Brooklyn Home Sales Plummet

Brooklyn home sales plummeted 38.2 percent annually in the third quarter to 2,298, according to a new report from brokerage Prudential Douglas Elliman and appraisal firm Miller Samuel. Condo sales dropped especially sharply year over year.

The Miller Samuel numbers cover closed deals in the three months ending Sept. 30, so the fallout from the Wall Street crisis of mid-September isn’t immediately reflected. Still, the steep drops, a continuation of the reality on the Brooklyn ground from the summer, offer clues to that market going forward: fewer sales and falling prices.

Condo sales fell by 32.6 percent annually in the third quarter to 660, while the median sales price for a Brooklyn condo fell 4.5 percent from $529,490 last year to $505,493. Prices and sales among new-development condos fell severely–an 8.3 percent annual median price drop to $549,930 and a 40.5 percent sales drop to 361.

Prices and sales volume fell across every region in the borough except one: North Brooklyn, which includes Williamsburg and Greenpoint. The median home sales price there jumped to $641,497 in the third quarter, up 10.5 percent from the previous quarter and 6.9 percent from 2007. The median sales price in chichi brownstone Brooklyn fell from $1,412,861 in the third quarter of 2007 to $1,312,500 this year, a 7.1 percent drop.

The median sales price for all Brooklyn was $510,000 in the third quarter, a 5.6 annual drop and a 2.9 percent quarterly one. The average home price was $575,287, a slight drop from last year and from last quarter. The inventory of unsold Brooklyn homes on the sales market rose over 11 percent quarterly to 7,103.

Brooklyn Home Sales Plummet