The 3Q 2009 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 3Q 2009 data and a series of updated charts are available.

Press coverage can be found here.

An excerpt

>…The number of sales for the
quarter surged for the second consecutive
quarter, rising 29.3% to 1,847 units from 1,428
units in the second quarter. Despite the increase
in activity, the number of sales were 19.6% below
the 2,298 number of sales in the prior year
quarter. The jump in the number of sales from
the prior quarter reflects a release of pent-up
demand from an unusually low level of sales
activity seen in the early part of the year that
began with the Lehman bankruptcy tipping point
on September 15, 2008. As a result of the increase
in activity, listing inventory has fallen sharply but
remains above typical levels. There were 5,600
properties listed for sale, down 21.2% from the
prior year quarter total of 7,103 units and down
11.5% below the 6,330 listings in the prior year
quarter. The decline in listings from the prior
quarter reflects the surge in activity which had
the effect of eroding inventory levels. The decline
of inventory levels from the prior year quarter
despite the drop in the number of sales over the
same period. This inventory decline was caused
by individual sellers removing their listings from
the market in hopes of relisting when conditions
improved…

Download 3Q 2009 Brooklyn Market Overview