Brooklyn Housing Market Still Suffering

“This is the fifth consecutive quarter where the median sales price has declined in Brooklyn,” said Jonathan Miller, president of Miller Samuel…

Greenpoint and Williamsburg are considered the strongholds of the borough. The median sales price there rose to $596,125, up 3.7% compared to the last quarter of 2007. However, the number of sales plunged there as well, dropping 42% year-over-year to 142 transactions, according to the Prudential report.

I suspect that 42% drop is a lot more significant than the 3.7% median sales price increase. 142 transactions in a market that is slated to add hundreds of new units in the next year or two is not a healthy sign. All signs point to more rentals.