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Brooklyn Market Rebounds, But Let's Not Get Too Excited

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As the third quarter wrapped up, the Manhattan market was aglow with a feeling of normality. The same can't quite be said for Brooklyn and Queens, where today's round of third-quarter market reports from Elliman tempers the enthusiasm with reminders of the tough economy.

In Brooklyn, the market "quickly rebounded," with median sales prices up 2 percent from last year and 4.9 percent from last quarter. Sales increased a tiny 1.7 percent year-over-year and actually dropped from the second quarter by 2.7 percent. The report soberly reminds us that the shadow inventory, unemployment, and credit issues of the last two years have yet to disappear. Not that every neighborhood of Brooklyn is feeling the pinch: Greenpoint and Williamsburg (the report's North Brooklyn) saw a 3.2 percent drop in median sales price but a 61.9 percent jump in the number of sales. In Brownstone Brooklyn, prices were up 11.9 percent from last year and sales spiked 95.2 percent.

The sales numbers in Queens are an improvement over last year?by 6 percent for the median and 3.7 percent for the average?but declined from the second quarter of this year. Similarly, sales went up 11.5 percent compared to last year, but dropped 21.7 percent from last quarter. The pattern was a bit different in Northwest Queens, home to LIC, Astoria, and a market where new development condos make up 46 percent of all sales: sales dropped 2.4 percent from Q3 2009. But the median sales price was $489,000, an improvement from 2009's $436,020. The sales were driven mostly by deals and low mortgage rates. But we're sure the new buyers will come to truly love you in time, Queens.
· Market Reports [Elliman]
· Market Report coverage [Curbed]