Archive for June, 2015

Jun
26

How’s the Market – May 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_SP_DOM_05-2015

DISC_AP_05-2015

Sales_Region_05-2015

 

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

 

“Stress on tenants continued as rental prices edged higher.”  Manhattan_Rentals_May-2015

Manhattan rental prices pushed higher as a booming local economy and tight credit conditions kept the pressure on.

  • Median rental prices were above the prior year level for the fifteenth consecutive month, but still short of the record 23-month period set in 2011 through 2013.
  • Median rental prices increased 2.4$ to $3,380 from the same period last year.
  • Average rental price increased 4.6% to $4,081 over the same period, a record four consecutive months above the $4,000 threshold.
  • Median rental price for all apartment sizes moved above the prior year level with the exception of 3-bedrooms, which slipped a nominal 0.5%.
  •  Consistent with the 3-bedroom market, luxury median rental price, the top 10% of the rental market remained essentially unchanged at $7,954 as compared to the same period last year.
  • Price gains were more pronounced at the lower end of the market.
  • The Entry Tier, the first 30% of all rentals, posted the largest gain in median rental price, rising 4.5% from the prior year period.
  • Days on market, the number of days from original list to rental date, fell by 9 days to 41.

After showing signs of weakness a few months ago, Brooklyn rental rental price indicators moved higher for the second consecutive month.

  • Rental prices moved higher for the second month, skewed by shift in the mix.
  • Surge in new rentals as landlord concession usage collapsed.
  • Median Brooklyn rent was $447 below median Manhattan rent

Price indicators in the northwest region of Queens moved lower as the rental mix continued to shift to smaller units.

  • Share of 1-bedrooms nearly doubled, pulling overall rents lower
  • Except for studios, rents for each size category increased
  • Number of new rentals more than doubled