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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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.

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[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.


[Long List of Records] 3Q 2013 Manhattan Sales Report

October 4, 2013 | 10:32 am | delogo | Reports |

We published our report on Manhattan market sales for 3Q 2013 this week.   I’ve been writing this series for Douglas Elliman since 1994.

My Take

  • Inventory continues to challenge the market, falling to the lowest level since we began tracking it more than 13 years ago.
  • Sales surged as fence-sitters rushed in to buy before mortgage rates rose any further, causing the largest market share of co-op sales (62%) in 9-years.
  • Sales rose to second highest level in 24 years, the highest since 2007.
  • While overall median sales price slipped 2%, it was only due to a shift in mix to smaller sales. Both co-op and condo median sales prices increased year-over-year.
  • The 1-bedroom market share of sales reached a 15-year high.
  • The combination of surging sales and falling inventory resulted in fastest absorption rate (market pace) on record at 3.6 months.
  • The market share of new development closings fell to decade low of 6.2% as finished product continues to be scarce, but the rise in new development activity should reverse this trend in 2014.

Here’s an excerpt from the report:

The third quarter was a period of records and near records in the Manhattan residential apartment market. There were 3,837 sales in the third quarter, 30% higher than the prior year quarter and the second highest total in more than 24 years. The sharp gains in the number of sales likely reflects a release of pent-up demand accumulated over the past several years combined with the concern over rising mortgage rates. The highest level of sales reached was 3,939 in the second quarter of 2007, just over a year before the Lehman tipping point and onset of the global credit crunch in late 2008. Listing inventory also reached a new record by falling 21.9% to 4,567, the lowest level reached since this metric was tracked in 2000…


The charts will be updated shortly but the data tables are already updated to include 3Q 2013.

Here is some of the press coverage for the report.


The Elliman Report: 3Q 2013 Manhattan Sales [Miller Samuel]
The Elliman Report: 3Q 2013 Manhattan Sales [Douglas Elliman]

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[Narrowing the Gap] 7-2013 Manhattan/Brooklyn Rental Report

August 8, 2013 | 2:30 pm | 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

  • 25th consecutive month without a year-over-year decline in median rent.
  • Rents up slightly year-over-year and showing month over month stability in past several months – rents remain at high level.
  • Use of concessions by landlords is scarce – only 3.1% of rentals had some form of concession.
  • Days on market and listing discount are showing stability.
  • Vacancy remains low despite seasonal rise.
  • 3rd consecutive month with year-over-year decline in new rentals, suggesting more lease renewals.

BROOKLYN
[North, Northwest Regions]

  • All rental price indicators showed strong year-over-year gains.
  • Although days on market edged higher, listing discount fell sharply – latter indicates landlords are more in sync with market.
  • Modest rise in number of new rentals indicate landlords and tenants generally agree on pace of market rise.
  • Upper half of market showing larger gains in average rent than lower half.

Here’s an excerpt from the report:

MANHATTAN Manhattan median rental price moved 1.1% higher to $3,042 from the same month last year. Average rental price also posted a modest gain, rising 1.7% to $3,822 over the same period. Average rental price per square foot was unchanged at $50.73. Only 3.1% of rental transactions during the month had some form of landlord concessions. When a concession was provided, it was the equivalent of 1-month free rent, up from 0.8 months free rent in the prior year period…

BROOKLYN Median rental price increased 5.1% to $2,675 from the same period last year. Average rental price expanded 8.2% to $3,035 and average price per square foot increased by 6.4% to $37.66 from the prior year period…




The Elliman Report: 7-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 7-2013 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]


[Sales Surged] 2Q 2013 Hamptons Sales Report

July 26, 2013 | 11:05 am | delogo | Reports |

Douglas Elliman published the market report we prepared on the Hamptons sales market for 2Q 2013.

This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Highest number of second quarter sales since 2006.
  • Listing inventory continued to fall.
  • Second highest median sales price in 5 years.
  • Sales above $5M slipped, but overall gain in sales above $1M expanded.
  • Despite jump in sales, would likely have been more without 2012 year end “fiscal cliff” rush.

Here’s an excerpt from the 2Q 2013 report:

…Like the prior quarter, there were fewer highend transactions, fallout from the year-end rush to close before the expiration of the “fiscal cliff” deadline for tax planning purposes. Although the number of sales at or above $5M fell by 13.2% to 33, the number of sales over $1M actually expanded by 4% to 44.7% over the same period reflecting a more active “trade-up” or upper middle market than last year. As a result of this skew, the overall average sales price fell by 1.6% to $1,696,879, yet the median sales price increased 8.2% to $920,000, the second highest median sales price in 5 years, second only to $937,500 reached in the second quarter two years ago…

You can build your own custom data tables on the market – now updated with 2Q 13 data. Check out the charts by browsing in our chart library.


The Elliman Report: 2Q 2013 Hamptons Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Hamptons Sales [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]


[Prices Up] 2Q 2013 North Fork Sales Report

July 26, 2013 | 10:53 am | delogo | Reports |

Douglas Elliman published the report we author on the North Fork sales market for 2Q 2013.

This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Housing prices were up across all segments.
  • Inventory fell from year ago levels as marketing time dropped.
  • Number of sales up sharply.
  • Credit remained tight keeping inventory low.

Here’s an excerpt from the 2Q 2013 report:

…In the second quarter of 2013, the North Fork housing market was characterized by rising sales and prices along with falling inventory. Many buyers have entered the market due to the combination of the following factors: tight credit, low inventory, the release of pent-up demand after the last year’s market uncertainty caused by the fiscal cliff, and anticipated rise of mortgage rates, due to the improved economy. Both price indicators were higher than the prior year levels. Median sales price was $459,750, up 10.8% and the average sales price rose 4% to $679,720…

You can build your own custom data tables on the market – now updated with 2Q 13 data. Check out the charts by browsing in our chart library.


The Elliman Report: 2Q 2013 North Fork Sales [Miller Samuel]
The Elliman Report: 2Q 2013 North Fork Sales [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]


[Fast Pace] 2Q 2013 Long Island Sales Report

July 26, 2013 | 10:39 am | delogo | Reports |

We published our report on the Long Island sales market for 2Q 2013.

This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Fastest market pace since 2005 with absorption rate at 9.3 months.
  • Inventory fell sharply as closed sales and pending sales jumped.
  • Housing prices edged higher.
  • Tight credit continued to keep inventory off market.
  • Concern about rising mortgage rates pushed more buyers into the market.

Here’s an excerpt from the 2Q 2013 report:

…Although the pace of the Long Island market has been accelerating with more sales and less supply, prices continue to see only modest gains from the prior year levels. There were 16,300 listings in total inventory at the end of the second quarter, 17.5% less than in the same period last year. However, new inventory added to the market expanded by 8.7% to 12,292 over the same period, possibly providing some relief to homebuyers in the coming quarters…

You can build your own custom data tables on the market – now updated with 2Q 13 data. Check out the charts by browsing in our chart library.


The Elliman Report: 2Q 2013 Long Island Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Long Island Sales [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]

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