[Three Cents Worth NY #241] Brooklyn Prices Closing Gap With Manhattan

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

After last week’s release of our rental report for Manhattan and Brooklyn and with all the talk about the gap between the boroughs closing, I thought I’d revisit the topic and add the sales market to the rental mix…

As an added bonuses, notice all the troll commentary in this post. I’m noticing there is more of this as the market rises.

[click to expand chart]

My latest Three Cents Worth column on Curbed: Brooklyn Prices Closing Gap With Manhattan [Curbed]

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[Plan B] 2Q 2013 Brooklyn Report

Posted by Jonathan Miller - Thursday, July 11, 2013, 9:13 PM

We just published our report on the Brooklyn sales market. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Inventory falls to lowest second quarter in 5-years.
Inventory holding back further gains in sales.
Price indicators set 10-year records.
Faster marketing times and less negotiability between buyers and sellers.
New development market share remains consistent with 4-year average.
Mortgage lending remains tight but general economy is improving.

Here’s an excerpt from the report:

…The low inventory phenomenon continued through the Brooklyn spring market in 2013, driving the price indicators higher. Listing inventory hit the record low second quarter at 4,704, down 18.5% from the same period last year. This was also the third lowest quarterly inventory total in the five years we have been tracking this metric. The number of sales declined by 6.7% to 1,855 from the prior year quarter, restrained by limited supply. As inventory fell faster than sales, the pace of the market accelerated. The monthly absorption rate, defined as the number of months it took to sell all listing inventory at the current pace of sales, fell to 7.6 months from 8.7 months in the prior-year quarter…

You can build your own custom data tables and view market charts, now updated with 2Q 13 data.

…Press coverage

The Elliman Report: 2Q 2013 Brooklyn Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Brooklyn Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Brooklyn Sales Market Charts [Miller Samuel]

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[Less To Purchase] 3Q 2012 Brooklyn Report

Posted by Jonathan Miller - Saturday, October 20, 2012, 10:00 AM

We published our report on the Brooklyn sales market for 3Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Fastest absorption rate in 4 years, inventory fell sharply.
Sales slipped, partially attributable to falling inventory.
Overall pricing indicators mixed, prices generally stable.
Luxury pricing edged above year ago levels.
Marketing time faster and listing discount compressing with falling inventory.
Condo sales down, co-op sales and 1-3 family sales are up.
South Brooklyn showed gains in prices and sales, one of lower priced regions, most responsive to falling mortgage rates.

Here’s an excerpt from the report:

…The Brooklyn housing market continued to show broad stability in price and sales activity, as listing inventory continued to fall. The familiar restraint of tight mortgage lending conditions tempered additional demand created by falling mortgage rates.

Mixed housing price indicators in the third quarter reflected the general stability of the market. Median sales price slipped 0.8% from $510,000 in the same period last year to $506,000, still marking its second highest level in four years. Average sales price increased 1.1% from $607,867 in the prior year quarter to $614,437…

You can build your own custom data tables on the market – now updated with 3Q 12 data. Charts with 3Q12 data appended will be online shortly.

The Elliman Report: 3Q 2012 Brooklyn Sales [Miller Samuel]
The Elliman Report: 3Q 2012 Brooklyn Sales [Prudential Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]

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[NYT] Brooklyn Townhouse Boom, From Brown To Gold

Posted by Jonathan Miller - Sunday, June 3, 2012, 9:31 PM

The cover story in the New York Times Real Estate section this weekend: Brooklyn’s Gold Rush chronicled the jump in prices over the past year. Marc Santora pens a good piece that begins with 3 examples of properties that sold over list.

I crunched the year over year numbers for the piece.

“Even when the most expensive sales are removed from the calculations, Mr. Miller said, the surge in prices in striking.

“The theory was that when the credit crunch hit, you would see home sizes get smaller,” he said, “and that is not what happened in New York.” Across the city, he added, space is king.

The spiraling prices are being driven, in part, by the lack of supply. Despite the rising demand, no one is building new brownstones. The number of town houses on the market this spring is about the same as it was a year ago.”

Fixed housing stock + more demand at higher end of market = price increases for Brownstones

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[Special Report] 1Q 2010 Brooklyn Market Overview

Posted by Jonathan Miller -Monday, April 19, 2010, 10:59 AM
1 Comment

Last Thursday we published our 1st Quarter 2010 Brooklyn Market Overview and since I am in the throes (sp?) of working on our upcoming Long Island and Hamptons/North Fork reports to be released later this week, I am tardy posting my quick summery to the site.  I view this particular podcast as basically an excuse to play with my iPhone recording software but there is some fairly coherent info presented on the numbers presented in the report.  Check it out.

 

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[Special Report] 4Q 2010 Brooklyn Market Overview

Posted by Jonathan Miller -Thursday, January 20, 2011, 7:56 PM
2 Comments

Here’s a brief recap of the 4Q 2010 Brooklyn Market Overview released today prepared for Prudential Douglas Elliman.

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At the Foot of Famous Buildings: There's a Brooklyn artist who has...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Monday, March 7, 2011, by Sarah Firshein

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[Post-Tax Credit] 4Q 2010 Brooklyn Market Overview Available For Download

[click to open report]

The 4Q 2010 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 4Q 2010 data and a series of charts are updated with the 4Q 2010 data.

Press coverage can be found here.

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.

An excerpt

…There were 1,468 sales in the fourth quarter, 29.9% below 2,093 sales in the prior year quarter and 21.9% below 1,879 in the prior quarter. While the decline in number of sales from the prior quarter is a seasonal pattern, the decline is greater than the 8.9% average of the prior five years. A significant portion of the decline in number of sales is attributable to the expiration of the federal homebuyer tax credit, which incentivized more sales activity in the first half of 2010, coming at the expense of less sales activity in the second half of 2010. Listing inventory rose 14% to 6,203 in the fourth quarter, from 5,439 in the prior year quarter and 6.4% below 6,630 in the prior quarter. The drop in sales caused inventory to rise and the monthly absorption rate—the number of months to sell all active inventory at the current pace of sales—to edge higher. The absorption rate was 12.7 months in the fourth quarter, weaker than 7.8 months in the prior year quarter, but below the first quarter 2009 rate of 15.3 months, immediately following the onset of the credit crunch at the end of 2008…

4Q 2010 Brooklyn Market Overview [Miller Samuel]
Brooklyn housing market chart gallery [Miller Samuel]
Brooklyn custom data tables [Miller Samuel]
4Q 2010 Brooklyn Market Overview Podcast [The Housing Helix]

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[The Housing Helix Podcast] 4Q 2010 Brooklyn Market Overview

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