Brooklyn Home Prices Dip! Buyer's Market? Um…

Thanks to the collapse on Wall Street, the Brooklyn sales market took a dip, but not a dive, according to a third quarter market report from real estate consulting firm HMS Associates. The third quarter average sales price of $695,285 marked a 2 percent reduction from the third quarter of 2007, creating a modestly improved market for buyers that could only turn more advantageous as the financial crisis reverberates.

Quarterly sales prices jumped annually in chi-chi neighborhoods like Brooklyn Heights and Prospect Heights, but fell in far away Sheepshead Bay and the emerging neighborhood of Greenpoint, suggesting a flight toward quality properties in an uncertain market. In the third quarter, sales increased by a meager 1 percent on the year, climbing from 988 last year to 999 this quarter. Home sales were up in Carroll Gardens and Williamsburg, but down Greenpoint and Fort Greene.  read more »

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