Matrix Blog

Brooklyn

Ready, Set, Download: 1Q 2014 Market Reports for Brooklyn, Queens and Westchester/Putnam Sales

April 12, 2014 | 1:49 pm | delogo |

We released 3 reports for Douglas Elliman on the sales markets for Brooklyn, Queens and Westchester/Putnam this week. Click on the reports to download!

Brooklyn_1Q_2014 BROOKLYN The Brooklyn housing market was characterized by more modest price growth and chronic lack of inventory, holding back sales growth. Median sales price expanded 1% to $520,000 from the same period last year and the highest first quarter result in 6 years. Average sales price grew 7.3% to $681,182 over the same period. Co-ops posted the largest year-over-year gain in median sales price, rising 12.2% to $340,000 but lost 2.1% of the market share. Condos remained essentially unchanged over the year with a $625,000 median sales price and market share edged 1.6% higher. The 1-3 family median sales price increased 5.1% to $588,733 and market share increased a nominal 0.5%…

Queens_1Q_2014 QUEENS The first quarter Queens housing market was a period of rising prices after an extended period of stability, declining inventory, and rising sales. The bottom of the multi-year decline of listing inventory may have been reached in the fourth quarter of 2013. Although the first quarter listing inventory increased 7% from the prior quarter bottom to 5,617, it was the second lowest level recorded in this report series since 2005 and 13.5% below prior year levels. The number of sales jumped 32.8% to 3,156 from the prior year quarter, the highest first quarter total in 6 years. The combination of declining inventory and rising sales led to a faster market pace. The absorption rate, the number of months to sell all listing inventory at the current pace of sales, fell to 5.3 months, less than half the 11.2 month average over the past 5 years…

Westchester_1Q_2014 WESTCHESTER The Westchester housing market saw the most first quarter sales in 7 years, the highest median sales price in 6 years and initial signs that the trend of declining inventory may be ending. There were 1,525 sales in the first quarter, up 13.1% from the prior year quarter and the most first quarter sales since the same period 7 years ago. Listing inventory fell 3.7% to 5,378 from the same period last year and for the 8th consecutive quarter. With the rise in the number of sales and the decline in listing inventory, the pace of the market was faster. The monthly absorption rate, defined as the number of months to sell all inventory at the current pace of sales, fell by 1.8 months to 10.6 months from the prior year quarter…
PUTNAM After bottoming out two years ago, housing prices have generally trended higher as the number of sales expanded and inventory contracted. All price indicators posted gains from prior year levels. Median sales price increased 12.7% to $302,500 while average sales price rose 15.9% to $379,217 over the same period…

Tags:


Brooklyn Rentals: Coolness doesn’t come free

April 11, 2014 | 10:07 am | Public |

4-2014qzmanhattan-brooklyn-rentspread [Source: Quartz]

Rob Ferdman over at Quartz writes a great breakdown of the narrowing rental spread between Manhattan and Brooklyn using the data I crunch for The Elliman Report: Manhattan & Brooklyn Rentals. Here’s my version of the chart.

After I designated last week’s Bloomberg story headline “Brooklyn’s Hipster Economy Challenges Manhattan Supremacy” as my favorite new phrase, specifically:

Brooklyn’s Hipster Economy

Quartz has given me a new favorite phrase (see under original chart):

Coolness doesn’t come free

.

Tags: , , ,


[Infographic] Looking at the Manhattan and Brooklyn Rental Markets 3-2014

April 10, 2014 | 12:00 pm | delogo | Infographics |

Entering the world of infographics, here are some highlights from our just released Elliman Report: Manhattan & Brooklyn Rentals 3-2014

ManhattanBrooklyn3-14INFOGRAPHIC


The Manhattan & Brooklyn Rentals Side-by-Side Trend Comparison

March 20, 2014 | 12:50 pm |

Given the discussion about the narrowing gap between the Manhattan and Brooklyn Rental markets, I thought I’d place the rental price trends side by side to get a sense of how the two markets match up.

Manhattan
While the year-over-year Manhattan rental numbers have fallen short of the prior year, rents have remained fairly stable over the past 6 months:

2014-2Manhattan-medianYoY
[Click to expand]

Brooklyn
Brooklyn rental prices have been trending sharply higher to the point where the rental price spread between the two markets is at it’s lowest level every recorded (since 1/2008):

2014-2Brooklyn-medianYoY
[Click to expand]

Tags: ,


[Chart] The Manhattan-Brooklyn Median Rental Price Smackdown

March 15, 2014 | 1:57 pm | delogo | Charts |

2014-2MBmedianspread

The rental price spread between Brooklyn and Manhattan is narrowing. At $210, the month of February saw the lowest differential between the median rental price of Manhattan and Brooklyn’s North and Northwest regions.

While Manhattan rents have leveled off, Brooklyn rents have continued to rise sharply – a combination of rising demand as well as a shift in the mix towards luxury rentals.

A decade ago, who would have thought we’d be talking about Brooklyn this way?

Tags:


Talking Rental Markets on Bloomberg TV’s ‘Street Smart’

March 14, 2014 | 5:54 pm | bloomberglogo | Videos |

Had a great conversation with Trish Regan on her Bloomberg TV show “Street Smart” about the Manhattan and Brooklyn rental markets and rent versus buy. This was in connection with the February Elliman rental report we published earlier that day.

It was windy and 18 degrees outside so I think I look a bit disheveled. But always fun to connect with everyone at Bloomberg whenever I visit (and maintain my Foursquare mayorship of the “green room”).

