[Sideways, Fragile] 3Q 2011 Queens Report Available For Download

[click to open report]

The Elliman Report: Queens Sales 3Q 2011 was published today. It is part of a report series that we have authored for Douglas Elliman since 1994.

You can build your own custom data tables with the new data. I’m about to launch a site redesign and am rejiggering the way I handle charts (automatic) so I haven’t been very diligent in updating them on my site – sorry about that.

Here’s an excerpt from the report:

The number of sales for the quarter was 2,743, 11.8% below the prior year quarter total of 3,110 sales, but 16.2% higher than 2,361 sales in the second quarter. Listing inventory fell 15.9% to 10,305 from 12,255 in the prior year quarter. The lower number of sales closely matched the decline in listings resulting in a nominal decline in the monthly absorption rate, which is the number of months to sell all existing inventory at the current pace of sales. The monthly absorption rate was at was at 11.3 months, 4.2% faster from 11.8 months at this time last year. The general stability of the monthly absorption rate was consistent with the trends seen in the listing discount and days on market. The listing discount–the percent difference between the list price and time of sale and the sales price–was essentially unchanged at 6.6% as compared to 6.7% of the same period last year. It took about 8 days longer on average to sell a property as compared to last year, resulting in a modest total of 108 days in the third quarter.

Other reports we prepare can be found here.

The Elliman Report: Queens Sales 3Q 2011 [Miller Samuel]
Queens custom data tables [Miller Samuel]

View the original article here

[Storm Avoided] 3Q 2011 Manhattan Sales Report Available For Download

[click to open report]

The renamed “The EllimanReport: Manhattan Sales 3Q 2011 was published today. It is part of a report series that we have authored for Prudential Douglas Elliman since 1994.

You can build your own custom data tables with the new data. I’m about to launch a site redesign and am rejiggering the way I handle charts (automatic) so I haven’t been very diligent in updating them on my site – sorry about that.

Here’s an excerpt from the report:

…Housing prices in Manhattan continue to remain stable. The median sales price of a Manhattan apartment was $911,333 in the third quarter, essentially unchanged from $914,000 in the prior year quarter and up 7.2% from $850,000 in the prior quarter. The other price indicators offset each other. Average sales price slipped 1.5% to $1,464,528 from $1,487,472 in the same period last year and edged above $1,455,098 from the prior quarter. Price per square foot increased 3.2% to $1,130 from $1,095 in the prior year quarter and increased 5.8% from $1,068 in the prior quarter…

Here’s a summary of the media coverage and a few of today’s headlines (in no particular order):

Flat Prices but More Manhattan Home Sales [New York Times]
‘Boring’ Sales Pace Is Solace for Manhattan Apartments [WSJ]
Manhattan Apartment Sales Gain as Economy Fuels ‘Bipolar’ Market [Bloomberg]
Manhattan home prices rise: Average pad costs $1.4 million [CNN/Money]
Manhattan Market Approaches a New Kind of Normal [Curbed NY]
No strong signs of condo, co-op weakness last quarter [Crain's NY]
Price is right for foreigners [NY Post]
Manhattan home sales market maintains status quo [The Real Deal]
Despite Financial Volatility, Tight Credit and Downgrade of U.S. Debt, Manhattan Fared Better Than Most U.S. Metros in 3Q [WPC]
Big Deals Buoy Manhattan Apartment Market [NY Daily News] not online

Other reports we prepare can be found here.

3Q 2011 Manhattan Market Report [Miller Samuel]
Manhattan custom data tables [Miller Samuel]

View the original article here

[Fragile Stability] 2Q 2011 Long Island Report Available For Download

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The renamed “The Douglas Elliman Report: Long Island Sales 2Q 2011” was published today. It is part of a report series that we have authored for Prudential Douglas Elliman since 1994.

You can build your own custom data tables with the new data.

