Archive for Real Estate Trends

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.2014-10_Manhattan_Rentals

“Manhattan, Brooklyn and Queens rental prices pushed higher, driven by tight credit and an improving economy.”

Manhattan rental prices pushed higher for the eighth consecutive month as the market remained tight. Landlord concessions remained rare, negotiability declined and the vacancy rate fell to a five-year October low. Rents for smaller apartments rose faster than the remainder of the market. Tight mortgage lending conditions and rising employment are expected to keep the pressure on the rental market in the coming months.

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
19

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 Elliman.com ; 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 Elliman.com    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 Elliman.com

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 Elliman.com

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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.”

 09-2014_Manhattan_Rentals

  • 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.

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.

Aug
04

How’s the Market – July 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_07-2014

 

DISC_AP_07-2014

 

Sales_Region_07-2014

Jul
13

In the News – July 13, 2014

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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.

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

 

“Manhattan rental prices rose for third consecutive month, while Brooklyn rents have been rising for a year.”

  • For the third consecutive month, the Manhattan median rental price increased above the prior year level.
  • Rental_0514_highlightsMedian rental price was$3,300, 3.1% above the same period last year and the highest level reached since early 2009.
  • After weakening in the second half of 2013 from intensive competition from the sales market, median rental prices have generally trended higher since the beginning of the year.
  • Although landlord concessions edged slightly higher to 5.7% of all transactions from 4.4% in the same period last year, their use has fallen sharply since the beginning of the year.
  • After peaking in January at 13.1% their market share has fallen by half to 5.7%.
  • In Brooklyn, median rental price increased 8.6% to $2,800 from the same month last year, yet remained essentially unchanged from the prior month.
  • Since the beginning of the year, median rental price has showed some stability on a month-over-month basis.

Jun
02

How’s the Market May 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_May_2014

 

DISC_AP_May_2014Sales_Region_May_2014

May
10

How’s the Market – April 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_04-2014

Disc_AP_04-2014

Sales_by_Region_04-2014

May
04

In the News – May 4, 2014

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05/02/14 – Elliman Releases 1st Quarter 2014 Long Island Sales Quarterly Sales Survey:  The Long Island housing market entered 2014 with low inventory, rising sales volume, faster pace and rising prices. While inventory may have bottomed in the prior quarter, levels have remained low and this continues to be a challenge for many homebuyers. With low inventory, homes are selling faster and prices have edged higher over the past year. With the economy slowly improving and mortgage rates stabilizing, we anticipate a busy spring market.  See the full report at Elliman.com

 

05/02/14 – Elliman Releases 1st Quarter 2014 Hamtons Sales Quarterly Survey:  The first quarter Hamptons market improved significantly from the same quarter last year which had been recovering from the “fiscal cliff” hangover. Sales activity was significantly higher and marketing times were shorter. Inventory was up from last year¹s levels, but has remained stable for the past year. Big gains were seen in the luxury market, with the 4th highest sales total of $5M+ in 8 years. Wall Street compensation was higher this year and is being felt across the market. We look to improving market conditions in the coming quarters.  See the full report at Elliman.com

 

05/02/14 – Elliman Releases 1st Quarter 2014 North Fork Quarterly Survey of Residential Sales:  The North Fork returned to a more normal market, improving from the weaker conditions experienced a year ago. The number of sales jumped this quarter, rising faster than inventory levels. Home prices generally remained stable, but marketing times fell as the pace of the market was faster. Like the rest of the region, we expect these conditions to continue into the spring.  See the full report at Elliman.com

 

 

 

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Apr
20

In the News – April 20, 2014

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04/17/14 – Elliman Releases 1 Quarter 2014 Elliman Report for the Miami Market:  The Miami housing market began the year where it left off last year, having both the highest number of first quarter sales and the fastest marketing time in 8 years. Prices continued to rise, reaching their highest point since 2008 and it remains predominantly a cash market. Listing inventory is beginning to expand as sellers are being pulled into the market after several years of improving market conditions. Based on the fast start, we are excited about the year ahead.  See the full report at Elliman.com; in Spanish here;  and in Portuguese here.

 

04/17/14 – Elliman Releases 1 Quarter 2014 Elliman Report for the  Boca Raton Sales market:  The housing market in Boca Raton continued to move quickly with the fastest marketing times seen in at least 8 years. Overall sales activity fell short of prior year levels, but listing inventory is beginning to rise, and high-end sales are being held back by limited supply. We continued to be encouraged by the strength of the market and look forward to an active spring quarter.  See the full report at Elliman.com

 

04/17/14 – Elliman Releases 1 Quarter 2014 Elliman Report for the Fort Lauderdale Market:  Like prior quarters, the Fort Lauderdale housing market continued to see rising prices across all market categories. The trend of rising prices is beginning to cause listing inventory to rise from low levels as homeowners look to take advantage of the active market. The luxury market was a particular standout this quarter and we look to more of the same in the coming quarters.  See the full report at Elliman.com 

 

04/17/14 – Elliman Releases 1 Quarter 2014 Elliman Report for the Palm Beach Market:   The Palm Beach housing market continued to be challenged by limited inventory and faster marketing times. There was an uptick in large luxury sales in the quarter, but the overall lack of inventory across the market has kept sales from rising. Overall housing prices reached 5-year highs. We anticipate that these tight market conditions will continue through the spring.  See the full report at Elliman.com

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Apr
04

How’s the Market – March 2014 & 1 QTR 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_03-2014

Disc_AP_03-2014 

Sales_by_Region_03-2014

 

The following charts show activity over the 1st Quarter 2014 compared to 4th Quarter 2013 and 1st Quarter 2013.

 

AV_MED_SP_DOM_1QTR_2014

Disc_AP_1QTR_2014

Sales_by_Region_1QTR-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.