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Brooklyn Sales Market Continued Downward Slide in Late '09

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Let's turn our attention to the fourth-quarter Brooklyn sales market, shall we? The good folks at appraisal firm HMS Associates passed along their quarterly market report (warning: PDF), and we waded in for some stats. There were 824 sales in Brooklyn -- counting one-, two-, three-, and four-family properties, condos, and co-ops -- in the fourth quarter, at an average price of $589,038.23, which marks a 6.24 percent decline from the average price of quarter three and a 20 percent decline in the number of sales. That average was 9.91 percent lower than in the fourth quarter of '08 and also marked a 20 percent decline in number of sales.
Between Qs three and four, the steepest price drop was in co-ops, where the average price fell 17 percent. The number of sales fell most in condos, with a 27 percent drop. The longer view is a little different: one-family homes saw the most significant price declines, of 16 percent, between the end of '08 and the end of '09, though again the number of condo sales fell the most, by 37 percent. Still the '08-'09 numbers are a little less gut-wrenchingly bad than the '07-'08 comparison chart. Small mercies.
· HMS Associates [hmsassociates.net]
· HMS Brooklyn report [PDF]
· Market Report coverage [Curbed]