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Elliman Reports

[Infographic] Getting Graphic in South Florida in 1Q 2014

April 18, 2014 | 4:30 pm | delogo | Infographics |

Here’s a jumbo infographic from Douglas Elliman covering the findings of the four market reports in South Florida we prepare for them. Thank goodness Matrix can handle super tall images.

1q14infographicelliman-florida


[Ready, Set, Download] South Florida Market Reports 1Q 2014

April 18, 2014 | 4:01 pm | delogo | Reports |

Our 4 comprehensive reports for Douglas Elliman on the residential sales markets for Miami, Boca Raton, Fort Lauderdale and Palm Beach this week.

Click on each report to download!

Miami_1Q14

MIAMI
With the Miami housing market well into the third year of its recovery, rising prices have begun to pull listing inventory into the market. Median sales price increased 16.1% to $244,000, the highest point reached since 2008. Average sales price jumped 19.1% to $461,374 over last year to a 5 year high and average price per square foot exceeded $305 per square foot for the first time in 6 years. Listing inventory bottomed in the second quarter of 2013, trending higher, up 15.2% to 12,664 from the prior year quarter. Along with the rise in supply, demand continued to rise. The number of sales rose 3.9% to 5,133 from the prior year quarter, to the highest first quarter total in the 8 years this metric has been tracked. The market share of distressed sales, once the majority of the market, continued to decline. Excluding short sales and foreclosures, market share rose to 69.4%, the highest level reached in the 4 years this metric has been tracked. The number of distressed listings and distressed With the Miami housing market well into the third year of its recovery, rising prices have begun to pull listing inventory into the market. Median sales price increased 16.1% to $244,000, the highest point reached since 2008. Average sales price jumped 19.1% to $461,374 over last year to a 5 year high and average price per square foot exceeded $305 per square foot for the first time in 6 years…

BocaRaton_1Q14

BOCA RATON
CONDO Median sales price surged 16.3% to $150,000 and average sales price declined 8.8% to $229,569 respectively from the prior year quarter. Listing discount, the percent difference between the list price at time of contract and the sales price, rose to 7% from 3.8% in the prior year quarter, but fell from 7.7% in the prior quarter…

SINGLE FAMILY Median sales price jumped 19.4% to $370,000 and average sales price rose 5.3% to $528,616 respectively from the prior year quarter. Listing discount edged up to 6.9% from 6.1% in the prior year quarter, as sellers were slightly more optimistic when determining their listing price…

FtLauderdale_1Q14

FORT LAUDERDALE
CONDO Median sales price jumped 19.8% to $255,000 from the same quarter last year, the highest level reached since 2008. Average sales price followed the same pattern, rising 23.9% to $379,391 over the same period also reaching a 5 year high.

SINGLE FAMILY The average time to market a property was 91 days, essentially unchanged from 90 days in the prior year quarter. Listing discount, the percentage difference between the list price at time of contract and the sales price, jumped to 8.1% from 4.5% as sellers pressed list prices higher than market trends support.

PalmBeach_1Q14

PALM BEACH
CONDO There were 68 sales during the quarter, 25.9% more than the same period last year. Listing inventory fell 16.9% to 360 over the same period. As a result the absorption rate, the number of months to sell all inventory at the current pace of sales, fell 34% to 15.9 months from the same period last year. The faster market pace pushed down days on market, the number of days from the last price change to the contract date, by 10 days to an average of 182 days.

SINGLE FAMILY Median sales price increased 10.7% to $3,100,000 from the prior year quarter to the highest first quarter reached since 2009. Average sales price jumped 56.7% to $6,450,093 over the same period. The average square footage of a sale was 5,261, up 20.9% from the prior year quarter.

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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…

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[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


[Chart] Manhattan Co-op/Condo/Townhouse Monthly Listing Inventory Remains Woefully Low

April 3, 2014 | 9:00 am | Charts |

No meaningful rise in inventory in the last 3 months overall supply appears to be leveling off per the recently released 1Q14 Manhattan sales report we authored for Douglas Elliman.

1q14manhattan-inventorybymonth
[click to expand]

Manhattan Co-op/Condo Market Charts [Miller Samuel]

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[Infographic] Manhattan Sales Market 1Q14

April 1, 2014 | 5:28 pm | delogo | Infographics |

Here’s our first professional infographic of my market research for Douglas Elliman. It covers the just released Elliman Report: Manhattan Sales 1Q 2014. Here was my recent attempt at a hand-made infographic covering another topic using Excel.

Manhattan Market Report Infographic


1Q 2014 Manhattan Sales Report Released, Records Reached

April 1, 2014 | 4:46 pm | delogo | Reports |

Manhattan_1Q_2014

Douglas Elliman published the Manhattan sales report today that I author. This report is part of an evolving series I’ve been writing for Douglas Elliman since 1994.

Key Trends

  • Most first quarter sales in 7 years, but not expected to keep torrid pace.
  • Price per square foot sets 25-year record of $1,363.
  • Median sales price jumped 18.5% but remained 5.1% below 2008 peak.
  • Inventory was flat for first time in 3 years.
  • Comparisons against year ago levels skewed higher from brief “fiscal cliff” lull.
  • Credit remains tight partly due to implementation of QM – keeping inventory low.

Here’s an excerpt from the report:

First quarter Manhattan housing market conditions included double-digit price gains from prior year levels as the sales mix shifted to larger units and a growing new development market share targeted the luxury market. Sales momentum from a record setting 2013 carried into the new year and listing inventory stabilized after twelve consecutive quarterly year-over-year declines.

Median sales price increased 18.5% to $972,428 from the last year, but remained 5.1% below the high water mark set in the second quarter of 2008 before the Lehman tipping point in the subsequent quarter. Average sales price jumped 30.9% to $1,773,523 from the same period last year due to a number of factors, including the rise in luxury new development market share, the increase in the average sales size and larger price gains at the upper end of the market. The average square footage of an apartment was 1,301, a 5.9% increase from the same period last year. The average price per square foot of a Manhattan apartment reached a record $1,363, 23.6% above year the prior year level…

There was heavy media coverage of the report release this quarter.




The Elliman Report: 1Q 14 Manhattan Sales [Miller Samuel]
The Elliman Report: 1Q 14 Manhattan Sales [Douglas Elliman]
Miller Samuel Aggregate Database [Miller Samuel]
Chart Gallery [Miller Samuel]

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[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?

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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]


[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]