Brooklyn Prices Start to Drop

The first quarter real estate reports that are starting to come out, show the beginning of some weakening in the Brooklyn real estate market. Data from Corcoran's first quarter report shows that the average price of an apartment fell 10 percent from $686,000 in the fourth quarter of last year to $615,000, according to figures quoted in Metro. Meanwhile, today's Times notes that "Contrary to the trend in Manhattan, in Brooklyn, overall prices have started to drop." It says that median prices in Brooklyn dipped to $549,000 from $560,000, according to Corcoran's data. Per the Times:

Pamela Liebman, president of the Corcoran Group, said this pattern was typical of any slowdown. “When buyers become more cautious, the first markets to feel it are those that have been considered to be emerging neighborhoods,” Ms. Liebman said.

More declines to come as the year goes on?