In the last two weeks we've had the Manhattan second quarter sales and rental reports, which means it's time for the last installment of the trilogy, the Brooklyn and Queens sales reports. And like most final trilogy installments, this one is light on the drama but wraps things up nicely. In Brooklyn: prices increased by 3.7 percent from last year, while the number of sales stayed steady, according to the Elliman report. In North Brooklyn, the report's way of classifying Williamsburg and Greenpoint, the median sales price fell 4.3 percent, to $560,000, but the number of sales spiked?311 units compared to the 127 sold in last year's second quarter. Condos once again made up a whopping 87.8 percent of North Brooklyn's second quarter sales. Further signs of a Brooklyn new development resurgence? Several brokers tell Crain's they think so, at least.
The word "resurgence" doesn't really apply in Queens. Things remained stable in terms of price?the median sales price rose a modest 2.1 percent year-over-year. But the number of sales fell by 40.6 percent compared to Q2 of 2010, mostly because, as predicted, the homebuyer tax credit is no longer giving the market a boost. The change wasn't quite so drastic in LIC and Astoria (the new development hotbeds tagged in the report as Northwest Queens), but the median sales price still fell 7.2 percent and the number of sales 13.7 percent. Better luck next quarter, perhaps?
· Market Reports [Elliman]
· Market Reports [Corcoran]
· Market Reports coverage [Curbed]