< All Press

Market Check: Third Quarter Inventory Down, Prices up

Inventory is down in Brooklyn, and prices edged up, according to third-quarter market reports out today from Prudential Douglas Elliman and Corcoran. Listing inventory dropped 16.2% to 5,602 units from 6,688 units at this time last year, said Douglas Elliman. Corcoran said: Market-wide sales volume rose 26 percent vs. third quarter 2011 and increased 3 percent vs. second quarter 2012, the third consecutive quarter of increased sales activity. Market-wide, the median sale price surpassed both last quarter and last year, achieving its highest point since the market downturn four years ago. The market-wide median price of $525,000 rose 6 percent from last quarter and 3 percent versus the same quarter in 2011. Meanwhile, the price per foot continued its upward trend, surpassing $600 per square foot for the second quarter in a row, a 2 percent increase from last quarter and a 13 percent increase from third quarter 2011. The luxury market, defined as the upper 10 percent of all sales, remained fairly steady, according to Douglas Elliman. The median sales price of a luxury property clocked in at $1,440,813, up 0.4% from the same quarter last year. The price of a two- to four-family townhouse throughout Brooklyn increased 33 percent vs. the same quarter last year, said Corcoran.

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
Joined October 2007