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1st Q Brooklyn Highlights

The median sales price in Brooklyn this quarter for re-sale properties was $469,000, down 10.7% from$525,000 during the same period last year. The overall housing market in Brooklyn began to see softerprice trends more than a year ahead of Manhattan, perhaps explaining why there was not a moresignificant price decline this quarter after the contraction in credit occurred last fall.There were 1,186 sales in Brooklyn for the first quarter, a 57% decline from the 2,761 sales of the same periodlast year and a 35.8% decline from 1,846 units in the prior quarter. Rigorous mortgage underwriting standardsby banks have made it more challenging for some buyers to obtain mortgages to purchase property.This is a pattern seen throughout the New York Region and many housing markets across the country.Condos, co-ops, 1-3 family houses and luxury properties all showed a decline in median sales pricefrom the same period last year and a 57% decline in activity over the same period. Market share ofeach property type was virtually unchanged from the same period last year.The median sales price of a Northwest Brooklyn property was $657,500, 1.4% higher thanthe $648,162 median sales price of the prior year quarter. A larger market share of 1-3 familyproperties resulted in higher overall prices for the quarter in this region.

http://www.prudentialelliman.com/NYCPhotos/retail_reports/1st%20Qtr%202009%20Brooklyn%20Overview%20Highlights.pdf

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Carolyn Zweben, Licensed Associate RE Broker
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