We have just released the first quarter 2013 “Elliman Reports” for Brooklyn, Queens and Westchester; the leading resource on the state of these markets. As always, our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available.
The Brooklyn housing market has tightened up quite a bit since last year. Listing inventory has fallen to a five-year low and housing prices have edged up to their highest level since the credit crunch began five years ago. The number of sales fell short of levels a year ago but the negotiability between buyers and sellers has grown closer than we’ve seen in years. We don’t anticipate much relief in supply in the near future, so current conditions are expected to continue in the coming quarters.
Inventory in Queens has fallen to an eight-year low, yet the number of sales increased from prior year levels. Low mortgage rates, a release of pent-up demand, and improving economic conditions have brought more interest to this market. Housing prices have remained remarkably stable, but these tighter conditions have brought buyers and sellers closer together on price. We anticipate more of the same in the coming quarters.
The Westchester market is defined by shrinking inventory–now at its lowest level in four years. While closed sales were higher than last year, signed contracts jumped above last year’s levels promising to make the spring market the most active in years. Housing prices have remained stable for the past several years, but a combination of low mortgage rates, rising activity, and low supply is expected to keep upward pressure on prices in the coming months.
We constantly look for ways to provide our clients with better information to enable them to make more informed decisions. Our efforts to make this market report series possible reflect my strong belief that in a market that is constantly changing, access to timely information is one of the greatest resources we can offer our clients. We are committed to providing the best information and services in the industry. Explore our full market report series covering Manhattan, Brooklyn, Queens, Long Island, The Hamptons, North Fork, Westchester/Putnam, Miami, Boca Raton, Fort Lauderdale and Palm Beach at http://www.elliman.com/marketreports
President and CEO
*Visit the new, http://www.elliman.com to search from more than 40,000 listings and access all of our current market reports