The 4Q 2008 Brooklyn Market Overview that I author for Prudential Douglas Elliman was just released.
The President and CEO of Prudential Douglas Elliman, Dottie Herman, is a big believer in publishing market data to create more transparency for consumers in the market her firm serves – Manhattan to Montauk.
Other reports we prepare can be found here.
Customized tables for the 4Q 2008 Brooklyn data and a series of updated charts are available on our corporate site.
A report excerpt
…The median sales price was $490,000, down 7.5% from the prior year quarter result of $530,000 and down 3.9% from the prior quarter result of $510,000. The year over year change in quarter median sales price has declined for 5 consecutive quarters beginning in the fourth quarter of 2007 when the decline was 0.9%. Subsequent quarters resulted in declines in this metric of 1%, 1.9%, 5.6% and 7.5%. In addition, this is the first time the indicator fell below $500,000 since the first quarter of 2006 when the median sales price was $499,500. Average sales price for the quarter was $559,338, down 5.2% from the prior year quarter average sales price of $590,169 and down 2.8% from $575,287 in the prior quarter. Brooklyn showed declines in median sales price more than a year ahead of Manhattan…
The media coverage of the report is available here as they were obtained (in no particular order). In addition, the headlines and respective links to articles listed below are a fun way to see how the media interprets the report content since every outlet was working off the same information.
Brooklyn Apartment, Home Prices Drop 7.5% as Recession Hits [Bloomberg]
Brooklyn Housing Boom: Dude, It’s So Over [New York Observer]
Q4 Brooklyn Reports Show Bloodletting, Except Brownstones [Curbed]
Brooklyn housing market still suffering [Crains]
Brooklyn apartment sales prices fall 7.5 pct -report [Reuters]
Brooklyn Real Estate Begins to Collapse, Too [Gothamist]
Brooklyn apartment sales prices fall 7.5 pct -report [Forbes]
Brooklyn Real-estate Market Reports: More Sobering News [New York Mag]
Elliman: Condos Down, Co-ops Flat, Brownstones Up in 4Q [Brownstoner]
Brownstone Brooklyn prices unscathed in fourth quarter [The Real Deal]
Brooklyn Housing Market Hit [WNYC]
Experts: Real-estate boom about to go bust [The Brooklyn Paper]
4Q 08 Brooklyn Market recap [WNYC Radio]
Brooklyn Housing Market in 4q 2008 [Bloomberg Radio]
Tags: Dottie Herman, Brownstoner, Forbes, New York Observer, Radio