Looking again at prices and absorption in Park Slope coops, it looks as though the median price has fallen from around $540 to a little below $500K. Meanwhile absorption has risen to a 90 average of about 6.75 per week.
Sitting between Park Slope to the North and Sunset Park to the South, this small enclave of one and two family homes near historic Greenwood Cemetary has become a landing spot for buyers who feel priced out of the surrounding neighborhoods but who need more room and proximity to the amenities nearby.
In the last three months, the average days-on-market for single family homes here has moved strongly down, from almost three months to less than two, indicating increased activity.
Since the beginning of December, median prices for coops in Carroll Gardens have been trending up from just above $600k to just above $630k. The median price per square foot has been declining slightly in the same time period.
I noticed this morning that median single family prices are down around 10% in the last 90 days in 11229 - parts of Sheepshead Bay and Madison. Although some of this may attributed to variations in inventory, the fact that median price per square foot is also trending down suggests that if you are thinking about buying a home in these neighborhoods, now may be a good moment. Want more realtime information? Click here.
Since the beginning of October, median prices have been heading up, but the Market Action Index, which looks at listings absorbed compared to inventory, is falling back into the teens after almost reaching 30. 30 is the level at which the index indicates a seller's market.