NEW YORK CITY-The strong home sales market has spread to the boroughs of New York City outside Manhattan and to Westchester County to the north.
A series of second quarter housing reports indicate that buyer demand is high, which has shrunk inventory and put upward pressure on sales prices. For example, the median sale price of a Brooklyn co-op, condo or house jumped to $550,000 during the second quarter, overtaking the record price of $539,672 reached in the summer of 2006, according to a market report from Douglas Elliman prepared by appraiser Jonathan Miller.
The Brooklyn median price rose 15.3% from the same period a year ago. During the second quarter, available inventory in Kings County fell 18.5%.
In Brooklyn, the market was so tight that brokers brought in extra staff to handle crowds—of 50 to 60 people in some cases—that have started to show up at open houses, says Frank Percesepe, who oversees Corcoran Group's operations in Brooklyn. "June has been the most incredible month in the history of Brooklyn sales," Percesepe adds. See story in the Wall Street Journal.
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