The decline of sales prices in Brooklyn and Queens accelerated in the
second quarter of 2009, with both boroughs showing double-digit annual
price drops, according to quarterly market reports released today by
Prudential Douglas Elliman. In Brooklyn, the median sales price
slipped 16 percent to $441,090 in the second quarter, from $525,000 in
the same period of 2008. Queens, meanwhile, saw a 13.8 percent decline
in median sales price, to $362,000 in the first quarter from $420,000
in the second quarter of 2008. For both boroughs, that’s a more
dramatic increase in median price drops than first-quarter 2009, when
Brooklyn saw a 10 percent decline in median sales prices compared to
first-quarter 2008, and the Queens median price fell 5 percent. [more]