Archive for April, 2014

Apr
20

In the News – April 20, 2014

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04/17/14 – Elliman Releases 1 Quarter 2014 Elliman Report for the Miami Market:  The Miami housing market began the year where it left off last year, having both the highest number of first quarter sales and the fastest marketing time in 8 years. Prices continued to rise, reaching their highest point since 2008 and it remains predominantly a cash market. Listing inventory is beginning to expand as sellers are being pulled into the market after several years of improving market conditions. Based on the fast start, we are excited about the year ahead.  See the full report at Elliman.com; in Spanish here;  and in Portuguese here.

 

04/17/14 – Elliman Releases 1 Quarter 2014 Elliman Report for the  Boca Raton Sales market:  The housing market in Boca Raton continued to move quickly with the fastest marketing times seen in at least 8 years. Overall sales activity fell short of prior year levels, but listing inventory is beginning to rise, and high-end sales are being held back by limited supply. We continued to be encouraged by the strength of the market and look forward to an active spring quarter.  See the full report at Elliman.com

 

04/17/14 – Elliman Releases 1 Quarter 2014 Elliman Report for the Fort Lauderdale Market:  Like prior quarters, the Fort Lauderdale housing market continued to see rising prices across all market categories. The trend of rising prices is beginning to cause listing inventory to rise from low levels as homeowners look to take advantage of the active market. The luxury market was a particular standout this quarter and we look to more of the same in the coming quarters.  See the full report at Elliman.com 

 

04/17/14 – Elliman Releases 1 Quarter 2014 Elliman Report for the Palm Beach Market:   The Palm Beach housing market continued to be challenged by limited inventory and faster marketing times. There was an uptick in large luxury sales in the quarter, but the overall lack of inventory across the market has kept sales from rising. Overall housing prices reached 5-year highs. We anticipate that these tight market conditions will continue through the spring.  See the full report at Elliman.com

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Apr
04

How’s the Market – March 2014 & 1 QTR 2014

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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_03-2014

Disc_AP_03-2014 

Sales_by_Region_03-2014

 

The following charts show activity over the 1st Quarter 2014 compared to 4th Quarter 2013 and 1st Quarter 2013.

 

AV_MED_SP_DOM_1QTR_2014

Disc_AP_1QTR_2014

Sales_by_Region_1QTR-2014

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-2014 reported here  and summarized below was prepared by Miller Samuel for Douglas Elliman.

 “Sales momentum from a record setting 2013 carried into the first quarter, as listing inventory stabilized after three years of declines.”

Manhattan_1Q_2014_highlights

The Manhattan housing market had yet another strong quarter despite the challenges of tight credit and low inventory. Momentum from the prior quarter carried into the new year with the most first quarter sales in seven years. New development sales are beginning to enter the market helping set several price records. While listing inventory may be at or near a bottom, we don’t anticipate enough new supply to enter the market to keep up with demand this year. We look forward to an active spring market.

  • The average price per square foot of a Manhattan apartment reached a record $1,363, 23.6% above the prior year level. Price comparisons compared to the prior year quarter may have been skewed higher by the market lull that occurred after the expiration of the “fiscal cliff” at the end of 2012.
  • There were 3,307 sales, 34.6% above the same period last year, the highest first quarter total in 7 years.
  • The amount of listing inventory was essentially unchanged at 4,968 as compared to the prior year quarter total of 4,960.
  • Days on market, the number of days from the last price change to the contract date, fell by 17 days to 115 from the prior year quarter.
  • Listing discount, the percentage difference between the list price at time of sale and the sales price, fell to 2.6% from 4.3% over the same period.