Following up on this morning's Brooklyn and Queens market reports, I tracked the percent change in median sales price compared to the same period in the prior year to get a sense of how the three boroughs we cover trend with each other. Ideally I would have preferred to track re-sale activity, but I don’t have re-sale transactions and new development sales separated in Brooklyn and Queens beyond the past two years. Looking at pure re-sales would be ideal, and I'll do that eventually, but in the meantime I used what I had.
From mid-2004 to mid-2007 things were neat and orderly. All three markets moved together for three years until they began to diverge in mid-2007. Manhattan saw a surge in new development closings, Queens saw a lot of foreclosure activity begin in 2007 and Brooklyn experienced a notable pick up in foreclosures in 2008, which pulled down their trends. We might see a little more chaos (relative to each other) before we see a return to more consistency in price trends.
· Residential Median Sales Price Change From Prior Year Quarter [Miller Samuel]
· All the Three Cents Worth you can handle [Curbed]