[Fast Pace] 2Q 2013 Long Island Sales Report

July 26, 2013 | 10:39 am | | 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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Reporting from South Florida 2Q13: Miami, Boca Raton, Fort Lauderdale and Palm Beach

July 18, 2013 | 5:05 pm | | Reports |

Today Douglas Elliman published four 2Q 2013 South Florida market reports we prepare that include Miami, Boca Raton, Fort Lauderdale and Palm Beach.


[Up + Less Distressed] 2Q 2013 Miami Report

July 18, 2013 | 2:58 pm | | Reports |

We just published our report on the Miami Coastal Community housing markets. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Inventory fell to 8-year low.
  • Jump in both number of sales and signed contracts.
  • Housing prices rose above year ago level.
  • Median sales price rose to highest level for second quarter in 8 years.
  • Credit remains tight keeping inventory low.
  • Heavy contract momentum carrying into next quarter.

Here’s an excerpt from the report:

The overall number of sales rose by 15.4% to 6,416 to the highest total since we began tracking this metric in 2006. The market share for non-distressed sales comprised 67.2% of all market sales, up from 46.6% in the same quarter three years ago…There were 9,490 listings at the end of the second quarter, 18.8% less than in the prior year quarter. Distressed inventory fell by 44.1% and non-distressed inventory was down by 12% over the same period…

You can build your own custom data tables for Miami as well as view charts on the Miami market, all updated with 2Q13 data.




The Elliman Report: 2Q 2013 Miami Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Miami Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Miami Market Charts [Miller Samuel]


[Rentalogic] 6-2013 Manhattan/Brooklyn Rental Report

July 11, 2013 | 10:08 pm | | Reports |

Douglas Elliman 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

  • Rental price growth was mixed, with median up and average down from year ago levels.
  • On a quarterly basis (report is monthly) median price was highest in 4 years.
  • New rentals slipped suggesting greater tenant/landlord agreement on market conditions.
  • Days on market expanded.
  • Vacancy rate fell from year ago levels as spring rental market pushed later into June.

BROOKLYN
[North, Northwest Regions]

  • After last month’s YoY decline, median rental price had largest jump since August of 2012.
  • New rentals continued to slip suggesting higher tenant acceptance at time of lease renewal.
  • Days on market expanded.
  • Price gains were consistent across all size categories.

Here’s an excerpt from the report:

MANHATTAN Median rental price increased by 1.9% to $3,195 from the same period last year as average rental price and average rental price per square foot slipped 0.8% and 2.2% respectively over the same period. On a quarterly basis, the median rental price of $3,195 is the highest we have seen in four years. The use of landlord concessions remained limited, accounting for only 3.4% of rental transactions with an average amount equivalent to one month’s rent…

BROOKLYN The median rental price in Brooklyn was $2,737, up 13.5% year-over-year, the biggest jump since August 2012. Average rental price and rental price per square foot also showed large gains, surging 13.6% and 9.5% over the same period…




The Elliman Report: 6-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 6-2013 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]


[Supply Limited] 2Q 2013 Westchester & Putnam Report

July 11, 2013 | 9:56 pm | | Reports |

We just published our report on the Westchester & Putnam County New York housing markets. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

WESTCHESTER

  • Inventory fell to 8-year low.
  • Jump in both number of sales and signed contracts.
  • Housing prices rose above year ago level.
  • Median sales price rose to highest level for second quarter in 8 years.
  • Credit remains tight keeping inventory low.
  • Heavy contract momentum carrying into next quarter.

PUTNAM

  • Sales jumped despite inventory slide.
  • Housing price indicators slipped from year ago levels.

Here’s an excerpt from the report:

WESTCHESTER There were 2,251 sales in the second quarter, 24% more than the same period last year, consistent with the 23% increase in all signed contracts over the same time period. Listing inventory fell by 13.3% to 6,128 from the prior year quarter, marking the lowest second quarter inventory total since 2005…

PUTNAM The Putnam housing market saw a modest decline in all price indicators from prior year levels. Median sales price was $288,500, down 1.5% from the prior year quarter. Average sales price fell by 6.2% to $326,406 and average price per square foot fell by 5.2% to $164 over the same period…

You can build your own custom data tables on the Westchester & Putnam markets as well as view charts on the Westchester market, all updated with 2Q13 data.

Press coverage




The Elliman Report: 2Q 2013 Westchester & Putnam Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Westchester & Putnam Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Westchester Market Charts [Miller Samuel]


[Help From Brooklyn] 2Q 2013 Queens Report

July 11, 2013 | 9:41 pm | | Reports |

Douglas Elliman just published the market report on the Queens sales market that we author. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Inventory remained at 8-year low.
  • Sales increased causing fastest absorption rate in 5-years.
  • Upward price pressure from lack of supply is apparent.
  • Market benefiting from Manhattan and Brooklyn market tightness.