Here’s an excerpt from the report:

…After considering the impact of the federal homebuyer tax credit that expired in April 2010, the second quarter housing market would be considered generally stable as the price indicators showed mixed results. In addition, both the number of sales and price indicators in the second quarter were driven higher as a result of the stimulus program and therefore comparisons against that period doesn’t reflect parity. The median sales price of a Long Island property that sold in the second quarter was $350,000, down 2.8% from $360,000 in the prior year quarter and unchanged from the prior quarter. Average sales price was $436,143 in the second quarter, 3.1% higher than $422,832 in the prior year quarter but slipped 0.7% from $439,085 in the prior quarter…

Note: I reorganized the submarkets based on your market feedback, removing Middle Island/Nassau, renaming North Shore to North Shore (Nassau) and adding North Shore (Suffolk), South Shore (Nassau) and South Shore (Suffolk). The historical for the 3 new sections was built going back to 1Q 2010.

Other reports we prepare can be found here.

2Q 2011 Long Island Sales Report [Miller Samuel]
Long Island custom data tables [Miller Samuel]

View the original article here

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[Douglas Elliman Florida] 1Q 2011 Miami Market “Preview” Available For Download

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The inaugural Douglas Elliman Florida Report: Miami 1Q 2011 was published today. It’s been a journey to say the least and there is a lot more to come. This a preview of the coming quarterly analysis of the condo, townhouse and single family sales markets covering the coastal communities of Miami.

It’s the first detailed market analysis of its kind on the Miami market and the series content will be expanded in coming quarters with break outs for new development, distressed, non-distressed and locations.

We’ll be updating our chart gallery and custom data tables shortly.

UPDATE: Custom data tables are now live.

Here’s an excerpt from the report:

…There were 5,101 condo, townhouse and single family sales in the first quarter, 29.5% more than the same period last year. Sales activity remained above any prior quarter in the past 5 years. The increase in activity is due to a consistent absorption of distressed sales. The number of short sales expanded 10% over the past year and comprised 20.5% of all sales. REO sales nearly doubled over the same period representing 44.2% of the first quarter market…

View the original article here

[Wider Market] 2001-2010 Manhattan Townhouse Report Available For Download

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The 2001-2010 Manhattan Townhouse Report that I author for Prudential Douglas Elliman was just released.

Other reports we prepare can be found here.

The data tables and a series of charts are updated with the 2010 data.

Press coverage can be found here.

An excerpt

…There was an increase in sales in 2010 as purchases took advantage of lower prices compared to peak levels in 2008. Manhattan had a total of 197 sales in 2010, 32.2% more than 149 in 2009 and the same as the number of sales seen in 2001. This accounted for 1.9% of all residential sales including co-ops and condos in 2010. Listing inventory remained essentially unchanged at 397, slipping from 402 in 2009. Since newly constructed townhouses are not readily in demand, no new housing stock has been added to the market keeping supply in check. Days on market—the number of days between the last date the listing price was reduced, if ever, to the contract date—averaged 117 days, down from 142 in 2009. Listing discount—the percent difference between the last list price adjustment, if any, and the contract price— was down sharply to 8% from 15.3% in 2009. As a result of the increase in the number of sales and the stability of listing inventory, the monthly absorption rate—the number of months to sell all activity listings at the current pace of sales— was 24.2 months, down from 32.4 months in 2009…

2001-2010 Manhattan Townhouse Report [Miller Samuel]
Manhattan townhouse chart gallery [Miller Samuel]
Manhattan Townhouse Report custom data tables [Miller Samuel]

View the original article here

[Like A Phone Book] Douglas Elliman Report: 2001-2010 Manhattan Available For Download

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The Douglas Elliman Report: 2001-2010 Manhattan that contains 60 pages of co-op/condo sales over a 10-year window that I author for Prudential Douglas Elliman was just released.

Other reports we prepare can be found here.

The data tables and a series of charts are updated with the 2010 data.

Press coverage can be found here.

