Douglas Elliman Brooklyn Q2 2011 Market Overview

• Year-over-year price indicators up for 5th consecutive quarter Median sales

price increased 3.7% from $463,000 in

the same period last year to $480,000,

and edged 1.1% above $475,000 from

the prior quarter.

• Number of sales edged above prior year levels There were 1,942 sales

across the borough, nominally more

than the same quarter last year, as sales

activity has generally remained stable

for the past 2 years.

• Marketing time expanded as inventory rose Days on market

returned to the historic norms. Active

inventory remained above the 6,291

3-year average.

Over the past five quarters, Brooklyn price

indicators have shown modest gains over the

same period the last year. In the second quarter,

median sales price was $480,000, 3.7% above

$463,000 in the second quarter last year and

1.1% above $475,000 in the prior quarter.

Average sales price showed the same pattern.

The rise of each price indicator was largely

attributable to the increase in the average size

of a sale in the quarter. While new development

sales averaged 1,030 square feet and was

essentially unchanged over the past year,

the average resale, representing 75.4% of all

apartment sales, expanded 4.9% to 2,155 square

feet over the same period

There were 1,942 sales in the second quarter, a

nominal 0.6% rise above 1,931 sales in the same

period a last year. However, active inventory

expanded 11.5% over the same period from

6,280 to 7,002. As a result, the absorption rate,

the number of months to sell all active inventory

at the current pace of sales, expanded to 10.8

months from 9.8 months in the same period a last

year, reflecting market weakness.

The number of days to sell a property expanded

to 142 days, more than a month longer than in

the same period last year, but consistent with the

average prior to the federal homebuyer tax credit

in early 2010. Listing discount, the difference

between the list price and sales price, increased

to 3.9% from 2.8% a last year, as inventory levels

expanded.

The slow pace of the regional economy, high

unemployment and tight lending conditions have

kept the borough’s housing market from seeing

significant gains. However, the general stability of

housing prices and sales activity in the borough

have made Brooklyn one of the better performing

regions of New York City over the past two years.

The Douglas Elliman Report series is recognized as the industry standard for providing

the state of the residential real estate market in the New York City metropolitan region.

The report includes an extensive suite of tools to help readers objectively identify and

measure market trends, provide historical context to current information and provide

comprehensive analysis of the results.

Prepared by Miller Samuel Inc. Appraisal and consulting services covering the New York City metropolitan area

2Q-2011 quarterly survey of residential sales

Brooklyn

Brooklyn Brooklyn Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–2010

Average Sales Price $574,387 0.8% $569,799 5.4% $545,110

Median Sales Price $480,000 1.1% $475,000 3.7% $463,000

New Development $535,000 3% $519,654 9.9% $486,720

Re-sale $450,000 -2.9% $463,500 -1.1% $455,000

Number of Sales 1,942 -18.2% 2,373 0.6% 1,931

Days on Market (From Last List Date) 142 10.1% 129 37.9% 103

Listing Discount (From Last List Price) 3.9% 4.8% 2.8%

Listing Inventory (Active) 7,002 -4.3% 7,316 11.5% 6,280

Absorption Rate (Monthly, Active) 10.8 17.4% 9.2 10.2% 9.8

QUARTERLY�AVERAGE�SALES�PRICE BROOKLYN NUMBER�OF�SALES

0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403

QUARTERLY�AVERAGE�SALES�PRICE BROWNSTONE NUMBER�OF�SALES

MEDIAN�SALES�PRICE NUMBER�OF�SALESCONDOS

0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10

MEDIAN�SALES�PRICE NUMBER�OF�SALESCO-OPS

100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10

MEDIAN�SALES�PRICE NO�OF�SALES�-��FAMILY

0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10

MEDIAN�SALES�PRICE NUMBER�OF�SALESLUXURY

0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10

MEDIAN�SALES�PRICE NUMBER�OF�SALESNORTH

0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10

MEDIAN�SALES�PRICE NUMBER�OF�SALESSOUTH

0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10

MEDIAN�SALES�PRICE NUMBER�OF�SALESEAST

0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10

MEDIAN�SALES�PRICE NO��OF�SALESNORTHWEST

0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807


�SALES�ABOVE�ORIGINAL�LIST�PRICE BROOKLYN REDUCED�MARKETING�TIME

300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

AVERAGE�PRICE�PER�SQ��FT� NEW�DEVELOPMENT �OF�ALL�BROOKLYN�SALES

IN–FOCUS�SALES�MARKET�SHARE�BY�REGION NORTH SOUTH EAST NORTHWEST

0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807

Visit our website to browse listings and learn more about market trends

2Q-2011 The Douglas Elliman Report • Quarterly Survey of Brooklyn Residential Sales

