JUST RELEASED
BROOKLYN MARKET REPORTS
SECOND QUARTER 2009

"While all markets are seeing fewer sales than in the previous
spring, there was a larger than seasonal increase in sales
activity since the beginning of the year."

The average sales price of a Brooklyn property was $495,120 in
the second quarter, 15.9% below the $588,441 average sales
price of the same period last year.

There were 29.7% fewer sales in the second quarter than
occurred in the same period last year, but 20.4% more than the
prior quarter.

Listing inventory increased 4.9% to 6,330 properties from 6,037
properties in the same period last year. The increase in
properties available for sale was modest considering
the decline in the number of sales as many sellers opted to
“wait and see” and list when the market improves.

The listing discount, reflecting the distance traveled between
buyer and seller to agree on a price, expanded to 5.1% from
3.3% in the same period last year.

With more inventory and therefore more competition for sellers, it
took 10 days longer than last year to sell a property, averaging
146 days on the market.

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