Archive for January, 2014

Jan
26

In the News – January 26, 2014

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1/23/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Long Island Sales:  The Long Island housing market had a strong finish with the most 4th quarter sales in seven years and the lowest inventory levels in twelve years. In addition, median sales price reached the highest fourth quarter level in four years. Rising mortgage rates pulled many people into the market who have been on the sidelines for the past several years. Over the past decade, the luxury market outperformed the overall market, although this past quarter, the luxury market was in sync with the entire marketplace. As the regional economy slowly improves, we anticipate more improvement over the coming quarters.  See the full report at Elliman.com

1/23/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Hamptons Residential Sales:  The housing market in the Hamptons finished 2013 showing stability, after adjusting for the impact of last year’s “fiscal cliff” rush of buyers at the upper end. The current market has returned to a more normal mix of sales, as housing prices remained stable. The number of days to sell a property and the negotiability between buyers and sellers fell reflecting the tightness of the current market. Our “Decade” report showed that luxury market price trends outpaced the overall market. Given the high sales activity in New York City and reported rise of Wall Street bonuses, we look forward to a busy 2014 market.  See the full report at Elliman.com  

1/23/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 North Fork Sales:  The North Fork housing market closed out the year with the highest quarterly sales total in five years. Inventory fell slightly from last year. Like the Hamptons market to the south, the North Fork also saw the rush of high-end buyers at the end of 2012, which caused prices to show a decline in the most recent quarter. Both days on market and listing discount fell, as market conditions remained “tight.” We look to an improving market over the next several quarters.  See the full report at Elliman.com

1/23/14 Douglas Elliman Releases 2004-2013 Hamptons and North Fork Decade Report:  See extensive Charts and Graphs for various sales data for the Hamptons and North Fork markets with comparisons over the past decade at Elliman.com.

1/23/14:  Douglas Elliman Releases 2004-2013 Long Island Decade Report:  See Extensive Charts and Graphs for various sales data for the Long Island Residential Sales Market with comparisons over the past decade at Elliman.com 

Jan
19

In the News January 19, 2014

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1/16/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Miami Sales:  The Miami market rose to new heights at the end of 2013. Housing prices reached their highest level in five years and their highest fourth quarter mark in at least seven years.   Miami fourth quarter sales rose to a fourth quarter seven-year-high and marketing times fell to their fastest rate in seven years. Along with the improvements in the statistics, there remained a strong source of demand from both New York City and a number of international locations. We are excited about how the 2014 market is shaping up.  See the full report at Elliman.com In Spanish, In Portuguese

 1/16/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Boca Raton Sales:  Housing prices in Boca Raton increased across all markets and sales activity remained high, but slipped below prior year levels. Overall and luxury properties took less time to sell compared to last year.  Along with rising prices and faster marketing times, we are beginning to see inventory edge up from very low levels as more homeowners look to enter the market. With a strong finish for 2013, we anticipate this momentum to carry into 2014.  See the full report at Elliman.com.

1/16/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Fisher Island, FL Condo Sales:    See the report at Elliman.com.

1/16/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Fort Lauderdale Sales:  Fort Lauderdale housing prices and condo sales were up from same time last year. Like other area markets, we are beginning to see inventory rise as more homeowners look to benefit from the stronger market. The time to sell a home continued to decline and cash sales still dominated the market. As the economy improves, we look to more gains in the coming year.  See the full report at Elliman.com.

1/16/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Miami Beach Islands Sales:  See the full report at Elliman.com.

1/16/14  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Palm Beach, FL Sales:  Overall housing prices for Palm Beach were up as inventory fell in the final quarter of 2013. There were fewer sales above $5M than a year ago and we saw more luxury inventory enter the market following a year with significant price growth. The pace of the single family market continued to move faster than the condo market. We are encouraged with the general strength of the market and look forward to an active 2014.  See the full report at Elliman.com

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Douglas Elliman released the December 2013 report for Manhattan & Brooklyn Residential Rental Markets. The December 2013 Elliman Report for the Manhattan & Brooklyn Rental Markets reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

“Manhattan rental prices continued to slip as price growth in Brooklyn showed some signs of slowing.”Manhattan_Brooklyn_Rentals_Dec_2013

 Manhattan rental prices slipped for the fourth consecutive month but remain at high levels. We are beginning to see a small rise in landlord concessions as vacancy rates move up. Prices in the luxury market continued to grow and marketing times are brisk. The overall market remains very active and we anticipate similar conditions over the coming months as New York City’s economy continues to improve.

