Archive for Neighborhood Market Stats

Nov
10

How’s the Market – October 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.

 

AV&Med_SP_DOM_10-2014

DISC_AP_10-2014

S_by_region_10-2014

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.

3QTR_LongIsland_Sales

  •  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.

Oct
12

In the News – October 12, 2014

Posted by: | Comments Comments Off

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 Elliman.com

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 Elliman.com

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 Elliman.com

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.

Sep
04

How’s the Market – August 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.

 

AV&MED_SP_DOM_08-2014 - Copy

DISC_AP_08-2014 - Copy

Sales_Region_08-2014 - Copy

 

Aug
17

In the News – August 17, 2014

Posted by: | Comments Comments Off

8/14/14:  Elliman Releases Elliman Report for Manhattan, Brooklyn & Queens Rentals July 2014:  Manhattan rental prices increased for the fifth consecutive month and reached their highest level for the month of July in six years. The use of concessions by landlords remained scarce and the vacancy rate fell to a six year low. Smaller apartments had larger price increases than larger apartments. Tight mortgage lending and rising New York City employment continued to put additional pressure on the rental market.  See the full report at Elliman.com

Aug
04

How’s the Market – July 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.

 

AV&MED_SP_DOM_07-2014

 

DISC_AP_07-2014

 

Sales_Region_07-2014

Aug
04

How’s the Market? June 2Q 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.

 

AV&MED_SP_DOM_June_2014

 

DISC_AP_June_2014

 

Sales_Region_June_2014

 

 

 

The following charts show activity over the 2nd Quarter 2014 compared to 1st Quarter 2014 and 2nd Quarter 2013

 

AV&MED_SP_DOM_2QTR_2014

 

DISC_AP_2QTR_2014

 

Sales_Region_2QTR_2014

 

 

Jul
20

In the News – July 20, 2014

Posted by: | Comments Comments Off

7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Miami Beach/Barrier Island Sales:  The Miami Beach/Barrier Islands markets saw housing prices continue to rise, bringing more inventory into the market after last year’s record lows. The prices of luxury condos increased faster than the overall market. The time to sell property fell as negotiability between buyers and sellers remained stable. See the full report at Elliman.com   In Spanish In Portuguese 

7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Miami Coastal Mainland Sales: Housing prices along Miami Coastal Mainland also experienced both rising prices and an increase in inventory, as more sellers ventured into the market. The market continued to move at a fast pace, while marketing times continued to fall. Cash buyers still made up the majority of sales, especially in the condo market. See the full report at Elliman.com.  In Spanish. In Portuguese

7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Boca Raton Sales:  Sales activity was strong in Boca Raton, rising well above the levels experienced last year. Housing prices were generally higher across all markets.  More inventory entered the housing market, with the exception of luxury condos, which experienced a large decline from last year, placing upward pressure on prices.  See the full report at Elliman.com.

7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Fort Lauderdale Sales:  The luxury and overall Fort Lauderdale housing markets experienced both rising prices and inventory. Housing prices reached their highest level in 6 years, while overall sales volume remained stable. With the addition of more listings the pace has cooled somewhat, but remains fast.  See the full report at Elliman.com.

7/18/14:  Elliman Releases 2nd Quarter 2014 Elliman Report for Palm Beach Sales: Palm Beach was one of the few housing markets in the region to see inventory continue to fall, despite more listings seen at the upper end of the market. Declining inventory kept sales from rising. Marketing times were faster and prices for the single family market increased well above levels experienced last year.  See the full report at Elliman.com.

Comments Comments Off
Jul
13

In the News – July 13, 2014

Posted by: | Comments Comments Off

07/10/14:  Douglas Elliman releases Elliman Report: Manhattan, Brooklyn & Queens Rentals June 2014: Over the past four months Manhattan rental prices have continued to increase, reaching the highest peaks in more than five years. The market has tightened as a result of falling vacancy rates and limited use of concessions by landlords. Tough mortgage lending requirements and an improving local economy are expected to keep upward pressure on rents over the next several months.  See the full report at Elliman.com 

07/10/2014  Douglas Elliman releases Elliman Report: 2Q 2014 Quarterly Survey of Residential Sales for Brooklyn market:  The Brooklyn housing market juggernaut continued through the spring. Housing prices increased for the seventh consecutive quarter and set new records as sales increased and inventory declined. Marketing time was faster and negotiability between buyers and sellers fell. In recent quarters, the rate of price increases had been slowing, which may be welcome news to buyers, although we don’t anticipate much relief over the next several quarters  See the full report at Elliman.com 

 

7/10/2014 Douglas Elliman releases Elliman Report: 2Q 2014 Quarterly Survey of Residential Sales for Queens Market:  After a year and a half of rising sales, the Queens housing market took a breath in the second quarter as sales slipped. For more than three years now, listing inventory has continued to fall.  Although housing prices this year remain slightly below last year, co-ops are showing strength, benefiting from higher cost housing in Brooklyn, which has shown little sign of easing.  See the full report at Elliman.com.

Douglas Elliman released the Second Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 2Q-2014 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

“Manhattan housing prices continued to press higher, driven by low inventory and seven consecutive quarters of year-over-year sales growth”

 

  • Manhattan median sales price increased 5.2% to $910,000 from the prior year quarter.  Much of the gain came from the co-op market, which comprised 59.5% of sales and a Q2_2014_Manhattan_Sales9% raise in median sales price.
  • The number of sales that closed at or above list price at the time of contract was 45.9%, the highest level reached since 51.6% in the third quarter of 2008.  Although the number of sales increased 6.3% from the prior year quarter for the seventh consecutive quarter, the increase was well below the 27.6^ average growth of the past 4 quarters.
  • The easing rate of sales growth, along with rising prices, has allowed inventory to expand.  Inventory expanded 18% to 5,659 from the prior year quarter with the gain largely attributable to the condo market
  • Listing discount, the percentage difference between the list price at time of sale and the sales price, was essentially unchanged at 2.8% from the prior year quarter.
  • Days on market, the number of days from the last price change to the contract date, fell by roughly half to 96 days from the prior year quarter as languishing listings were sold off.

Jun
02

How’s the Market May 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.

AV&MED_SP_DOM_May_2014

 

DISC_AP_May_2014Sales_Region_May_2014

May
10

How’s the Market – April 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.

 

AV_MED_SP_DOM_04-2014

Disc_AP_04-2014

Sales_by_Region_04-2014

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.

Mar
10

How’s the Market – February 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.

AV_MSP_DOM_Feb_2014

DISC_AP_Feb_2014

Sales_Region_Feb_2014