An excerpt

…The three metrics to measure housing prices showed mixed result s over 2009. Median sales price for 2010 was $880,000, 3.5% above $850,000 in 2009 and more than double the $430, 000 in 2001. The 2010 result was the second highest only to the 2008 median price of $955, 000, which was considered the peak of the Manhattan market. Average sales price followed the same pattern, rising 4. 6% to $1,457, 255 in 2010 from $1, 393,001 in 2009. Like the median sales price the result was second highest onl y to the 2008 peak of $1, 591,823. The key reason for the year ov er year increase in these metrics was due to the shift in the m ix towards larger apartment sales. The 2009 housing market could be referred to as the “ye ar of the first time buyer” as entry-level apartment sales were the first to gain traction after the onset of the cr edit crunch in late 2008. The av erage square footage of an apartment sale in 2010 was 1, 375 square feet compared to 1,298 sq uare feet in 2009…

Douglas Elliman Report: 2001-2010 Manhattan [Miller Samuel]
Manhattan co-op/condo sales chart gallery [Miller Samuel]
Manhattan Market Report custom data tables [Miller Samuel]

View the original article here

[Short Island] 4Q 2010 Long Island Market Overview Available For Download

[click to open report]

The 4Q 2010 Long Island Market Overview that I author for Prudential Douglas Elliman was released yesterday.

Other reports we prepare can be found here.

The 4Q 2010 data and a series of charts are updated with the 4Q 2010 data.

Press coverage can be found here.

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.

An excerpt

…There were 4,252 sales in the fourth quarter, 28.4% below 5,935 in the prior year quarter and 2.1% below 4,343 in the prior quarter. The sharp decline from the same period last year was due primarily to the federal homebuyer tax credit in place in the second half of 2009. The intention of the program was to increase the number of sales for first time buyers in 2009. As a result, comparison with the prior year quarter was a period that saw the highest number of sales of the last four years. Despite the decrease in sales after the expiration of the expanded federal tax credit in April 2010, listing inventory fell 3.6% to 18,742 from 19,450 in the prior year quarter and fell 13.5% from 21,670 in the prior quarter. This prior quarter inventory drop was seasonal and consistent with the 7-year 14.6% average third to fourth quarter inventory decline over the same period…

4Q 2010 Long Island Market Overview [Miller Samuel]
Long Island housing market chart gallery [Miller Samuel]
Long Island custom data tables [Miller Samuel]

View the original article here

[Post-Tax Credit] 4Q 2010 Brooklyn Market Overview Available For Download

[click to open report]

The 4Q 2010 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 4Q 2010 data and a series of charts are updated with the 4Q 2010 data.

Press coverage can be found here.

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.

An excerpt

…There were 1,468 sales in the fourth quarter, 29.9% below 2,093 sales in the prior year quarter and 21.9% below 1,879 in the prior quarter. While the decline in number of sales from the prior quarter is a seasonal pattern, the decline is greater than the 8.9% average of the prior five years. A significant portion of the decline in number of sales is attributable to the expiration of the federal homebuyer tax credit, which incentivized more sales activity in the first half of 2010, coming at the expense of less sales activity in the second half of 2010. Listing inventory rose 14% to 6,203 in the fourth quarter, from 5,439 in the prior year quarter and 6.4% below 6,630 in the prior quarter. The drop in sales caused inventory to rise and the monthly absorption rate—the number of months to sell all active inventory at the current pace of sales—to edge higher. The absorption rate was 12.7 months in the fourth quarter, weaker than 7.8 months in the prior year quarter, but below the first quarter 2009 rate of 15.3 months, immediately following the onset of the credit crunch at the end of 2008…

4Q 2010 Brooklyn Market Overview [Miller Samuel]
Brooklyn housing market chart gallery [Miller Samuel]
Brooklyn custom data tables [Miller Samuel]
4Q 2010 Brooklyn Market Overview Podcast [The Housing Helix]

View the original article here