  • The last 4 months of 2013 showed a year-over-year decline in median rent. The median rent was $3,100 in December, down 1.6% from the same month last year, but was unchanged from the prior month.
  • The market share of rentals with concessions by landlords was 12.8%, up from 4.3% in the same month last year, but the size of the concession held steady at 1 month’s equivalent rent.

Rents in the Brooklyn market continue to rise but the pace of growth has begun to slow as it competes with a very fast moving sales market. There is a lot of strength in the entry-level apartment markets as the price gap between Manhattan and Brooklyn rents remain much closer than a few years ago. The luxury market remains strong and we expect the current tight conditions to remain through the winter.

  • Median rental price expanded 0.9% to $2,660 from the prior year period. The median rental price between Manhattan and Brooklyn expanded to $450 after hovering near $300 for most of last fall.

 

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Jan
12

In the News January 12, 2014

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1/9/14:  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Brooklyn Sales:  Brooklyn’s housing market continued to be one of the strongest in New York City with rising prices and sales as well as a large decline of inventory. It is also the only borough to see the median sales price exceed the levels set during the previous boom. The combination of rising sales and falling supply made the market move at the second fastest rate in 5 years. We expect this momentum to carry into 2014 as the economy improves.  See the full report at Elliman.com

1/9/14:  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Queens Sales:  The Queens housing market had a large increase in sales to help the year finish on a high note. Sales price trends remained fairly stable year-to-date, but choices for buyers were limited as inventory fell to the lowest level on record. Like much of the region, the decline in sales and rise in supply made the market pace unusually fast. With the economy expected to improve, we anticipate an active housing market in the first half of 2014.  See the full report at Elliman.com

1/9/14:  Douglas Elliman Releases Elliman Report for 4th Quarter 2013 Westchester and Putnam Sales:  The housing market in Westchester had many of the same trends as those we observed in the city: rising sales, falling supply and rising prices. Median sales price and the total number of sales reached an eight-year high. Falling inventory kept pressure on prices throughout 2013 that resulted in modest year-to-date increases in housing prices. With an unusually high number of signed contracts in the fourth quarter, we expect this momentum to continue into the new year. Putnam’s housing market experienced falling inventory but not to the same extent as Westchester did. The number of sales jumped above last year¹s totals, but housing prices were generally stable. The decline in supply and the increase in sales caused the market to move faster than last year, but not at the same rapid pace as Westchester. We anticipate similar conditions over the next several quarters.  See the full report at Elliman.com

Jan
09

How’s the Market? December 2013 & 4th Quarter 2013

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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.

 

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The following charts show activity over the 4th Quarter 2013 compared to 3rd Quarter 2013 and 4 th Quarter 2012.

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Manhattan_Sales_Q4_2013Douglas Elliman released the Fourth Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 4Q-2013 reported  here and summarized below was prepared by Miller Samuel for Douglas Elliman.

“The market was characterized by record fourth quarter sales volume, record low inventory and record condo prices.”

  • There were 3,297 sales, up 26.9% from the prior year period, to the highest fourth quarter sales total in 25 years.
  • With the surge in sales in the fourth quarter, inventory could not enter the market fast enough to meet demand, causing inventory to fall 12.3% to a record low of 4,164 from the prior year quarter.
  • The individual co-op and condo markets indicated that record low inventory and record high sales were finally pressing prices higher. Co-op price indicators showed robust price gains in the lower half of the market and the condo median sales price set a 25-year record high of $1,320,000.
  • Listing discount, the percentage difference between the list price at time of sale and the sales price, slipped to 3.6% from 3.7% in the prior year quarter.
  • Days on market, the number of days from the last price change to the contract date, dropped by nearly half to 95 days from 177 days in the prior year quarter as supply evaporated.