Archive for February, 2014

Douglas Elliman released the January 2014 report for Manhattan & Brooklyn Residential Rental Markets. The January 2014 Elliman Report for the Manhattan & Brooklyn Rental Markets, reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

“Brooklyn rental prices increased as Manhattan rental prices continued to slip.”Manhattan_Brooklyn_Rentals_01-2014

 Rental prices in the Manhattan market continued to slip for the 5th consecutive month although the declines remained modest. Landlords continued to expand their use of concessions, as vacancy rates remained higher than last year. Larger sized rentals continued to do well in the new development, luxury and 3-bedroom markets, showing more strength than the overall market. The New York City economy continues to improve and we anticipate a strong rental market in the coming months.

  • Median Manhattan rental price slipped 1.1% to $3,114 from the same period last year ago. Beginning last September, median rental price fell for the fifth consecutive month on a year-over-year basis. However, the slide in rental prices remained slight.
  • The use of concessions by landlords continued to expand, rising to a 13.1% market share from 5% in the same period last year.
  • The overall vacancy rate was 1.81%, up from 1.54% in the prior year period, but fell from near record high of 2.79% in the prior month

Rising rents continued to characterize the Brooklyn market in our first month of the new year. After three months of declining price growth, rental prices jumped in January as the key drivers of the market remained in place, including rising employment and tight credit. Entry-level rentals continued to rise at a faster rate than larger rentals. We anticipate that these active market conditions will continue into the spring.

  •  The Brooklyn January median rental price jumped 12% to $2,830 from the same month last year. Rising New York City employment and tight credit have played a primary role in the growth of Brooklyn rents.

The Elliman 2004-2013 Decade Survey for Manhattan Co-op and Condo Sales was released recently at Elliman.com  and summarized below was prepared by Miller Samuel for Douglas Elliman.

 “The number of sales reached second highest level in 25 years as listing inventory fell to a 14-year low.”

Manhattan Decade Report

  •  After 4 remarkably stable years with activity hovering just over the 10,000 sale threshold, the number of sales jumped 21.2% to 12,735 from the prior year level to the second highest total in 25 years. A record of 13,430 sales was set in 2007.
  • Median sales price edged up 2.4% to $855,000 from the prior year.
  • Average sales price increased 1.9% to $1,443,753 and average price per square foot rose 4.6% to $1,136 respectively year-over-year.
  • Listing inventory fell 12.3% to 4,164, from prior year levels to a 14-year low.
  • Days on market, the number of days from the last price change to the contract date, fell 29.7% to 121 from the prior year.
  • Listing discount, the percentage difference between the list price at time of contract and the sales price, fell to 3% from 5.6% in 2012.

Feb
06

How’s the Market – January 2014

Posted by: | Comments 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.

 

A&M_SP_DOM_Jan-14

DISC_AP_Jan_14

Sales_Region_Jan-14

Feb
02

In the News – February 2, 2014

Posted by: | Comments Comments Off

1/30/14  Douglas Elliman Releases Decade Report for Manhattan Townhouse Sales 2004-2013:  Like the apartment market, Manhattan townhouse sales jumped and prices edged higher over the past year. Inventory continued to fall, resulting in the fastest paced market in 17 years. There were noticeable gains in market share of 3-5 unit/family sales, as more consumers looked to convert them to single family homes. We anticipate additional improvements in the townhouse market over the coming year.  See the full report at Elliman.com