[More Upside] 4-2013 Manhattan/Brooklyn Rental Report

May 12, 2013 | 2:40 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

  • Rents continue to press higher. 2013 annual growth on par with 2012.
  • Rate of rental price growth consistent across all unit sizes.
  • Limited use of landlord concessions remain.
  • Vacancy rate below 5-year average, same as year ago.
  • Stabilizing number of new rentals suggest more balance between landlords and existing tenants.

BROOKLYN
[North, Northwest Regions]

  • After a fast start in 2013, rental price growth slowed – not clear if a trend.
  • Declining days on market in new year reflects quick pace.
  • Number of new rentals continued to slow.
  • Tight mortgage lending conditions keeping pressure on rental market.
  • Slow improvement in regional economy keeping rents rising despite record low mortgage rates.

Here’s an excerpt from the report:

MANHATTAN…Median rental price jumped 6.5% to $3,195 from the same period last year, but was unchanged from the prior month. The average year-over-year increase in median rental price has been rising since the beginning of 2013 averaging 5.1% year to date. The average rate of rental price growth is consistent with the 2012 average rate of 5.3%. The year-over-year increase in median rental price across all size categories was remarkably consistent in April…

BROOKLYN…The number of new rentals increased 10.9% above prior year levels, the third lowest annual increase in a year. This metric can be seen as a barometer of tenant resistance to lease renewal rates offered by landlords. Lower new rental growth reflects more tenants re-signing their leases at renewal. After an aggressive series of rental price increases in 2012, landlords have been easing rate increases and tenants have better adjusted to the high rent environment…




The Elliman Report: 4-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 4-2013 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]


[Stability With Less] 1Q 2013 Queens Report

April 11, 2013 | 3:10 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

  • Listing inventory fell to 8-year low.
  • Release of pent-up demand as number of sales increased despite low supply.
  • Prices showed modest gains.
  • Low mortgage rates continue to play important role in demand.



Here’s an excerpt from the report:

…The key market characteristic of the Queens housing market in the first quarter was the scarcity of supply. This condition kept housing prices stable and combined with record low mortgage rates, brought buyers and sellers close together when negotiating price. Price indicators showed across the board gains from the same period last year. Median sales price edged 1.1% higher to $350,000 from the same period last year and average sales price increased 1.5% to $389,420 over the same period. There were 6,496 listings at the end of the first quarter, an 8-year record and 26.6% less than in the same period last year…

Our Queens data tables are now updated for 1Q13 and charts will be available soon.




The Elliman Report: 1Q 2013 Queens Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Queens Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]


[Tight] 1Q 2013 Brooklyn Report

April 11, 2013 | 2:29 pm | | Reports |

We recently 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

  • Lowest inventory levels recorded in 5 years.
  • Sales below year ago levels as lack of inventory impairing sales volume.
  • Prices are up as supply limitations keep pressure on market.
  • More bidding wars.

Here’s an excerpt from the report:

…The Brooklyn housing market began 2013 with rising prices, chronically low inventory and sales restrained from the lack of supply. Several records were set in the first quarter: lowest inventory and listing discount in the 5-years they have been tracked, highest median sales price since Lehman fell and the sharpest year-over-year decline in inventory. Average sales price registered a similar year-over-year gain of 12.3% to $634,594 in the first quarter, a new record. New development trends, often a function of what is made available to the market at any given time, showed a larger gain in median sales price than the re-sale market from the same period last year…

You can build your own custom data tables on the market – now updated with 1Q 13 data. Charts updated with 1Q13 data will be online shortly.




The Elliman Report: 1Q 2013 Brooklyn Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Brooklyn Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]

Tags:


[Not Pretty Vacant] 3-2013 Manhattan/Brooklyn Rental Report

April 11, 2013 | 11:44 am | | 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

  • Rental price growth has accelerated since the beginning of the year.
  • Vacancy rate fell to a 2 year low.
  • Rise in rents has been consistent across all apt sizes.
  • Mortgage credit remains tight, employment rising, keeping upward pressure on rents.

BROOKLYN
[North, Northwest Regions]

  • Rental price growth accelerating over the last two months.
  • Smaller apartments saw larger increases in rental price and the number of new rentals.
    -Luxury market saw weaker price gains than overall market.
  • Rise in new rental activity more modest than in recent months, sign of rising frequency of renewals.

