Jun
26

How’s the Market – May 2015

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come. Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

AV&Med_SP_DOM_05-2015

DISC_AP_05-2015

Sales_Region_05-2015

 

Recently Douglas Elliman released the May 2015 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The May 2015 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,
reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

“Stress on tenants continued as rental prices edged higher.”  Manhattan_Rentals_May-2015

Manhattan rental prices pushed higher as a booming local economy and tight credit conditions kept the pressure on.

  • Median rental prices were above the prior year level for the fifteenth consecutive month, but still short of the record 23-month period set in 2011 through 2013.
  • Median rental prices increased 2.4$ to $3,380 from the same period last year.
  • Average rental price increased 4.6% to $4,081 over the same period, a record four consecutive months above the $4,000 threshold.
  • Median rental price for all apartment sizes moved above the prior year level with the exception of 3-bedrooms, which slipped a nominal 0.5%.
  •  Consistent with the 3-bedroom market, luxury median rental price, the top 10% of the rental market remained essentially unchanged at $7,954 as compared to the same period last year.
  • Price gains were more pronounced at the lower end of the market.
  • The Entry Tier, the first 30% of all rentals, posted the largest gain in median rental price, rising 4.5% from the prior year period.
  • Days on market, the number of days from original list to rental date, fell by 9 days to 41.

After showing signs of weakness a few months ago, Brooklyn rental rental price indicators moved higher for the second consecutive month.

  • Rental prices moved higher for the second month, skewed by shift in the mix.
  • Surge in new rentals as landlord concession usage collapsed.
  • Median Brooklyn rent was $447 below median Manhattan rent

Price indicators in the northwest region of Queens moved lower as the rental mix continued to shift to smaller units.

  • Share of 1-bedrooms nearly doubled, pulling overall rents lower
  • Except for studios, rents for each size category increased
  • Number of new rentals more than doubled

Recently Douglas Elliman released the April 2015 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The April 2015 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,
reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

Manhattan_Rental_April_2015

“Rents continued to rise across the region as Brooklyn sets new price record”

  • Manhattan rents have increased for fourteen consecutive months, driven by an improving economy and tight mortgage lending conditions.
  • Rents were higher for all sizes, but the largest increases were seen in entry-level apartments.
  • Landlords are rarely offering concessions and both days on market and listing discounts remained low.
  • Median rental price increased 3.5% to $3,361 as compared to April 2014
  • These trends are expected to continue into the summer.

 

  • After showing signs of leveling off in recent months, Brooklyn rents rose to a new record in April.
  • Rents were higher across most of the market including studio, 1-bedroom and 2-bedroom apartments, while weaker at the top of the market.
  • Use of concessions by landlords and negotiability was limited.
  • Tight conditions are anticipated to continue through the coming months.
  • Rents rose across all apartment sizes in the northwest Queens.
  • There were a lot more 1-bedroom rentals than last year, attracting renters from Manhattan and Brooklyn seeking greater affordability.
  • More newly developed apartments continued to enter the market.

May
08

How’s the Market – April 2015

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come. Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

AV_Med_SP+DOM_04-2015

 

Disc_AP_04-2015

 

Sales_Region_04-2015

 

 

 

 

Apr
26

In the News – April 26, 2015

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4/23/15 Douglas Elliman releases Elliman Report for 1st Quarter 2015 Los Angeles Sales: Housing prices in Los Angeles have been rising for nearly three years. Inventory remained low with more sales in the first quarter than last year. This was the highest number of sales in nine years. With rising sales, rising prices and low inventory, there was limited negotiability between buyers and sellers. We anticipate these conditions to continue through the spring market.  See the Full report at Elliman.com

4/23/15 Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Aspen Sales:  Aspen housing market prices increased for the fifth consecutive quarter caused by falling inventory and a shift to larger sized sales. First quarter median sales price reached its highest level in five years. The market moved at a faster pace as sales increased and inventory declined. Snowmass Village followed a similar pattern of rising prices and sliding inventory.  See the full report at Elliman.com

4/23/15 Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Long Island Sales: Long Island housing inventory remained low as sales increased. The faster pace of the market made housing prices rise across much of the region. Luxury housing prices increased at a faster rate than the overall market. Without significant new supply entering the market, these trends are expected to continue through the coming quarters.  See the full report at Elliman.com

4/23/15 Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Hamptons Sales: The Hamptons housing market has been on a tear, having the highest median sales price in a decade and the most first quarter sales in eight years. Much of the market’s strength was concentrated in the $1 million to $5 million price range. An improving regional economy and low inventory have continued to keep the pressure on the market.  See the full report at Elliman.com

4/23/15 Douglas Elliman Releases Elliman Report for 1st Quarter 2015 North Fork Sales:  First quarter North Fork housing sales reached an eight-year high as inventory fell, pushing housing prices up. Prices were generally higher and marketing times were faster. Rising sales and limited supply combined to create the fastest moving market in eight years. See the full report at Elliman.com

