Archive for March, 2015

Mar
19

How’s the Market – February 2015

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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_DOM_SP_02-2015

DISC_AP_02-2015

Sales_Region_02-2015

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Recently Douglas Elliman released the February 2015 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The February 2015 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,
reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

M-B-Q_Rentals_02-2015

 

 

  • Manhattan rents have been increasing for twelve consecutive months. Smaller apartment rents increased more quickly than larger apartments as tight credit held back many first time buyers. Marketing times were faster and the use of concessions by landlords remained limited. With an improving economy we expect these conditions to continue into the spring market.

 

  • For the first time since last fall, Brooklyn rents slipped from last year, but remain at a high level. Landlords used concessions sparingly, but more than they used them last year. Marketing times remained fast and negotiability was very limited. Rising employment in New York City is expected to keep rents high in the coming months.

 

  • Rental prices in northwest Queens showed overall stability this month. Marketing times fell and negotiability remained was low. The expansion of new development has kept prices in check as one third of activity was within new rental buildings.