Here’s an excerpt from the report:

MANHATTAN…For the past three months, median rent has increased yearover- year. The percentage changes for January, February and March 2013 were 2.6%, 4.7% and 6.7% after bottoming at 0.8% in December of 2012. The March 2013 increase of 6.7% exceeded the 5.1% year-over-year increase in March 2012…

BROOKLYN…After posting no growth in median rental price in January 2013, rents resumed rising with a 7.2% gain in February, followed by an 11.3% increase in March. Average rental price and average rental price per square foot both rose by 11.5% in March over the same period last year…




The Elliman Report: 3-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 3-2013 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]


[Inventory, Contracts] 1Q 2013 Westchester & Putnam Report

April 11, 2013 | 11:27 am | | 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

  • Listing inventory fell to lowest first quarter total in four years.
  • Current supply is just below the 10-year average.
  • While sales are up, contract volume surged above year ago levels.
  • Overall price indicators were mixed indicating stability.

PUTNAM

  • Listing inventory declined as sales edged higher
  • Housing prices edged higher.

Here’s an excerpt from the report:

…The first quarter of 2013 was defined by falling listing inventory and a significant rise in contract activity. Despite the faster pace of the market, price indicators showed stability compared to the same period last year. However, the overall market is expected to see more upward price pressure if the pace of falling supply and rising sales activity continues. The number of closed sales in the first quarter of 2013 showed only a modest gain of 5.6% to 1,348 compared to the same period last year. However, the total number of contracts surged 27% over the same period representing a significant acceleration in the pace of the market since the end of 2012. Listing inventory continued to fall sharply, down 17.5% to 5,587 from the first quarter of 2012, the lowest first quarter total in four years…

You can build your own custom data tables on the Westchester & Putnam market – now updated with 1Q 13 data. I’ll be posting the updated charts soon.




The Elliman Report: 1Q 2013 Westchester & Putnam Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Westchester & Putnam Sales [Douglas Elliman]


[Inventory Collapse] 1Q 2013 Manhattan Sales Report

April 2, 2013 | 8:00 am | | Reports |

We published our report on Manhattan market sales for 1Q 2013 today.   I’ve been writing this series for Douglas Elliman since 1994.

My Take

-Inventory remained near historic lows, seeing the largest year-over-year decline in the 12+ years we’ve tracked it.
-Sales increased despite drop in inventory – low mortgage rates and pent-up demand as key drivers.
-All price indicators increased from year ago levels – largely due to inventory near historic lows.
-Largest price increases since credit crunch began with exception of 2010’s federal homeowner tax credit era.
-Days on market and listing discounts dropped as inventory declined.
-Luxury market had slower rate of decline in inventory (about half) than the overall market.

Here’s an excerpt from the report:

…The first quarter Manhattan housing market was defined by the acute shortage of inventory. As with many US housing markets, inventory in Manhattan has been falling for several years; this quarter, listing inventory posted its steepest year-over-year drop in the 12 years we’ve been recording it, declining 34.4% from the prior year quarter to 4,960. This was the ninth consecutive month and the 14th of the last 15 months that has shown a year-over-year decline in inventory. Despite the drop, number of sales increased 6.3% to 2,457 as consumers fought tight credit conditions to take advantage of low mortgage rates, and more still were incentivized by the rise in rental prices over the past two years…


The charts and data tables are updated to include the first quarter of 2013.

Here is some of the press coverage for the report today.


The Elliman Report: 1Q 2013 Manhattan Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Manhattan Sales [Douglas Elliman]


[Still A Lot] 2-2013 Manhattan/Brooklyn Rental Report

March 13, 2013 | 10:18 am | | Reports |

Douglas Elliman published the Manhattan/Brooklyn rental report for February 2013. 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

  • After 4 consecutive months of modest year-over-year gains in median rental price, February showed larger increases.
  • Days on market and listing discount weakened.
  • Vacancy rates unchanged after falling for 7 consecutive months.
  • Super-luxury market (top 5% began at $8,155) outpaced overall median rental price gains.
  • The sharp gains in the number of new rentals ended as landlords are more in sync with the market at time of lease renewal.

BROOKLYN
[North, Northwest Regions]

  • After a one month slowdown, the year-over-year rise in median rental price resumed it’s higher rate of growth.
  • Days on market contracted.
  • Larger apartments show largest rise in rental price indicators.
  • The economy slowly improving and credit remains tight, keeping upward pressure on rents.

