Archive for UES

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

Manhattan_Rental_April_2015

“Rents continued to rise across the region as Brooklyn sets new price record”

  • Manhattan rents have increased for fourteen consecutive months, driven by an improving economy and tight mortgage lending conditions.
  • Rents were higher for all sizes, but the largest increases were seen in entry-level apartments.
  • Landlords are rarely offering concessions and both days on market and listing discounts remained low.
  • Median rental price increased 3.5% to $3,361 as compared to April 2014
  • These trends are expected to continue into the summer.

 

  • After showing signs of leveling off in recent months, Brooklyn rents rose to a new record in April.
  • Rents were higher across most of the market including studio, 1-bedroom and 2-bedroom apartments, while weaker at the top of the market.
  • Use of concessions by landlords and negotiability was limited.
  • Tight conditions are anticipated to continue through the coming months.
  • Rents rose across all apartment sizes in the northwest Queens.
  • There were a lot more 1-bedroom rentals than last year, attracting renters from Manhattan and Brooklyn seeking greater affordability.
  • More newly developed apartments continued to enter the market.

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Apr
17

How’s the Market – March 2015 and 1QTR 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.

Avg&Med_SP_DOM_03-2015

Dis_AP_03-2015-1

Sales_Region_03-2015

The following charts show activity over the 1st Quarter 2015 compared to 4th Quarter 2014 and 1st Quarter 2014.

Avg&Med_SP_DOM_1QTR_2015

Dis_AP_1QTR-2015

Sales_Region_1QTR-2015

Apr
12

In the News – April 12, 2015

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4/9/15: Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Brooklyn Sales.  The Brooklyn housing market entered 2015 breaking new records. Median sales price for the borough as well as for condos and single family sales were the highest we’ve ever recorded. Marketing times fell and sales slipped as low inventory kept more sales from occurring. We anticipate tight market conditions in the next two quarters. See the full report at Elliman.com

 

4/9/15:  Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Queens Sales.  Since last fall, the Queens housing prices have continued to rise. Attributing factors include low inventory, an improving economy and buyers from other markets like Brooklyn and Manhattan seeking out greater affordability. Sales slipped largely from the lack of inventory. With an improving economy, we expect continued price pressure in the coming quarters.  See the full report at Elliman.com.

 

4/9/15:  Douglas Elliman Releases Elliman Report for 1st Quarter 2015 Westchester and Putnam Sales.  Westchester housing prices remained stable for the past two quarters. Single family home sales were up, while listing inventory declined. Prices within the luxury single family market were higher than last year. Co-op prices slipped as condo prices held steady. With rising sales and low inventory, we look towards a fast paced market this spring.

While housing prices in Putnam fell short of last year, the number of sales jumped as inventory moved lower, much like other markets in the region. The faster market pace is expected to continue into the next quarter. See the full report at Elliman.com.

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-2015 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

1QTR2015_Manhattan_Sales

  • The Manhattan housing market continued to show strong results, but did not keep up with the record pace set last year. Price trends showed more stability than we’ve seen over the past few years and overall inventory increased slowly. Sales levels remained above average and properties sold more quickly than they did last year. We look forward to very active spring and summer market periods.
  • Median sales price was essentially unchanged at $970,000 as compared to the prior year quarter and was the fifth highest quarterly result in 25 years. Considered the gateway for the first-time purchase market, the market share of co-op studio and 1-bedroom sales expanded.
  • The luxury market showed weaker results than the over all market as all price indicators fell short of last year’s levels and listing inventory expanded at a faster pace than re-sale inventory. Luxury median sales price declined 10.6% to $5,142,162 from the prior year quarter. Luxury listing inventory rose 14.1% to 1,575 from the prior year quarter.
  • Although the number of sales fell 19.5% to 2,661 from the prior year 25-year record, it was the third highest first quarter on record. Listing inventory expanded 5% to 5,243 from the prior year quarter, however much of the gain came from new development. Approximately 39% of co-op and 60% of condo sales in the first quarter were paid for with cash for a weighted average of 47%, up from 45% in the prior year quarter.
  • Days on market, the average number of days to sell all apartments that closed during the quarter, fell by 15 days to 100 days over the same period.

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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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Feb
23

How’s the Market – January 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_CS_01-2015

Disc_AP_01-2015

Sales_Region_01-2015

 

 

Recently Douglas Elliman released the December 2014 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The December 2014 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,Manhattan_Rentals_Dec_2014 reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

“Market conditions remained challenging for renters, as upward pressure on prices remained.”

Manhattan median rental prices were higher for the tenth consecutive month. Rising rents were more commonly found in smaller apartments such as studios and 1-bedrooms. Falling vacancy rates, the lower use of landlord concessions, an improving economy and tight mortgage conditions may continue to keep the pressure on rental prices into the new year

Jan
13

How’s the Market December 2014 & 4th Quarter 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_DEC_2014

 

DISC_AP_DEC_2014

Sales_Region_Dec_2014

 

 

 

The following charts show activity over the 4th Quarter 2014 compared to 3rd Quarter 2014 and 4th Quarter 2013.

 

AV&MED_SP_DOM_4QTR_2014

 

DISC_AP_4QTR_2014

 

Sales_Region_4QTR_2014

 

 

Dec
12

How’s the Market – November 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_Nov_2014

 

DISC_AP_NOV_2014

Sales_Region_Nov_2014

 

 

 

 

 

 

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

 

“Manhattan, Brooklyn and Queens rental prices increased, driven by tight credit and an improving economy.”Manhattan_Rentals_11-2014

The Manhattan rental market continued to be characterized by rising prices and low vacancy rates. Median rent increased for the ninth consecutive month with the biggest gains seen in the studio and 1-bedroom markets.  The use of concessions by landlords and declining marketing times were influenced by rising employment and tight mortgage lending conditions. We don’t anticipate significant relief to tenants next year.

  • All price indicators for the Manhattan rental market increased as the New York City economy continued to improve and mortgage lending conditions remained tight.
  • Median rental prices increased from the prior year level for the ninth consecutive month.

Nov
10

How’s the Market – October 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_10-2014

DISC_AP_10-2014

S_by_region_10-2014

Oct
08

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.

 

AV_MED_SP_DOM_09_2014

 

DISC_AP_09-2014

 

Sales_Region_09-2014

 

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

 

AV_MED_SP_DOM_3Q_2014

 

DISC_AP_3Q-2014

 

Sales_Region_3Q-2014

 

 

 

 

 

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

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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_08-2014 - Copy

DISC_AP_08-2014 - Copy

Sales_Region_08-2014 - Copy

 

Aug
17

In the News – August 17, 2014

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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