NEW YORK CITY-Douglas Elliman reports that the inventory of apartments on the market in Brooklyn has fallen 45% in the past year.
The sales report shows the listing inventory in Brooklyn falling to 3,325 in the first quarter of this year as compared to 6,092 in the first quarter of 2012. The decline marks the larges decrease in five years since Miller Samuel began researching the market for Elliman.
The median apartment sales price in Brooklyn hit $515,000 at the end of March, up 14.4% from the same period a year earlier.
“We've got historically low levels of supply, and given the low interest rates, we've got historically high levels of demand,” says Michael Guerra, managing director for Douglas Elliman in Brooklyn. “It's kind of the perfect storm because it dovetails with a lack of new construction.” See story in Crain's New York Business.
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