Condo Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $622,829 0.6% $619,227 10.5% $563,889

Average Price Per Sq Ft $575 -10.3% $641 11.2% $517

Median Sales Price $525,000 1% $520,000 8.2% $485,000

Number of Sales 745 -19.3% 923 11.4% 669



1-3 FaMily Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $624,285 1.9% $612,437 4% $600,156


Median Sales Price $510,000 -1.9% $520,000 2% $500,000

Number of Sales 846 -14% 984 -9.9% 939

Days on Market (From Last List Date) 79 38.6% 57 -10.2% 88


Co–op Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $351,302 -8% $381,865 1.5% $346,193

Median Sales Price $260,000 -11.9% $295,000 -3.7% $270,000

Number of Sales 351 -24.7% 466 8.7% 323

Days on Market (From Last List Date) 124 -7.5% 134 24% 100


luxury Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $1,575,194 5.5% $1,493,731 11.7% $1,410,823

Median Sales Price $1,300,000 0% $1,300,000 14% $1,140,000

Number of Sales 194 -18.1% 237 0.5% 193




0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807

Quintiles Med. Sales Price % Change (yr)

5/5 $975,000 8.3%

4/5 $620,000 1.8%

3/5 $450,000 -7.2%

2/5 $307,000 -22.0%

1/5 $175,000 -40.5%


5/5 $1,030,000 7.7%

4/5 $665,000 -0.6%

3/5 $510,000 2%

2/5 $370,000 0.2%

1/5 $225,000 -6.3%


5/5 $731,000 28.2%

4/5 $384,201 -2%

3/5 $260,000 -3.7%

2/5 $188,000 -10.3%

1/5 $125,000 -4.5%


5/5 $2,400,000 -10.5%

4/5 $1,605,000 18.9%

3/5 $1,300,000 14%

2/5 $1,150,000 16.2%

1/5 $998,903 6.3%

• New development sales exceeded resales New development market share

reached 64.2% of condo sales from 40.5%

in the same quarter last year, represent-

ing the highest market share in 4 years.

• Price indicators increased above prior year levels Median sales price

increased 8.2% from $485,000 in last

year’s second quarter to $525,000 this

year . Average price per square foot and

average sales price did the same.

• Number of sales declined There were

846 sales in the second quarter, 9.9%

less than 939 sales in the same period

last year and fell 14% from 984 sales in

prior quarter.

• Price indicators above last year’s levels

Median sales price edged 2% higher to

$510,000 from $500,000 in the same

period last year. Average sales price and

average price per square foot also posted

gains of 4% and 5.8% respectively.

• Median sales price declined Median

sales price fell 3.7% to $260,000 in the

second from $270,000 in the same

period last year, and 11.9% below

$295,000 in the first quarter.

• Sales increased from same period last year, but marketing time expanded

There were 351 sales in the second

quarter, an 8.7% increase above the

same period last year.

Condos

1-3 FaMily

Co-ops

luxury

Note: This sub-category is the analysis of the top ten percent of all sales. The data is also contained within the other markets presented.

• Price indicators posted large gains for 4th consecutive quarter The starting

point for the luxury market was $969,000

in the second quarter. Median sales price

increased 14% to $1,300,000 from

$1,140,000 in the same period last year.

• Listing discount and days on market remained stable The negotiability

between buyer and seller and the number

of days to sell a property both saw

nominal change over the year.