Here’s an excerpt from the report:

…Despite the continued trend of declining supply, the Queens housing market experienced an increase in sales resulting in the fastest pace seen in 5 years. Listing inventory fell 28.9% to 6,225 from the prior year quarter, the lowest quarterly inventory recorded in the 8 years of this report series. The number of sales expanded 8.1% to 2,493 sales from the prior year quarter. The combination of falling supply and rising demand resulted in an 6-year record low absorption rate or market pace of 7.5 months, measured by the number of months it took to sell all inventory at the current rate of sales. The lack of supply is beginning to reveal upward price pressure in the market…

Our data tables and market charts are now updated with 2Q13 data.

Press coverage




The Elliman Report: 2Q 2013 Queens Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Queens Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Queens Market Charts [Miller Samuel]

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[Plan B] 2Q 2013 Brooklyn Report

July 11, 2013 | 9:13 pm | | Reports |

We just published our report on the Brooklyn sales market. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Inventory falls to lowest second quarter in 5-years.
  • Inventory holding back further gains in sales.
  • Price indicators set 10-year records.
  • Faster marketing times and less negotiability between buyers and sellers.
  • New development market share remains consistent with 4-year average.
  • Mortgage lending remains tight but general economy is improving.

Here’s an excerpt from the report:

…The low inventory phenomenon continued through the Brooklyn spring market in 2013, driving the price indicators higher. Listing inventory hit the record low second quarter at 4,704, down 18.5% from the same period last year. This was also the third lowest quarterly inventory total in the five years we have been tracking this metric. The number of sales declined by 6.7% to 1,855 from the prior year quarter, restrained by limited supply. As inventory fell faster than sales, the pace of the market accelerated. The monthly absorption rate, defined as the number of months it took to sell all listing inventory at the current pace of sales, fell to 7.6 months from 8.7 months in the prior-year quarter…

You can build your own custom data tables and view market charts, now updated with 2Q 13 data.

Press coverage


The Elliman Report: 2Q 2013 Brooklyn Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Brooklyn Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Brooklyn Sales Market Charts [Miller Samuel]

Tags:


[Release of Pent-up] 2Q 2013 Manhattan Sales Report

July 2, 2013 | 3:37 pm | | Reports |

We published our report on Manhattan market sales for 2Q 2013 today.   I’ve been writing this series for Douglas Elliman since 1994.

My Take

-Inventory fell sharply from same time last year to the lowest 2Q on record (13 years). Tight credit and rising sales are keeping supply low.
-Sales jumped despite low supply. Most active spring since 2007 and lowest 2Q inventory in 13 years.
-All price indicators increased from year ago levels. Low inventory and release of pent-up demand pressed prices higher. Tight credit tempered rate of increase.
-Combination of rising sales and falling inventory resulted in fastest absorption rate on record.
-Listing discount (spread in price between buyers and sellers) narrowed as sellers control market.
-New development closing market share remains low, but expect to reverse trend next year as closings begin.
-Luxury market continued to see more modest rate of inventory decline than overall market.
-Rising mortgage rates at end of quarter had no apparent impact on results. Going forward, rising rates are expected to temper pace of sales and price growth but aid easing of credit.

Here’s an excerpt from the report:

…The Manhattan housing market continues to experience record low inventory levels, but surprisingly enough, is also seeing an uptick in the number of sales. The record high levels of sales in the fourth quarter in 2012 prompted expectations that the first half of 2013 would lose sales volume as a result of last year’s “poaching from the future.” However, after several years of consumer uncertainty culminating with the national election buildup to the federal fiscal cliff deadline at the end of the 2012, there was a release of pent-up demand into 2013, pressing prices modestly higher. The number of sales jumped 18.8% to 3,144 from the prior year quarter, the most active spring market in terms of sales since 2007…


The charts and data tables are updated to include 2Q 2013.

Here is some of the press coverage for the report.


The Elliman Report: 2Q 2013 Manhattan Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Manhattan Sales [Douglas Elliman]

Tags:


[Strong, But Mixed Messages] 5-2013 Manhattan/Brooklyn Rental Report

June 12, 2013 | 3:05 pm | | 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

  • Improving economy and tight credit keeping pressure on rental prices.
  • Median rent continued to rise, was 3.5% above year ago levels.
  • Nearly 2 years since rents began to rise again, averaging a 5% annualized pace since.
  • New rentals fell as less “tenant churn” reflected more agreement between landlord and tenants at lease renewal.
  • Vacancy rate down sharply to 1.60% from year ago rate of 2.51%.
  • Only 4.4% of rental activity had some form of landlord concession.

