2Q Brooklyn & Queens Market Reports

Brooklyn Price Indicators Up for 5th Consecutive Quarter

Brooklyn has not seen significant gains, but remains generally stable.

• The median sales price in Brooklyn for 2Q 2011 was $480,000, up 3.7% from last year and 1.1% from last quarter.
• The average sales price was up to $574,387, a 5.4% increase from last year and 0.8% increase from last quarter.
• The number of sales was up a nominal 0.6% from last year, but dropped 18.2% from last quarter with more than 400 fewer sales.
• Although days on the market increased by more than a month from last year, the 142 day average is consistent with norms prior to last year’s tax incentives.
• At today’s absorption rate, it will take 10.8 months to sell all the inventory on the market, a full month longer than last year.

Queens Price Indicators Up for 3rd Consecutive Quarter

• The median sales price in Queens was up 2.1% from last year, to $342,000, with the average sales price reflecting an equal percentage change at $390,589.
• The number of sales dropped a whopping 40.6% from last year, attributable to the home buyer tax credit that expired in 2010.
• Along with the drop in sales, the absorption rate increased, with the time it would take to sell all inventory on the market increasing 67% from last year, to 16.7 months.
• While overall sales took a hit, new development sales remained unchanged, increasing market share of new developments from 5.2% last year to 8.9%.
• Days on the market are up 18 days from last year but just one day from last quarter, to 115.

Source: Prudential Douglas Elliman

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