,879

Days on Market (From Original List Date)

149

4.9%

142

36.7%

109

Listing Discount (From Original List Price)

3.0%

Listing Inventory (Active)

6,688

-4.5%

7,002

0.9%

6,630

9.0

-16.7%

10.8

-15.1%

10.6

Number of Sales

Absorption Rate (Monthly, Active)

3.9%

5.0%

There were 2,219 sales in the third quarter, 18.1% more than 1,879 sales in the prior year quarter, and the second highest quarterly total in three years. Median sales price increased 5% to $510,000 from the prior year quarter, reaching its highest level in three years, and tying the 2008 third quarter level. Listing inventory edged 0.9% higher to 6,688 in the third quarter from the prior year quarter. With the rise in sales outpacing the increase in inventory, the absorption rate fell to 9 months from 10.6 months over the same period. Days on market expanded by nearly a month over the same period to 149 days from 109 days in the prior year quarter, as stable inventory, and higher sales resulted in an increase in sales from older listings. The listing discount—the difference between the listing price at time of contract and the contract price—was 3% in the third quarter, down from 5% over the same period last year.

for a complete version of the Elliman Report www.elliman.com/marketreports


Brooklyn Q3 2011 Market Overview Highlights