Archive for October, 2014

This week, Douglas Elliman released the Q3 2014 Long Island, Hamptons & North Fork Sales Reports summarized below and reported here for Long Island , Hamptons  & North Fork   was prepared by Miller Samuel for Douglas Elliman.


  •  After a year of increases, Long Island housing prices remained stable this quarter as the pace of the market eased a bit. Although rising prices of the past year brought more inventory to the market, the third quarter showed faster marketing times and the smallest listing discount in eight years.


  • Home sales in the Hamptons were higher than last year. After showing signs of cooling last quarter, housing prices have continued to rise, incentivizing more homeowners to list their properties for sale.  Luxury market prices increased faster than the market as a whole.


  • North Fork housing prices continued to increase, especially in the luxury market. The number of sales rose at a higher rate than inventory, resulting in a more quickly moving market.  As a result, the time to market a property fell.


In the News – October 19, 2014

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10/15/14 Douglas Elliman Releases 3QTR 2014 Elliman Report for Miami Beach/Barrier Island Sales: Housing prices in the Miami Beach/Barrier Islands moved higher, pulling additional inventory into the market.  Although the market hasn’t kept up with last year’s blistering sales pace, the time to market a property fell.  Luxury housing prices gains continued to outperform the overall market.  See the full report at ; in Spanishin Portuguese 

10/15/14 Douglas Elliman Releases 3QTR 2014 Elliman Report for Miami Costal Mainland Sales:  Miami Coastal Mainland housing prices increased above last year’s levels.  The luxury housing market showed strong results as the size of the distressed housing market continued to fall.  Inventory increased as more sellers were drawn into the market by rising prices and the number of sales increased. .  See the full report at    in Spanish:  in Portuguese

10/15/14 Douglas Elliman Releases 3QTR 2014 Elliman Report for Boca Raton Sales:  Overall housing prices in Boca Raton were higher than last year as the number of sales declined from last year’s heavy volume.  Luxury housing market fell short of last year’s levels as marketing times and negotiability continued to fall, keeping the market tight.  See the full report at

10/15/14 Douglas Elliman Releases 3QTR 2014 Elliman Report for Palm Beach Sales:  Palm Beach housing prices jumped led by the luxury market and the shift to larger sized sales.  Listing inventory continued to fall across the majority of the market, keeping the pressure on prices.  Sales fell short of last year’s levels as marketing times declined, hampered by the lack of supply. See the full report at

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In the News – October 12, 2014

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10/9/14 Douglas Elliman Releases 3 Quarter 2014 Elliman Report for Westchester & Putnam Sales:  Westchester housing prices have been rising for nearly two years. The single-family luxury market has remained active and prices have been rising at the same pace as the overall market. Despite the increase in listing inventory as a result of rising prices, the market is expected to remain tight, making it challenging to navigate over the next several quarters.

There were more sales in the Putnam housing market although prices fell short of the levels reached last year. While there was more inventory available as compared to last year, properties sold more quickly and with less negotiability.  See the full report at

10/09/14  Douglas Elliman Releases 3QTR 2014 Elliman Report for Brooklyn Sales:  Brooklyn sales sold at or above market levels. We anticipate these tight conditions to continue into the new year.  See the full report at

10/09/14  Douglas Elliman Releases 3QTR 2014 Elliman Report for Queens Sales: Housing prices in Queens exceeded last year’s levels for the seventh time in eight consecutive quarters. While overall sales fell short of last year’s total, so did supply, as available inventory remained scarce. Marketing times were low and the ability to negotiate was limited. Luxury market prices increased faster than the overall market. We don’t expect to see a significant change from current conditions in the coming months.  See the full report at

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

“Manhattan rents pressed higher as Brooklyn and Queens took a breath.”


  • The Manhattan rental market remained tight through September.
  • For the seventh consecutive month, rental prices increased and landlords rarely needed to use concessions to keep vacancy rates from rising.
  • Marketing times and negotiability remained low.
  • Rising employment and tight credit conditions are expected to keep upward pressure on prices over the coming months.


How’s the Market – September 2014 – 3QTR 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.








The following charts show activity over the 3rd Quarter 2014 compared to 2nd Quarter 2014 and 3rd Quarter 2013












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

 “Manhattan housing prices continued to rise in the third quarter.  Rising inventory remained inadequate to meet the high level of demand”

3QTR Manhattan Sales

  •  The supply and demand imbalance has begun to push housing prices higher. Median sales price rose 4.2% to $908,242 from the same period last year. As a result of the shift towards more 3-bedroom and 4-bedroom sales, the overall average sales price jumped 17.4% to $1,684,729 from the prior year quarter.
  • The monthly absorption rate, the number of months to sell all inventory at the current rate of sales, increased to 5.3 months from the prior year record low of 3.6 months. As a result of limited supply and fast market pace, 49.2% of all transactions were sold at or above list price at time of sale.
  • Despite the third consecutive quarter with a year-over-year rise in listing inventory, supply remains 16.1% below the 14-year third quarter average of 6,957. Listing inventory jumped 27.6% to 5,828 from the prior year quarter, with a much larger increase seen with condos than co-ops.
  • Days on market, the average number of days to sell all apartments that closed during the quarter, expanded by 4 days to 92 days, marking the second fastest marketing time in 15 years.
  • Listing discount, the average percentage difference between the listing price at the time of sale and the sales price fell to 1.1% from 2% in the year ago quarter.