Here’s an excerpt from the report:

MANHATTAN After four consecutive months at an average of 1.6% year-over-year price gains, median rent rose 4.7% from year ago levels to $3,190. Average rental price also expanded at a similar pace, rising 4.9% from prior year levels to $3,956. The number of new rentals declined 8.8% from prior year levels, marking the first drop since July 2012, as more modest rental price growth at the end of 2012 forced landlords to be more consistent with pricing at time of lease renewal…

BROOKLYN After last month’s more modest gains, the rental market resumed robust price growth in February. Median rent increased 7.2% from the same month last year to $2,590. The other price indicators showed larger gains over the same period…




The Elliman Report: 2-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 2-2013 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]


[High & Moderating] 1-2013 Manhattan/Brooklyn Rental Report

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

Douglas Elliman published the Manhattan/Brooklyn rental report for January 2013. 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

  • Modest year-over-year rise in rents for 4th consecutive month, following a rapid 12-month rise.
  • Pace of rental price growth easing as low mortgage rates pull more buyers into sales market.
  • Days on market while at fast pace, was slowest since August 2011.
  • Limited use of landlord concessions remained norm.
  • Vacancy rates remained low, falling year-over-year for 7th consecutive month.
  • Luxury markets saw larger gains in rental prices than the overall market.

BROOKLYN
[North, Northwest Regions]

  • Rents flat from same period last year, might be beginning of a period of more modest rental price growth.
  • Studio activity slowed as more renters showed resistance to rising rents and became first time buyers.
  • Luxury rents outpaced overall market as purchase demand provided competition with higher affordability despite tight credit conditions.

Here’s an excerpt from the report:

MANHATTAN …Median rental price increased 2.6% from the same period last year to $3,150. After a 12-month stretch showing a robust 7.5% average year-over-year increase, the most recent four months increased by an average of 1.6%. Average rental price rose 1.6% to $3,794 and average rental price per square foot increased 3.2% to $50.71 over the same period. In a year of limited rental concessions, the year-over-year net effective median monthly rent increased 2.6%, as did face rent…

BROOKLYN …Median rental price was $2,527 in January, showing no material change from the same month last year. Over the same period, average rental price increased 4.6% to $2,958 and average rental price per square foot rose 4.6% to $35.36…




The Elliman Report: 1-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 1-2013 Manhattan/Brooklyn Rentals [Douglas Elliman]
Miller Samuel Aggregate Database [Miller Samuel]
Miller Samuel Chart Gallery (quarterly rental charts only – monthly coming soon) [Miller Samuel]


Brooklyn Multi-Family and Development Soars, Expected to Level Off

February 4, 2013 | 11:22 am | | Reports |


[click to expand]

According to TerraCRG’s Brooklyn Commercial Market Report, Development activity based on dollar volume for 2012 jumped 221% year-over-year and multi-family jumped 54% as providers of supply begin to respond to improving demand.

The East and North Brooklyn regions plus DowntownPark Slope saw the heaviest volume. Here are some insights presented in the report:

2012 Was Peak, Commercial Activity to Level Off in 2013

We believe development site sales activity peaked last year and as a result, most shovel-ready sites have been purchased and are now being built mostly as rentals. This means land-sale activity will level off in 2013, mainly due of lack of inventory. This, in turn, will put upwards pressure on pricing of well-situated residential development sites. At the same time, we expect to see more assemblages of existing tear-downs and an increase of large trades of commercially-zoned lots that developers will try to bring through the rezoning or variance process. By the end of this year, developers will break ground on large condo projects again.

Brooklyn Transitions from Affordable Manhattan Alternative to Destination

Multifamily sales are expected to continue to show strengths and we expect volume to increase in 2013 as institutional owners and large portfolio owners try to take advantage of the low yield expectation and bring large portfolios to market before the low interest rate environment changes. Brooklyn’s strong market fundamentals mean residential rents in core and transitional neighborhoods will continue to increase aggressively as more residents call Brooklyn their home. To these new residents, Brooklyn is no longer a more affordable alternative to Manhattan, it’s a destination. This upside opportunity will attract investors that so far concentrated their efforts on Manhattan to buy multifamily buildings in Brooklyn.

