A Douglas Elliman and Miller Samuel report on residential sales in Brooklyn released today indicated that in North Brooklyn, which includes Williamsburg and Greenpoint, condo sales surged 75.7 percent from 177 in last year's second quarter to 311 this quarter although they fell 22.6 percent from the prior quarter. Condo sales were 87.8 percent of all sales in the second quarter.

Median sales price fell 4.3 percent from the prior year quarter while price per square foot and average sales price expanded by 3.8 percent and 6.6 percent respectively, the report said.

There were 1,942 sales in the second quarter, the report said, a nominal 0.6 percent rise above the same period last year. Active inventory, however, expanded 11.5 percent over the same period to 7,002. "As a result, the absorption rate, the number of months to sell all active inventory at the current pace of sales, expanded to 10.8 months from 9.8 months in the same period last year, reflecting market weakness," the report maintained.

"The number of days to sell a property expanded to 142 days, more than a month longer than I the same period last year, but consistent with the average prior to the federal homebuyer tax credit in early 2010," the report said, adding that "listing discount, the difference between the list price and sales price, increased to 34.9 percent from 2.8 percent last year, as inventory levels expanded."

"The starting point for the luxury market was $969,000 in the second quarter" and "median sales price increased 14 percent to $1,300,000 from $1,140,000 in the same period last year," it said.

The comparable report from the same two companies for second quarter sales in Queens indicated that "there were 2,361 sales in the second quarter, down 40.6 percent from the year ago surge of 3,972 sales, and 17.2 percent below the average level of sales since the onset of the credit crunch at the end of 2008."