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Market Reports: Bleeding Stops in Brooklyn and Queens

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Rounding out a few intense weeks of third-quarter market report releases, today Prudential Douglas Elliman unleashed its Brooklyn and Queens report. In the boroughs as in Manhattan, the report shows that the spring market became the summer market this year. What does this mean? More sales! Not-quite-so-low prices! For the first time in a while, things have recently been worse than they are right now!

In Brooklyn overall, the number of sales was 19.6 percent lower than a year ago, but 29.3 percent higher than in the second quarter. The median sales price dropped 6.7 percent year-over-year, to $476,000, but rose 7.9 percent from the second quarter. In the once upon a time new development hotspot of Williamsburg (which the report lumps in with North Brooklyn), median sales prices were down 12.1 percent from a year ago, to $564,000, and sales were down 40.8 percent (but still -- all together now -- up from Q2).

Over in Queens, prices "moved sideways" after two years of declines. The median sales price was $362,000, a 9.5 percent drop from last year but the same price as in the second quarter. The number of sales jumped 31 percent from the spring. In Long Island City, another boomtime development hotspot, the median sales price clocked in at $436,020, a 14.5 percent drop from last year. Sales were down 23.5 percent from Q3 '08, but up 26.5 percent from the spring.

For all you Queens market junkies, we'll provide a link to the full Queens report once it goes live on Elliman's site. We hear it's delayed because report preparer and Curbed graph guru Jonathan Miller is still crying into a tub of ice cream over the Jets' Monday Night Football loss.
· Brooklyn Market 3Q Overview [Warning: PDF]
· Queens Market 3Q Overview [Warning: PDF]
· All Market Report coverage [Curbed]