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Archive for October, 2012

[6 Year High] 3Q 2012 Hamptons & North Fork Report

October 25, 2012 | 2:54 pm | delogo | Reports |

We published our report on the Hamptons & North Fork sales market for 3Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Hamptons & North Fork

-Sales increased to highest 3rd quarter total in 7 years.
-Fourth highest market share of sub-million dollar sales (69.9%) in four years as falling mortgage rates brought out first time buyers, skewing overall prices lower.
-Market share of sales above $5M fell sharply from 55.6% to 36.6% of luxury sales.
-Monthly absorption rate was at second fastest pace (10.3 months) since the credit crunch began from rising sales and falling inventory.
-Tight credit continues restrain demand but rates remain at record lows and continue to pull in buyers despite difficulty.
-Wall Street and International buyers remain active.

Here’s an excerpt from the report:

…The housing market on the eastern end of Long Island had its highest number of third quarter sales in six years, as inventory declined and buyers and sellers moved closer together on price. Housing prices were characterized as stable, as price indicators declined largely due to the shift towards smaller properties in response to falling mortgage rates. The market share of sales below $1M increased to 69.9% of all sales, up from 67.1% in the prior year quarter and above the five-year average of 66.5%. The shift towards lower-priced sales skewed overall housing prices lower; median sales price fell 9.3% from $700,000 in the same period last year to $635,000. In addition to the spike in sales below the $1M threshold, there was increased activity at the lower end of the luxury market…

You can build your own custom data tables on the market – now updated with 3Q 12 data. I’ll update the chart series soon. In the meantime you can browse our chart library.




The Elliman Report: 3Q 2012 Hamptons & North Fork Sales [Miller Samuel]
The Elliman Report: 3Q 2012 Hamptons & North Fork [Prudential Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]

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[More Activity, Later] 3Q 2012 Long Island Report

October 25, 2012 | 2:37 pm | delogo | Reports |

We published our report on the Long Island sales market for 3Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Long Island

-Housing prices generally stable
-Listing inventory continues to fall sharply
-Pending sales outpaced closed sales reflecting a late season rise in activity
-Despite tight credit, record low mortgage rates are pulling more people into the market.





Here’s an excerpt from the report:

…The pace of the Long Island housing market has been accelerating. The rise in sales and sharp decline in available inventory resulted in the fastest absorption rate in nearly six years. Contract signings rose faster than the pace of closings on both a quarterly and year-to-date basis. Median sales price was $365,000, unchanged from the prior year quarter. Average sales price saw a nominal 0.8% slip from $457,496 to $454,037 over the same period. The second, third, and fourth quintiles saw no or nominal changes in median sales price compared to the prior year quarter, while the first and fifth quintiles declined 2.2% and 2.9% respectively over the same period. There were 5,638 sales in the third quarter, 9.7% above 5,141 sales in the same period last year. Pending sales saw a larger gain over the same period, rising 12.9% to 5,436 from 4,813. Year-to-date, these metrics showed a similar pattern, reflecting the expanding activity levels later in the year…

You can build your own custom data tables on the market – now updated with 3Q 12 data. I’ll post the updated 3Q12 charts soon. In the meantime you can browse our chart library.




The Elliman Report: 3Q 2012 Long Island Sales [Miller Samuel]
The Elliman Report: 3Q 2012 Long Island Sales [Prudential Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]

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3Q 2012 Miami Real Estate Trends, Spanish & Portuguese Translations

October 25, 2012 | 11:59 am | delogo | Reports |

South Florida-based Douglas Elliman has translated the Miami market report I prepare to Spanish and Portuguese versions in order to better serve their clients, all in the name of increased market transparency.

Elliman Report: Miami Sales (Spanish) | Elliman Report: Miami Sales (Portuguese)

[click to open reports]


Elliman Report: Miami Sales (Spanish) 3Q 2012 [Douglas Elliman]
Elliman Report: Miami Sales (Portuguese) 3Q 2012 [Douglas Elliman]
Elliman Report: Miami Sales (English) 3Q 2012 [Douglas Elliman]

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[Three Cents Worth NY #215] Manhattan Housecleaning, 3Q Stats ‘n Charts Edition

October 25, 2012 | 11:44 am | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Read this week’s 3CW column on @CurbedNY:

…After today’s release of the 3Q 12 Hamptons North Fork report and the 3Q 2012 gauntlet of Elliman market reports now behind us, I wanted to clean house and use a bunch of Manhattan stats that were culled during the preparation of the Manhattan report into a single chart…

 

[click to read column]


Curbed NY : Three Cents Worth Archive
Curbed DC : Three Cents Worth Archive
Curbed Miami : Three Cents Worth Archive

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[Bloomberg Video] Falling Mortgage Rates Aren’t Driving More Mortgage Loans

October 25, 2012 | 11:29 am | bloomberg_news_logo | Videos |

Michael McKee provides a great chart on “Bloomberg Surveillance” showing how falling mortgage rates are not pushing mortgage apps up.

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[Three Cents Worth DC #214] The Real Reasons House Prices Are Rising

October 24, 2012 | 7:00 am | curbed | Articles |

It’s time to share my Three Cents Worth (3CW) on Curbed DC, at the intersection of neighborhood and real estate in the nation’s capitol. And I’m simply here to take measurements.

Read this week’s 3CW column on @CurbedDC:

…I wrote this post a few hours before the third presidential debate and since the topic covers foreign policy and the first two debates (plus the VP debate) had only scant mention of housing, I didn’t think I’d get anymore insights on what our policy makers think is happening in the housing market. Both parties clearly see no bonus points in bringing up a complex subject that won’t score any points (and only happens to be our nation’s largest asset class).

