Introducing The First Brooklyn NY MLS Market Report – Sales UP 10%
Written by JohnReinhardt
The Brooklyn NY MLS did an amazing job of gathering information for the brokers in the marketplace for the FIRST TIME. This report will be enhanced and distributed as time goes on. I though you might like to see it first in the raw format. As the data is aggregated, we will provide more in depth analysis going forward. It’s a start and I’m excited to finally see it happening. The next step would be to gather this information and merge it with the rest of the property sources out there to get the complete picture and break it down by community. Enjoy.
BNYMLS 2010 First Quarter Statistical Report
This report compares the First Quarter of 2010 to the First Quarter of 2009:
MORE HOMES LISTED ON THE MARKET (4.15% Increase in New Listings)
BNYMLS reported that their member brokers listed 1908 New Listings, compared to 2009’s 1832.
There is a 4.15% increase in New Listing To Market
10.8% MORE HOMES SOLD THAN LAST YEAR
In Q1 2010 10.8% more homes were sold than last year (400/361)
MORE HOMES LISTED + MORE HOMES SOLD = FEWER HOMES IN INVENTORY
Active Inventory:
There are 22.7 percent fewer homes on the market in Brooklyn NY MLS. (Q1-10 3325/ Q1-09 4304)
MEDIAN PRICE DROPS BY 7.02%
Median Price: (Q1-10 $467,000 vs Q1-09 $502,000)
VOLUME SOLD INCREASES BY 10.08%
Voume: (Q1-10 $181,671,209 vs Q1-10 $165,042,837)
AVERAGE PRICE REMAINS RELATIVELY THE SAME
Average Sales Price: (Q1-10 $454,178 vs Q1-09 $457,182)
DAYS ON MARKET DECREASES BY 25.89%
DOM: (Q1-10 209 vs Q1-09 282)
Some items of note – a. current sales are outpacing inventory as compared with 2009; b. Days on Market (DOM) has decreased by almost 26%; c. total sales and volume have both increased more than 10%; d. while the median price has decreased 7%, the average price, which is a more reliable barometer, has decreased less than 1%.
All of these indicators are positive signs pointing to significant improvement in the Brooklyn Real Estate market and your business.
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