Yesterday I mentioned in my Realtime Real Estate Blog that days on market was down in Sunset Park, which is a good thing for the housing market there. In addition, inventory has fallen about 20% since November which will amplify the effect that faster transactions have.
The PDE 4Q Brooklyn Market Report is out today!
As of this week average days-on-market for houses in Sunset Park has fallen from almost 8 months to less than 6 months since the middle of November. at the same time, median asking price is moving above $760k. Taken together, these are good indicators of increased sales activity.
Ditmas Park straddles parts of three zipcodes, 11218, 11230 and 1126. As of this week asking prices for single family homes in the Western section of the neighborhood (11226) are sitting around 860k, where they have been forl the last month.
Inventory is creeping up, which will offer buyers a wider selection.
Stay informed. Follow the action here. for more infomation, send me an email.
The median asking price for single family homes in Carroll Gardens/Red Hook has been edging upward for the last six weeks, even as the time it takes to sell them moves slightly down. These movements can sometimes be affected by the population of homes on the market, but can often be suggestive of price trends. The fact that days-on-market are going down is a good sign for sellers, though.
Need more information? Take a look at my Carroll Gardens pages. Or subscribe to my reports.
Compared to the medianprice of all current Park Slope coop listings, new coops on the market have a median price about $15k higher. This may indicate something about the proportion of multi bedroom apartments, or it may actually signal a hift in the downward trend that we have been seeing for quite some time in the center of gravity of coop prices in the Slope. Here is the data through last Sunday:
As we begin 2011, I have noticed that many homeowners in Brooklyn are thinking about putting their home on the market now, rather than waiting for the "selling season" in the Spring. If you are thinking about doing this, now might be a good time to take a look at my list.
1. Buyers buy after shopping around. In their search for the best buy, they are comparing your home to others currently on the market.
2. What Sellers control: Sellers control pricing and saleability of their homes. Buyers control VALUE. A property is worth what the market (buyers) will pay.
3. Price corrrectly to get the best sale price. If an overpriced property sits on the market for more than a little while, it gets shopworn and stale. Price it correctly at the beginning when it is fresh and buyer interest is at its peak. Otherwise you may actually sell for less than if you had started at the right price.
4. Most properties must be sold three times:
5. What it means if...
* No showings - Agents don't see your property as worth showing to their buyers and buyers don't see value on their own.
* No offers - Buyers don't see enough value, or feel that the asking price is so far out of line that it is futile to even engage with the seller.
6. How to selll your neighbor's home: Overpriced properties actually help ones that are priced correctly sell!
I saw this post on Realtime Real Estate this morning. It appears that the Market Activity Index, which looks at listing inventory versus rate listing absorption, is edging towards 30, which indicates a seller's market.
Currently, it is at 25, but the trend is up. Let's keep a close eye on this.
This blog has two ways of presenting the realtime real estate market research that I feature: posts, which highlight information at a point in time, and pages, which are "live" and update. So far I have been choosing what I think might be interesting or useful to readers.
Today, I would like to ask what you would like to see. I can provide data from around the NY/NJ metro area, and even from any zipcode in the US.
Let me know and I will make sure to put the informtion up. As an example, here is some data from Haverstraw, NY:
I look forward to hearing from you. You can email me here.