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Second Quarter Brooklyn Market Report: Sales Nosedive!

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One week after the Q2 Manhattan reports exploded all over our faces, the abacuses have been pulled back out, because Jonathan Miller has released the inaugural issue of the Prudential Douglas Elliman Brooklyn Market Overview. And what does the Oracle tell us? Let's just say this story is less feel-good than Manhattan, and Manhattan wasn't quite making anyone jump for joy, anyway. The median sales price slipped 1.9% from the prior-year quarter, to $525,000 from $535,000. Last quarter the median was $527,000. Nothing too dramatic, except that it went down at all. Here's the drama: number of sales was a massacre. According to the Elliman report, sales dropped to 2,031, down 26.4% over last quarter, and a whopping 43.6% over Q2 2007. Manhattan sales, which drove all those "the market is slowing and vulnerable!" stories last week, were down 22% over the prior-year quarter. Condos, our sweet sweet Brooklyn condos, saw a 10.6% dip in number of sales from last quarter, to 690. Gah!

Average sales price, on apartments that actually managed to sell, inched up 2.1 over last quarter, to $588,441. On condos, the average price was up even more. The $601,280 price was a 4.9% increase over last quarter, and an 8.6% increase over Q2 2007. The median condo price was $514,725, up 1.6% over last quarter and 8.1% over the prior-year quarter. Average price per square foot was up a bit, to $575, still a bargain when compared to Manhattan. When the condo category is further subdivided into new developments, the median price ($580,402) was flat over last quarter, but up 19.5% over 2007. Number of sales in new developments was down 18.9% percent from last quarter and 33.5% from last year.

And, of course, no talk about the Brooklyn market is complete without an examination of the borough's Wild Wild West, Williamsburg/Greenpoint. It's somewhat of a mixed bag. The median condo price, at $549,885, is 16.1% higher that last year, but 5.1% off last quarter's pace. And while average sales price and price per square foot are both very healthy in the 'Burg/'Point, sales are slowing there, as well. The 122 sales were down 12.9% from last quarter, and about 30% from 2007. Is it only a matter of time until we see some major price slippage? And haven't we asked that question before? Like, every quarter for two years? It's all a blur!
· Prudential Douglas Elliman Brooklyn Market Overview [Elliman; coming soon]
· Curbed Roundtable: July State O' the Market Report [Curbed]