The 4Q12 Miami Housing Market Translated: Economics, Spanish & Portuguese

February 2, 2013 | 10:20 pm | | Reports |

South Florida-based Douglas Elliman has translated the 4Q 2012 Elliman Report: Miami Sales that I prepare (I only took high school French) to Spanish and Portuguese, reflective of the significant demand from South Americans.

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

[click to open reports]


Elliman Report: Miami Sales (Spanish) 4Q 2012 [Douglas Elliman]
Elliman Report: Miami Sales (Portuguese) 4Q 2012 [Douglas Elliman]
Elliman Report: Miami Sales (English) 4Q 2012 [Douglas Elliman]


[60 Pages of Data Bliss] 2003-2012 Manhattan Decade Report

January 31, 2013 | 7:06 am | | Reports |

We published our Manhattan Decade report, a ten year moving window data compendium of the market from 2003-2012. It’s my favorite report just for the sheer volume of information that doesn’t exist anywhere else. I long ago dubbed it “The Phone Book.” This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

MANHATTAN DECADE (Co-ops/Condos) 2003-2012

  • Sales increased year-over-year for the 3rd consecutive year to second highest level in decade (after 2007 peak).
  • Housing prices remain 11-13% below the 2008 peak, housing sales are 21.8% below 2007 peak.
  • Housing prices were mixed but showed stability for 4th consecutive year after the 2008 credit crunch and correction.
  • Listing inventory fell sharply to lowest level in 12 years.
  • Credit remains tight as economy slowly improves.
  • Inventory falling – low to negative equity, no urgency to list.
  • Sales rising as record low mortgage rates create demand.


Here’s an excerpt from the report:

…For the fourth time in 5 years, the number of sales exceeded the 10,000 threshold. The number of sales increased 3.4% to 10,508 from the prior year to the second highest level of the decade despite declining inventory and historically tight credit conditions. For the past three years, sales activity has remained remarkably consistent as the market settled into a stabilized period following the onset of the credit crunch marked by the bankruptcy of Lehman Brothers in the fall of 2008. The peak year for the number of sales in the decade occurred in 2007, reaching 13,430. The 2012 total was 21.8% below the decade peak. However the 2007 level was the top of the housing/credit boom, considered an anomaly rather than a normal period of housing sales…

Later today we’ll have additional information available on the market so you can build your own custom data tables and browse our chart library.




The Elliman Report: 2003-2012 Manhattan Decade Report [Miller Samuel]
The Elliman Report: 2003-2012 Manhattan Decade Report [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]

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[Stable And Single] 2003-2012 Manhattan Townhouse Report

January 31, 2013 | 6:56 am | | Reports |

We published our Manhattan Townhouse report, a ten year moving window data compendium of the market from 2003-2012. For the past 26 years we’ve been tracking the townhouse market, it has remained a small luxury subset representing a few percentage points of the overall residential market so a detailed quarterly or monthly analysis isn’t practical. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

MANHATTAN TOWNHOUSE 2003-2012

  • Sales were at highest level since the credit crunch began, the third highest total of decade.
  • Housing prices remain 25% below the 2008 peak (which was a significant spike), housing sales are 19.2% below 2007 peak.
  • Housing price indicators were mixed, showing overall stability for the most recent four year period.
  • Listing inventory fell sharply from the prior year, resulting in the fastest absorption rate in 6 years.
  • Single family sales showed more year-over-year improvement in price and sales than the balance of the market.


Here’s an excerpt from the report:

…Townhouse sales rose to 277, their highest level since 343 sales were reached in 2007 before the onset of the credit crunch. The 15.4% increase in sales this year marks the third consecutive yearover- year increase in activity. Consistent with the rise in sales was the 18.9% drop in listing inventory to 411 and the two month drop in days on market to 106. Market share for East Side sales led all regions, jumping to 26% from 20.8% in 2011. The year-over-year change in price indicators were mixed with a 4.2% decline in median sales price, a 6.1% gain in average sales price and a 12.2% rise in average price per square foot…

Later today we’ll have additional information available on the market so you can build your own custom data tables and browse our chart library.




The Elliman Report: 2003-2012 Manhattan Townhouse Report [Miller Samuel]
The Elliman Report: 2003-2012 Manhattan Townhouse Report [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]

Tags: ,

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