BROOKLYN
[North, Northwest Regions]

  • Median rental price declined 3% YoY, second consecutive month of weaker rental prices from March peak.
  • Despite rental rate volatility, rents trending upward since late 2010, using 90-day moving average.
  • Days on market showed nominal 2 day increase to 44 days from a year ago.
  • Number of new rentals jumped 23.5% after trending lower since beginning of year.
  • Studio and 1-bedroom rental market share fell 2.2% as low mortgage rates pulled tenants into sales market.
  • After 2 years of growth, annual pace of rental price growth show some signs of easing.

Here’s an excerpt from the report:

MANHATTAN The year-overyear increase in median monthly rents have pressed higher since July 2011, averaging a 5% annual pace. The Manhattan median monthly rent was $3,200, up 3.5% from the same period last year. Average rent expanded at a similar pace, rising 3.2% to $3,951, just shy of the $4,000 threshold and the 7th highest monthly level in 60 months. The occurrence of rental concessions remained limited, with only 4.4% of all new rentals having some form applied. When concessions were used, they were the equivalent of 1.2 months rent…

BROOKLYN The Brooklyn median rent slipped 3% to $2,579 from the same period last year. After reaching a year-to-date 2013 peak rate increase of 11.3% in March and a 1% rate increase in April, the rate decreased in May to the lowest level of the year. Rental price growth has remained volatile monthto- month, but when using a 90-day moving average, rent growth has been maintained since late 2010…




The Elliman Report: 5-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 5-2013 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]


[No Fiscal Cliff Hangover] 1Q 2013 Hamptons & North Fork Reports

May 13, 2013 | 10:02 am | | Reports |

[click to open reports]

We recently released the market reports we prepare for Douglas Elliman covering the The Hamptons and North Fork.

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

Key Points

HAMPTONS 1Q 2013

  • Listing inventory continued to fall.
  • Number of sales surged.
  • Number of sales in excess of $5M dropped as many high end buyers rushed to close at the end of 2012.
  • Limited supply beginning to apply upward pressure to stable markets.
  • Credit remains tight, restraining supply from entering market, no urgency to list.
  • Record low mortgage rates and release of pent-up demand keeping demand strong.
  • Less high end sales as tax-incentivized buyers rushed to close at the end of 2012.

NORTH FORK 1Q 2013

  • Housing prices up in all segments except for top quintile due to tax-incentivized rush at end of 2012.
  • Number of sales fell and listings rose.
  • Days on market expanded.


Here’s an excerpt from the 1Q 2013 report:

HAMPTONS…After an unprecedented year end surge in high end closings motivated by tax planning purposes, the first quarter Hamptons housing market saw an unusually low level of high end sales despite a year-over-year increase in total sales. As a result, the price indicators reflected declines, when in fact the housing market was not experiencing falling prices…

NORTH FORK…Sales activity in the first quarter of the North Fork housing market was somewhat weaker than the same period a year ago as the prior quarter “poached” some activity at the close of 2012. Price indicators were generally higher, but sales were lower and inventory was above prior year levels…

You can build your own custom data tables on the market – now updated with 1Q 13. While we haven’t built separate chart galleries for each market yet, you can browse our chart library.




The Elliman Report: 1Q 2013 Hamptons Sales [Miller Samuel]
The Elliman Report: 1Q 2013 North Fork Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Hamptons Sales [Douglas Elliman]
The Elliman Report: 1Q 2013 North Fork Sales [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]


[Defined by Low Supply] 1Q 2013 Long Island Sales Report

May 13, 2013 | 9:34 am | | Reports |

We published our report on the Long Island sales market for 1Q 2013.

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

Key Points

1Q 2013

  • Lowest first quarter listing total in a decade.
  • Signed contract volume jumped from year ago levels.
  • Housing prices remained generally stable, indicators mixed.
  • Limited supply beginning to apply upward pressure to stable markets.
  • Credit remains tight, restraining supply from entering market, no urgency to list.
  • Record low mortgage rates and release of pent-up demand keeping demand strong.
  • Less high end sales as tax-incentivized buyers rushed to close at the end of 2012.


Here’s an excerpt from the 1Q 2013 report:

…The lack of supply and rise of contract activity continued to define the Long Island housing market. Listing inventory fell to the lowest first quarter level seen in a decade as pending sales continued to rise. Despite the tightening of the market, overall price indicators remained mixed. The number of listings in inventory at the end of the first quarter fell 24.8% to 15,303 as compared to the same period last year, a ten year first quarter low…

You can build your own custom data tables on the market – now updated with 1Q 13 data. Check out the charts by browsing in our chart library.




The Elliman Report: 1Q 2013 Long Island Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Long Island Sales [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]


1Q 2013 South Florida Housing Market Reports Gone Wild

May 13, 2013 | 9:20 am | | Reports |


[click images to open each market report]

We recently completed the 1Q 2013 South Florida market report series for Douglas Elliman. These markets include Miami, Boca Raton, Fort Lauderdale and Palm Beach.

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