So I am asking the question – Why are housing prices rising in the DMV (and the US)?…

 

[click to read column]


Curbed NY : Three Cents Worth Archive
Curbed DC : Three Cents Worth Archive
Curbed Miami : Three Cents Worth Archive

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[In The Media] Bloomberg TV’s ‘Money Moves’ w/Deirdre Bolton 10-22-2012

October 22, 2012 | 5:32 pm | bloomberg_news_logo | Public |

Always fun to speak with Deirdre Bolton on her Bloomberg TV show “Money Moves.” We talk macro housing and foreign investors today and my tweet quote: Housing is the new global currency.

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[Three Cents Worth Miami #213] Miami’s Seasonal Condo Price Trends

October 22, 2012 | 7:00 am | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed Miami, at the intersection of neighborhood and real estate in the Magic City. And I’m simply here to take measurements.

Read my most recent 3CW column on @CurbedMiami:

…Yes, Miami actually has four housing seasons (no, you can’t use good-great-good-great). Last week we released the 3Q 2012 Miami sales report with Douglas Elliman covered here on Curbed Miami so I thought I’d do a 2-fer breaking out the five regions in our coverage of the coastal communities. I went with condos due to the low volume of single family sales in some of the submarkets…

 

[click to read column]


Curbed NY : Three Cents Worth Archive
Curbed DC : Three Cents Worth Archive
Curbed Miami : Three Cents Worth Archive

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[New, Improved, Expanded] 9-2012 Manhattan/Brooklyn Rental Report

October 20, 2012 | 3:00 pm | delogo | Reports |

We created and published a new report on the Manhattan rental market for 9-2012.  This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

New Features

-Includes both Manhattan and Brooklyn (North/Northwest)
-Monthly release.
-Vacancy Rates (Manhattan only)
-Breakdown of the four Manhattan regions by number of bedrooms
-We’ve added a “Super-Luxury” rental category for the top 5% of Manhattan.

-Both reports are a work in progress – we’ll continue to lavish attention on new features over the coming months.

Key Points

-Rental market remains tight as credit keeps some out of purchase market and supply isn’t elastic enough to meet demand.
-Strong employment growth is fueling rental market, which responds more quickly to job gains.

MANHATTAN

  • Prices continued to rise, up 10.2% based on face rent and 8% based on net effective rent year-over-year.
  • Only 2% of listings had a landlord concession, down from 8.6% last year.
  • Vacancy rate fell to 1.85% from 2.62% in year ago quarter, consistent with rising rents. Uptown with lowest rate, West Side with highest rate.
  • New rentals up 54.5% from the prior year suggesting market resistance at time of lease renewal.
  • Listing inventory slipped 2.6% from year ago levels.
  • Doorman prices up as non-doorman prices remained stable.

BROOKLYN
[North, Northwest Regions]

  • Prices slipped 2.1% below year ago levels but remain elevated.
  • New rentals up 6.5% over last year’s levels.
  • Days on market at third fast monthly rate in nearly 5 years.
  • 1-Bedrooms showed largest median sales price gain at 10.5% YOY.

Here’s an excerpt from the report:

…Two significant drivers of rental demand over the past year have been the tight lending conditions and the improving local economy, namely employment levels. Perhaps the most consequential factor to date has been the tight mortgage underwriting standards. Banks remain risk-adverse, and lending standards have yet to ease since the fall of Lehman Brothers. This has held many would-be buyers in the rental market, especially with mortgage rates continuing to fall and reaching record-low levels throughout most of 2012. However, falling mortgage rates have made lenders even more adverse to risk. This lower tenant mobility has tightened the conditions of the rental market, laying the pressure on rents…

You can build your own custom data tables on the Manhattan rental market using quarterly data – our new monthly format will be available online shortly and will be phasing in monthly charts to our rental chart gallery soon.




The Elliman Report: 9-2012 Manhattan Rentals [Miller Samuel]
The Elliman Report: 9-2012 Manhattan Rentals [Prudential Douglas Elliman]

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[Buyers Sellers Closer] 3Q 2012 Palm Beach Report

October 20, 2012 | 2:00 pm | delogo | Reports |

We published our inaugural report on the Palm Beach, Florida sales market for 3Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

-Condo sales reached their second highest level in more than six years.
-Buyers and sellers moved closer together on price and the market appears to be absorbing more of the older listing inventory.
-Single family homes selling 2 months faster than a year ago.






Here’s an excerpt from the report:

CONDO/TOWNHOUSE The number of sales jumped 45.5% to 64 units in the third quarter, from the prior year quarter. The year-to-date number of sales is at its second highest level in more than six years. Median sales price increased 3.3% to $390,000 from the prior year quarter, while average sales price and average price per square foot increased 6.5% and 27.7% respectively…

SINGLE FAMILY Median sales price increased 5.7% to $2,600,000 from the prior year quarter. Average sales price and average price per square foot dropped 16.4% and 15.1% over the same period. Arguably a small submarket that could be characterized as stable, the number of sales fell to 23 from 25 in the prior year quarter…

You can build your own custom data tables on the market – will be updated with 3Q 12 data shortly NOW UPDATED FOR 3Q12. We’ll be adding a chart library for this market area soon!




The Elliman Report: 3Q 2012 Palm Beach [Miller Samuel]
The Elliman Report: 3Q 2012 Palm Beach [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]