Tags: , ,


February 2014 Manhattan and Brooklyn Rental Report Released

March 14, 2014 | 12:44 pm | delogo | Reports |

Rental_0214

Douglas Elliman published the Manhattan/Brooklyn rental report that I author. This monthly report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994. We discontinued the quarterly rental report series but still present the information in our aggregate database.

MANHATTAN

  • Prices fell from year ago levels for the 6th consecutive month.
  • Rental prices have essentially remained flat since last summer.
  • Median rental price spread between Manhattan and Brooklyn (N. NW regions) was $210, narrowest tracked (since January 2008).
  • The use of concessions by landlords nearly doubled and vacancy rate edged higher.

BROOKLYN
[North, Northwest Regions]

  • Rental price indicators continued to push higher.
  • New rental activity jumped as tenants scrambled for improved affordability at time of lease renewal.
  • Price gains in studio and 1-bedrooms as 2-bedroom and 3-bedrooms weakened.
  • Marketing times remained largely unchanged but negotiability between tenants and landlords tightened.

Here’s an excerpt from the report:

MANHATTAN For the sixth consecutive month, the year-over-year median rental price fell below the prior year level. Median rental price declined 2.8% to $3,100 from the same month last year. As a result, rental prices have generally remained flat on a monthly basis since last summer. The other price indicators also showed similar declines. Average rental price slipped 0.6% to $3,932 and average rental price per square foot fell 3.7% to $49.70 respectively from the same period last year…

BROOKLYN All rental price indicators continued to post year-over-year gains. Median rental price rose 11.6% to $2,890 from the same period a year ago, marking the ninth consecutive monthly gain. These results outpaced the luxury market, whose median rental price increased 4.5% over the same period. Average rental price expanded 2.6% to $3,178 and average rental price per square foot increased 3% to $38.12 over the same period…




The Elliman Report: 2-2014 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 2-2014 Manhattan/Brooklyn Rentals [Douglas Elliman]
Miller Samuel Aggregate Database [Miller Samuel]
Chart Gallery (Brooklyn Monthly) [Miller Samuel]
Chart Gallery (Manhattan Monthly) [Miller Samuel]
Chart Gallery (Manhattan Quarterly) [Miller Samuel]


Manhattan Rental Market’s Rising Landlord Concessions

February 13, 2014 | 11:44 pm | delogo | Reports |

MSlandlordconcessions
[click to expand]

Today the market report covering the Manhattan/Brooklyn rental market for January 2014 that we prepare for Douglas Elliman was published. We’ve authored the Elliman Report series since 1994.

One of the trends we’ve observed has been the recent expansion of the use of concessions by landlords to keep vacancy low as evidenced in the above chart.

You can download this report and others, view charts in a variety of markets and build custom data tables. See the report press coverage here.

Tags: ,


[Plateauing or Rising] 10-2013 Manhattan/Brooklyn Rental Report

November 13, 2013 | 10:01 am | delogo | Reports |

Douglas Elliman just published their Manhattan/Brooklyn rental report. This monthly report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994. We discontinued the quarterly rental report series but still present the information in our aggregate database.

MANHATTAN

  • Second consecutive year-over-year monthly decline in median rent since June 2011 as summer sales surge poached rental demand.
  • Landlord concessions remained nominal, accounting for only 3.7% of new rentals and an average of 1.2 months rental equivalent.
  • Despite slip in rents, the number of new rentals continued to rise sharply as tenants sought out greater affordability.
  • Vacancy rate remained near 3-year high, but still at historic norms.
  • Improving regional economy and higher mortgage rates will keep upward pressure on rental prices.

BROOKLYN
[North, Northwest Regions]

  • Median rent was 3rd highest in 6 years.
  • Other than last May, rents have not fallen in 2013.
  • New rental activity heavy as tenants continue seek out greater affordability.
  • Luxury rental prices outpacing price growth of the overall market.

Here’s an excerpt from the report:

MANHATTAN Median rental price for October fell 1.6% below the same month last year to $3,150. This decline was the second consecutive yearover- year drop, following the September drop that broke the 26 consecutive month record without a decline. Weaker pricing was the result of the sales surge over the summer that pulled demand from the rental market. However the use of landlord concessions remained limited, found in only 3.7% of all new rentals with an average rental equivalent of 1.2 months…

BROOKLYN The rental market continued to show growth with all price indicators above prior year levels. Other than last May, all monthly year-overyear rental price indicators have not declined in 2013. Median rental price rose 6.8% to $2,699 over the prior year quarter. Average rental price and average rental price per square foot posted 12.6% and 25.5% respectively gains over the same period…




The Elliman Report: 10-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 10-2013 Manhattan/Brooklyn Rentals [Douglas Elliman]
Miller Samuel Aggregate Database [Miller Samuel]
Chart Gallery (Brooklyn Monthly) [Miller Samuel]
Chart Gallery (Manhattan Monthly) [Miller Samuel]
Chart Gallery (Manhattan Quarterly) [Miller Samuel]


3Q 2013 Market Report Gauntlet Comes to a Close

October 26, 2013 | 5:15 pm | delogo | Reports |

This week marked the end of what I call the “quarterly gauntlet” market report releases that I author for Douglas Elliman. If you’re interested, we’ve analyzed a bunch of markets:

NYC Metro Area
- Manhattan Sales
- Manhattan & Brooklyn Rentals
- Brooklyn Sales
- Queens Sales
- Westchester/Putnam Sales
- Long Island Sales
- Hamptons Sales
- North Fork Sales

South Florida
- Miami Sales
- Boca Raton Sales
- Fort Lauderdale Sales
- Palm Beach Sales

I’ve been writing this expanding report series for Douglas Elliman since 1994. You can also build custom data tables on information included in the reports using our aggregate database and a growing library of market charts.