In Q4 of 2012 the story remained low inventories: Manhattan at a seven year low, Brooklyn at a five year low.
Manhattan inventory reached 6,514 according to Corcoran, a 19% decline YoY. Median sale prices increased 8%, though a modest increase of +2% PPSF QoQ, and +3% PPSF YoY. The report notes that closed sales data lag accepted offers by a couple of months.
Brooklyn inventory was down 21% according to a Crain’s NY article. Median sales prices rose 13% per Elliman, 16% per Corcoran YoY. Queens inventory was reported as down only 0.6% but sales prices rose 14% regardless.
Amazing data point: building permits in Brooklyn through November = 2,847. In 2007 that number was 12,744.
Corcoran Q4 Report