Archive for October, 2013

Oct
27

In the News October 27, 2013

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10/24/13:  Douglas Elliman Releases Elliman Report for Hamptons Sales 3Q 2013:  In the Hamptons, there was an increase in home sales from what we saw last year at this time. The rise in mortgage rates last spring prompted many who were on the fence to make a purchase and more of those buyers than usual were first time buyers. Inventory remains low but has been rising this year, giving buyers more choices in a fast moving market. We look forward to continued improvement in the market over the coming quarters.  See the full report at Elliman.com

10/24/13:  Douglas Elliman Releases Elliman Report for North Fork Sales 3Q 2013:  The North Fork housing market, like the Hamptons, had more lower priced sales in the mix which was prompted by the rise in mortgage rates. Sales fell just short of prior year levels, but inventory fell faster keeping the market tight. Although the rise in lower priced sales caused overall prices to fall short of prior year levels, housing prices remained stable. We expect to see these conditions continue into next year.  See the full report at Elliman.com 

10/24/13:  Douglas Elliman Releases Elliman Report for Long Island Sales 3Q 2013:  The Long Island housing market was unusually active over the summer and into the fall. The market had more sales in the third quarter than in any quarter of the last seven years. Listing inventory fell to the third lowest level we’ve seen in a more than a decade. The increase in sales and lack of inventory pushed prices to their highest level in five years. Rising mortgage rates are expected to help sustain the rebound by keeping price gains in check going into next year.  See the full report at Elliman.com 

 

 

Oct
19

In the News – October 19, 2013

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10/17/13:  Douglas Elliman Releases Elliman Report for Miami Sales 3Q 2013:  Miami housing prices pressed to five-year highs and sales reached their second most quarterly total since 2006. Over the past three years, the market share of distressed sales has fallen by half, something unimaginable a few years ago as the market continues to recover. Despite the rise in non-distressed sales, cash remains king in nearly two thirds of all sales. Inventory continued to fall and properties sold at their fastest pace in more than seven years. Based on the current key drivers of an improving regional economy and the international consumer, we anticipate an active market over the coming quarters.  See the full report at Elliman.com,  in Spanish, in Portuguese

10/17/13:  Douglas Elliman Releases Elliman Report for Boca Raton Sales 3Q 2013:  The Boca Raton housing market saw some gains in overall inventory although supply fell at the top of the market. The pace of sales activity remained brisk, especially within the condo market. The time it took to sell a property fell sharply as low inventory continued to keep the pressure on the market. More buyers used mortgages than at any other time in the past several years, but cash purchases still dominated activity. We look forward to a continuation of these conditions in the coming months.  See the full report at Elliman.com

10/17/13:  Douglas Elliman Releases Elliman Report for Fort Lauderdale Sales 3Q 2013:  Sales volume and prices for the Fort Lauderdale housing market jumped above last year’s levels. Inventory trends were mixed with a drop in condo listings and an increase in single family listings. The pace of the market remained fast as listings were sold more quickly than last year. Cash remains the favorite choice of buyers, but we are seeing more purchases made with mortgages. We anticipate an active market for the final quarter of the year.  See the full report at Elliman.com

Oct
12

In the News – October 12, 2013

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10/10/13  Douglas Elliman Releases Elliman Report for Brooklyn Sales – 3Q 2013:  The Brooklyn housing market has shown the most strength compared to any other borough. Housing prices have set 10-year records and inventory fell to the lowest levels seen in five years. We expect the rising mortgage rates to take some of the edge off of the market frenzy in the coming months. Perhaps the biggest change in the market going forward is the buyers outside of the borough who sought out Brooklyn as a destination rather than as a more affordable alternative to Manhattan.  See the full report at Elliman.com

10/10/13:  Douglas Elliman Releases Elliman Report for Queens Sales – 3Q 2013:  Queens has continued to benefit from the strength of the Brooklyn market and still low mortgage rates. The borough had more sales this quarter than any time in the past three years and inventory fell to an eight-year low. Although buyers have had less inventory to choose from, housing prices have remained steady over the past year and we anticipate this trend to continue over the coming quarters.  See the full report at Elliman.com

10/10/13:  Douglas Elliman Releases Elliman Report for Westchester and Putnam Sales 3Q 2013:  The Westchester housing market continues to improve. Listing inventory continued to fall consistent with the rest of the metro area, but the number of sales reached their highest point in over 30-years. However, the rising mortgage rates will make this new record hard to beat. Housing prices increased somewhat last year and properties sold more quickly. We expect more of the same over the coming quarters but without records. Like its neighbor to the south, the Putnam housing market had a lot more sales this quarter than last year and buyers had fewer properties to choose from. Although properties took a little longer to sell, housing prices remained stable, which is what we anticipate in the coming quarters.  See the full report at Elliman.com 

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.

 

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The following charts show activity over the 3rd Quarter 2013 compared to 2nd Quarter 2013 and 3rd Quarter 2012

 

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Douglas Elliman released the Third Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 3Q-2013 reported here  and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

“The third quarter was a period of records and near records as sales surged and inventory fell sharply.”

Manhattan_Sales_3QTR_2013

Our third quarter housing market was one of the most active in decades. Manhattan experienced the second highest number of sales in more than 24 years and the most sales in six years. Our agents helped buyers navigate rising mortgage rates, bidding wars and the lowest inventory in 13 years. It’s an exciting period for our real estate market as we look forward to continued improvement into the next year.

  • The 3,837 sales in the third quarter were 30% above last year’s total and second highest only to 3,939 in the second quarter of 2007.
  • Listing inventory dropped 21.9% to 4,567 from the prior year quarter, the lowest since it was tracked in 2000.
  • The sales share of 1-bedroom apartments reached 40.5%, a 15-year high as co-op sales expanded to 62% share 9-year high. The shift to lower priced units in response to rising rates caused overall median sales price to slip 2% although individually, co-op and condo median sales price rose 0.8% and 3.7% year-over-year.
  • Days on the market, the number of days from the last price change to the contract price, collapsed to 88 days from 191 days in the prior year quarter. The elevated year ago level reflected the absorption of languishing older listings as inventory began to fall sharply.
  • Listing discount, the percentage difference between the list price at time of sale and the sales price, fell sharply to 2% from 7.2% in the prior year quarter.