4/23/15 Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Fairfield County Connecticut Sales:  Fairfield County began 2015 with the most first quarter sales in nine years and the lowest amount of inventory in a decade. With rising demand and falling inventory, housing prices increased in both the overall and luxury markets at about the same rate.  See the full report at Elliman.com

4/23/15 Douglas Elliman Releases Elliman Report for 1 Quarter 2015 Greenwich, CT Sales:   Both sales and prices for the Greenwich condo market increased as inventory fell. Single family inventory expanded causing sales to take about the same time to sell as last year while condos sold more quicklySee the full report at Elliman.com

 

 

Apr
19

In the News – April 19, 2015

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4/16/15:  Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Miami Beach Sales/Barrier Island Sales. Housing prices in the Miami Beach and Barrier Islands increased. Limited inventory and fewer distressed sales kept the pressure up. Higher prices and luxury new development brought more supply to the market, enabling more sales to occur.   See the full report at Elliman.com

 

4/16/15: Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Miami Costal Mainland Sales. The number of sales on the Miami Coastal Mainland increased as rising supply enabled more sales. Housing prices increased, especially within the condominium market as high quality newly developed units were sold off.    See the full report at Elliman.com

 

4/16/15: Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Boca Raton Sales.  Boca Raton luxury housing prices rose faster than the rest of the market. Inventory fell short of totals we saw last year that kept the pressure on housing prices. Limited supply pushed marketing times lower.  See the full report at Elliman.com 

 

4/16/15: Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Fort Lauderdale Sales. There were more sales in Fort Lauderdale than last year, as housing prices rose slowly. Buyers in most markets had more inventory to choose from and therefore properties took longer to sell.  See the full report at Elliman.com

 

4/16/15: Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Palm Beach Sales.  Palm Beach listing inventory remained scarce and marketing times were shorter, which kept the pressure on housing prices. More smaller-sized houses were sold than last year, especially within the luxury market.  See the full report at Elliman.com

Comments Off

While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come. Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

Avg&Med_SP_DOM_03-2015

Dis_AP_03-2015-1

Sales_Region_03-2015

The following charts show activity over the 1st Quarter 2015 compared to 4th Quarter 2014 and 1st Quarter 2014.

Avg&Med_SP_DOM_1QTR_2015

Dis_AP_1QTR-2015

Sales_Region_1QTR-2015

Apr
12

In the News – April 12, 2015

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4/9/15: Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Brooklyn Sales.  The Brooklyn housing market entered 2015 breaking new records. Median sales price for the borough as well as for condos and single family sales were the highest we’ve ever recorded. Marketing times fell and sales slipped as low inventory kept more sales from occurring. We anticipate tight market conditions in the next two quarters. See the full report at Elliman.com

 

4/9/15:  Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Queens Sales.  Since last fall, the Queens housing prices have continued to rise. Attributing factors include low inventory, an improving economy and buyers from other markets like Brooklyn and Manhattan seeking out greater affordability. Sales slipped largely from the lack of inventory. With an improving economy, we expect continued price pressure in the coming quarters.  See the full report at Elliman.com.

 

4/9/15:  Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Westchester and Putnam Sales.  Westchester housing prices remained stable for the past two quarters. Single family home sales were up, while listing inventory declined. Prices within the luxury single family market were higher than last year. Co-op prices slipped as condo prices held steady. With rising sales and low inventory, we look towards a fast paced market this spring.

While housing prices in Putnam fell short of last year, the number of sales jumped as inventory moved lower, much like other markets in the region. The faster market pace is expected to continue into the next quarter. See the full report at Elliman.com.

Recently Douglas Elliman released the March 2015 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The March 2015 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,
reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

“Manhattan rents continued to climb more consistently than Brooklyn and Queens”

 

Manhattan_Rental_03-2015

  • The Manhattan rental market has been rising for more than a year. Inventory fell and fewer landlord concessions were being offered. Rents for smaller apartments increased the most as higher employment brought more demand into the city. Would-be first time buyers continued to be challenged by tight mortgage lending. We anticipate similar conditions throughout the spring.

 

  • For the past two months Brooklyn rents remained stable, after rising for much of the past two years. Rental prices were high while negotiability and landlord concessions remained low. With an improving local economy and tight credit, we don’t anticipate much relief for tenants through the spring market.

 

  • Rental prices in northwest Queens were generally higher although most of the increases occurred in smaller apartments. Marketing time fell and there was less negotiability between landlords and tenants. With rising rents in other boroughs bring more demand into Queens and an improving city economy, we expect the rental market to remain active in the coming months.

