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…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