Archive for December, 2012


How’s the Market? November 2012

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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.









This week, Elliman released the November 2012 Elliman Report for Manhattan & Brooklyn Rental Markets.   The Rental Market Report sumarized below and reported here was prepared by Miller Samuel for Prudential Douglas Elliman.

“The year-over-year surge in new rental activity reflected a growing resistance to rental price increases amid falling vacancy rates.” 

  • Median rental price remained unchanged from the prior month, and edged 1.4% above prior year levels to $3,195.  This was the lowest year-over-year percent median rental price change since 0% in September 2011.
  • The Manhattan vacancy rate fell to 1.59% from 2.32% in the same period last year.  Despite falling vacancy rates, the slowing pace of price gains among new rentals indicates that market rents may be nearing their peak.


StreetEasy November Manhattan Market Report

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StreetEasy posted their November 2012 Manhattan Market Report last week, based on contract data and Street Easy Condo Market Index.

  • StreetEasy Manhattan Condo Market Index shows that the Manhattan condo market in October had a 4.1% increase from a year ago. This is the eighth consecutive month that the index has seen a Year-over-Year % increase.
  • Overall, contract volume rose 5.5% this month, compared to one year ago. The Upper East market had the biggest increase in contract activity with 16.2% more contracts while the Downtown market had 12.5% fewer contracts than the prior year.
  • Inventory has continued to fall across all major markets – an overall decrease of 17.2% since last year. The Upper West had the biggest decline in inventory with a 20.7% decrease.
  • Listing median price rose 10.4% in Manhattan compared to a year ago. The Upper East listing median price had the biggest increase with 16.7% since last year while Upper Manhattan price increased the least with a 5.8% gain Year-over-Year.
  • Compared to the prior November, contract activity increased 2.1% for starter apartments (studios and 1BRs) while contract volume for family apartments (2BRs and up) went up by 7.4%.
  • Total inventory would be absorbed in 5.9 months, a 16.4% decrease from the 6-month absorption rate from a year ago.

You can see the full report from StreetEasy here.


The Value of Light in a Co-op or Condo

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Light is perhaps the most subjective of the view-floor level-light trio but this is the logic Miller Samuel has used for years (based on the “paired sales” theory that isn’t very practical in an appraiser’s daily life) but it’s a good starting point, and of course it depends on the nuances of each situation


Graphic: Jhoanna Robledo –  New York Magazine , Commentary by Jonathan Miller of  The Matrix.