 

Douglas Elliman released the First Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 1Q-2015 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

1QTR2015_Manhattan_Sales

  • The Manhattan housing market continued to show strong results, but did not keep up with the record pace set last year. Price trends showed more stability than we’ve seen over the past few years and overall inventory increased slowly. Sales levels remained above average and properties sold more quickly than they did last year. We look forward to very active spring and summer market periods.
  • Median sales price was essentially unchanged at $970,000 as compared to the prior year quarter and was the fifth highest quarterly result in 25 years. Considered the gateway for the first-time purchase market, the market share of co-op studio and 1-bedroom sales expanded.
  • The luxury market showed weaker results than the over all market as all price indicators fell short of last year’s levels and listing inventory expanded at a faster pace than re-sale inventory. Luxury median sales price declined 10.6% to $5,142,162 from the prior year quarter. Luxury listing inventory rose 14.1% to 1,575 from the prior year quarter.
  • Although the number of sales fell 19.5% to 2,661 from the prior year 25-year record, it was the third highest first quarter on record. Listing inventory expanded 5% to 5,243 from the prior year quarter, however much of the gain came from new development. Approximately 39% of co-op and 60% of condo sales in the first quarter were paid for with cash for a weighted average of 47%, up from 45% in the prior year quarter.
  • Days on market, the average number of days to sell all apartments that closed during the quarter, fell by 15 days to 100 days over the same period.

Comments Off

While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come. Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

AV_MED_DOM_SP_02-2015

DISC_AP_02-2015

Sales_Region_02-2015

Comments Off

 

Recently Douglas Elliman released the February 2015 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The February 2015 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,
reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

M-B-Q_Rentals_02-2015

 

 

  • Manhattan rents have been increasing for twelve consecutive months. Smaller apartment rents increased more quickly than larger apartments as tight credit held back many first time buyers. Marketing times were faster and the use of concessions by landlords remained limited. With an improving economy we expect these conditions to continue into the spring market.

 

  • For the first time since last fall, Brooklyn rents slipped from last year, but remain at a high level. Landlords used concessions sparingly, but more than they used them last year. Marketing times remained fast and negotiability was very limited. Rising employment in New York City is expected to keep rents high in the coming months.

 

  • Rental prices in northwest Queens showed overall stability this month. Marketing times fell and negotiability remained was low. The expansion of new development has kept prices in check as one third of activity was within new rental buildings.

 

While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come. Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

AV_&_Med_DOM_CS_01-2015

Disc_AP_01-2015

Sales_Region_01-2015

 

 

Jan
25

In the News – January 25, 2015

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01/22/15:  Douglas Elliman Releases Elliman Report for 4th Quarter 2014 Miami Beach Sales/Barrier Island Sales.  Overall housing prices in Miami Beach and the Barrier Islands continued to rise, attracting more inventory to the market and providing buyers with more choices. Luxury condo price increases outpaced the overall market as a result of the absorption of new development.  See the full report at Elliman.com

01/22/15: Douglas Elliman Releases Elliman Report for 4th Quarter 2014 Miami Costal Mainland Sales.  Sales and housing prices on the Miami Coastal Mainland were well above the results for last year. Condo sales and prices increased more than the single family market. Luxury condo prices rose as the market continues to shift towards higher quality developments. Marketing times fell despite the addition of inventory to the market.  See the full report at Elliman.com

01/22/15: Douglas Elliman Releases Elliman Report for 4th Quarter Boca Raton Sales.  Boca Raton housing prices were again higher than last year. Sales activity increased faster than the addition of new inventory.  The brisk market pace resulted in shorter marketing times and less negotiability between buyers and sellers.  See the full report at Elliman.com

 

 

Jan
18

In the News – January 18, 2015

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01/15/15: Douglas Elliman Releases Elliman Report for 4th Quarter 2014 Brooklyn Sales.  Brooklyn housing prices increased for the ninth consecutive quarter, pushing the annual median sales price to a record high.  Sales slipped from year ago levels but remained consistent with historical trends.  Rising prices have pulled more sellers into the market as inventory comes up from last year’s record lows.  With the improving economy, we anticipate similar conditions over the coming quarters. See the full report at Elliman.com 

01/15/15:  Douglas Elliman Releases Elliman Report for 4th Quarter 2014 Queens Sales.  The Queens housing market finished the year with rising prices in the fourth quarter.  Sales fell short of last year’s levels while inventory edged higher.  Despite the slower pace of the market, marketing times were shorter and negotiability between buyers and sellers was reduced.  See the full report at Elliman.com.

1/15/15:  Douglas Elliman Releases Elliman Report for 4th Quarter 2014 Westchester and Putnam Sales.  Westchester housing prices have increased or moved sideways for the eighth consecutive quarter.  Prices in the luxury market increased faster than the overall market.  Unlike the most of the region, listing inventory declined as sales increased, resulting in a faster market pace than last year.  Low inventory is expected to keep the pressure on housing prices well into the new year.

The combination of sharply rising number of sales and a modest increase of inventory caused the housing prices in Putnam to increase.  Shorter marketing times and less negotiability between buyers and sellers resulted in an accelerated pace of the market.  See the full report at Elliman.com.