Visit our website to browse listings and learn more about market trends

2Q-2011The Douglas Elliman Report • Quarterly Survey of Brooklyn Residential Sales

north Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $669,568 6.3% $629,885 6.6% $628,059



Number of Sales 311 -22.6% 402 75.7% 177

northWest Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $828,080 14.1% $725,650 9.4% $756,980

Median Sales Price $669,000 13.6% $588,750 19.5% $560,037

Number of Sales 486 -25.5% 652 3.2% 471

Condo subMarket Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $668,635 7.2% $623,754 7.8% $620,371

Average Price Per Sq Ft $637 0.8% $632 6.2% $600


south Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $468,708 -4.4% $490,219 -5.5% $495,884


Condo $402,800 -3.9% $419,000 -3% $415,370

Co-op $195,000 -2.5% $200,000 -4.9% $205,000

1-3 Family $537,000 3.3% $520,000 -1.6% $545,461

Number of Sales 819 -23.3% 1,068 -7.4% 884

east Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $370,876 -6.9% $398,550 1% $367,275

Median Sales Price $340,977 -10.3% $380,000 0.3% $340,000

Condo $370,384 23.8% $299,130 7.4% $344,760

1-3 Family $324,150 -18.7% $398,940 -1.8% $330,000

Number of Sales 326 33.1% 245 -18.3% 399


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

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$400,000

$430,000

$460,000

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$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807


5/5 $1,100,000 13.1%

4/5 $720,000 -1.4%

3/5 $560,000 -4.8%

2/5 $482,568 0.5%

1/5 $372,500 5%


5/5 $803,250 -5.5%

4/5 $555,625 -6.2%

3/5 $413,712 -7.7%

2/5 $274,000 -12.7%

1/5 $155,500 -18.2%


5/5 $600,000 7.1%

4/5 $445,000 3.5%

3/5 $340,977 -0.4%

2/5 $255,000 -7.3%

1/5 $171,770 -14.1%


5/5 $1,575,000 12.5%

4/5 $925,000 15.8%

3/5 $669,000 18.2%

2/5 $489,000 6.3%

1/5 $345,000 2.9%

• Number of condo sales jumped The

number of sales surged 75.7% from

177 units in last year’s second quarter

to 311 units this quarter, but fell 22.6%

from the prior quarter. Condo sales

represented 87.8% of all sales in the

second quarter.

• Price indicators were mixed Median

sales price fell 4.3% from the prior year

quarter, while price per square foot and

average sales price expanded by 3.8%

and 6.6% respectively.

• Number of sales dropped from last year’s tax-credit-fueled levels The

326 sales total in the second quarter

was 18.3% below the 399 total sales in

the second quarter last year.

• Price indicators edged higher Median

sales price was $340,977 in the

second quarter, 0.3% above $340,000

in the same period last year.

• Price indicators increased across all property types Median sales price was

up across all property types, largely due to

the shift towards larger sized sales.

• Number of sales edged higher There

were 486 sales in the second quarter,

3.2% above 471 sales in the same quarter

last year.

north

east

south

northwest

• Number of sales declined There were

819 sales in the second quarter, 7.4%

less than 884 sales in the same period

last year.

• Price indicators slid below levels seen in the same period last year Median

sales price declined 7.6% to $413,712

from $447,500 in the prior year quarter.

The median price across all property

types showed declines from the same

period last year.

2Q-2011 The Douglas Elliman Report • Quarterly Survey of Brooklyn Residential Sales

• Number of sales continued to rise

There were 100 sales in the second

quarter, 19% above the total of 84 sales

in the same quarter last year, and 5.3%

higher than the total of 95 sales in the

first quarter.

• Price indicators were mixed

While median sales price and price per

square foot increased 9.1% and 4.8%

respectively, average sales price slipped

2.9% compared to the same period

last year.

broWnstone Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0Average Sales Price $1,353,130 20.7% $1,120,733 -2.9% $1,393,216


Median Sales Price $1,200,500 26.4% $950,000 9.1% $1,100,000

1-Family $1,867,500 95.5% $955,000 -17% $2,250,000

2-Family $1,193,500 24% $962,500 25.6% $950,000

3-Family $1,138,000 30.1% $875,000 3.5% $1,100,000

Number of Sales 100 5.3% 95 19% 84

neW deVelopMent Market Matrix 2Q–2011 % Chg (qtr) 1Q–2011 % Chg (yr) 2Q–201 0

Average Sales Price $659,052 6.1% $620,976 25.8% $523,855


Median Sales Price $535,000 3% $519,654 9.9% $486,720

Number of Sales 478 -2.8% 492 76.4% 271

Days on Market (From Last List Date) 179 -0.6% 180 -24.8% 238

Listing Discount (From Last List Price) 3.3% 6.7% 7%

Brownstone

new developMent

in–FoCus


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807


0

1,000

2,000

3,000

4,000

5,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

111009080706050403



0

200

400

600

800

1000

$400,000

$430,000

$460,000

$490,000

$520,000

$550,000

2Q 111Q 114Q 103Q 102Q 10


100

200

300

400

500

600

$200,000

$240,000

$280,000

$320,000

$360,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0300

600

900

1,200

1,500

$460,000

$480,000

$500,000

$520,000

$540,000

$560,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$500,000

$520,000

$540,000

$560,000

$580,000

$600,000

2Q 111Q 114Q 103Q 102Q 10


0

240

480

720

960

1,200

$400000

$412,000

$424,000

$436,000

$448,000

$460,000

2Q 111Q 114Q 103Q 102Q 10


0

100

200

300

400

500

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2Q 111Q 114Q 103Q 102Q 10


0

200

400

600

800

1,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

2Q 111Q 114Q 103Q 102Q 10

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807



300

400

500

600

700

800

0%

6%

12%

18%

24%

30%

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08



0%

5%

10%

15%

20%

25%

$300

$400

$500

$600

$700

$800

2Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 083Q 082Q 08

0

40

80

120

160

200

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

1110090807

0%

14%

28%

42%

56%

70%

1110090807

neiGhborhoods oF brooklyn

“Brownstone Brooklyn” Boerum Hill Brooklyn Heights Carroll Gardens Clinton Hill Cobble Hill Cobble Hill-West Downtown-Fulton Ferry Downtown-Fulton Mall

Downtown-Metrotech Fort Greene Gowanus Park Slope Park Slope South Prospect Heights Red Hook Windsor Terrace

northwest BrooklynBath Beach Bay Ridge Bensonhurst Bergen Beach Borough Park Brighton Beach Bush Terminal Canarsie Coney Island Dyker Heights

Flatbush-Central Flatbush-East Flatbush-Lefferts Garden Flatbush-North Flatlands Gerritsen Beach Gravesend Kensington Madison

Manhattan Beach Marine Park Midwood Mill Basin Ocean Parkway-North Ocean Parkway-South Old Mill Basin Seagate Sheepshead Bay Sunset Park

south BrooklynBedford Stuyvesant Brownsville Bushwick Crown Heights Cypress Hills East New York Ocean Hill Wyckoff Heights

east BrooklynGreenpoint Navy Yard Williamsburg-Central Williamsburg-East Williamsburg-North Williamsburg-South

north Brooklyn

For more information or electronic copies of this report please visit prudentialelliman.com. Email report author Jonathan J. Miller at [email protected] with questions or comments. Report methodology: http://www.millersamuel.com/reports/methodology.php

Brooklyn sales & rentals 156 Montague St. 718.780.8100 • 189 Court St. 718.522.2929 • 490 Driggs Ave. 718.486.4400

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MIller SAMuel INC.

reAl eStAte APPrAISerS

21 West 38th StreetNew York, NY 10018212.768.8100millersamuel.com

• Price indicators above prior year levels Price per square foot was $640 in

the second quarter, 25.5% above $510 in

the same period last year.

• Market share expanded in first half of 2011 New development condo sales as a

percentage of all borough sales remained

above 20% in 2011, reaching 24.6%, a

three year high.

• Number of sales jumped There were

478 sales in the second quarter, a 76.4%

increase from the 271 sales in the same

quarter last year, but a 2.8% drop from

the 492 sales in the prior quarter.

• Northwest and North Brooklyn gained market share over past year Higher

priced housing markets have seen a larger

share of borough sales activity.

• South & East Brooklyn continued to slide

South Brooklyn continued to show market

share of less than 50% of the borough, as

sales in East Brooklyn continued to decline.

Douglas Elliman Brooklyn Q2 2011 Market Overview

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Transcript of Douglas Elliman Brooklyn Q2 2011 Market Overview