ADP National Employment Report: November 2013

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Open House Report: Weekend Open House Report: Outer Parkside Edition

Friday, October 25, 2013, by Sally Kuchar

Location: 2075 44th Ave. at Quintara St.
Size: 5-bed, 3-bath, single-family home
Price: $899,000
Pitch: "Outer Parkside Perfection! Begins with a spacious formal entry with chic tiled floor and beautiful leaded glass door and sidelites. Upstairs, a great room, with emphasis on the wonderfully remodeled gourmet kitchen with SS appliances and lots of seating at the granite counters. Medium oak floors throughout the upper level; wide plank hardwood at lower. All 3 baths have tiled walls and floors. 5 spacious bedrooms, with a french balcony in the master that maximizes light and the expansive ocean views. Downstairs, a bright family room with french doors opening to a large deck and great yard - a good balance of brick pavers, grass, and mature plantings. Live large!"
Open House: Sunday, 2 to 4pm

Location: 2571 42nd Ave. at Vicente St.
Size: 3-bed, 2-bath, single-family home
Price: $739,000
Pitch: "Traditional 3BD/2BA versatile two level single family home. Light filled and inviting enjoy partial ocean views from Kitchen and Bedroom overlooking beautiful landscaped garden. Lower level offers 3rd BD or family room with full bath, direct access to garden, separate laundry room and a 2 car tandem garage. Walk to Ocean Beach or the San Francisco Zoo. Close to several quality public/private schools, L Tarval MUNI, Lakeshore Plaza, Highway 1 & 280 and much more. Truly a delight!"
Open House: Sunday, 2 to 4pm

Location: 2375 44th Ave. at Taraval St.
Size: 2-bed, 1-bath, 1,162 sq. ft. single-family home
Price: $689,000
Pitch: "Bright and attractive home offers nice upgrades with excellent potential for expansion, with large lot (25' x 120') and wide open space on garage level. Updated eat-in kitchen with granite counters and plenty of cabinet space. Pleasant dining area opens to living room with corner wood burning fireplace. Two bedrooms in back of home have views of the Pacific Ocean & overlook the large backyard, which is waiting for your gardening vision. Updated bath w/ separate shower stall and tub. New interior paint, refinished hardwood floors, clean and ready to move in! Convenient to MUNI, just blocks from Ocean Beach and popular coffee shops/restaurants of the Outer Sunset."
Open House: Sunday, 2 to 4pm

View the original article here

[Plan B] 2Q 2013 Brooklyn Report

Posted by Jonathan Miller - Thursday, July 11, 2013, 9:13 PM

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]

View the original article here

[Up + Less Distressed] 2Q 2013 Miami Report

Posted by Jonathan Miller - Thursday, July 18, 2013, 2:58 PM

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]

View the original article here

ADP National Employment Report: July 2013

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ADP National Employment Report: May 2013

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Open House Report: Weekend Open House Report: Nob Hill Edition

Friday, May 24, 2013, by Sally Kuchar

Location: 850 Powell St., #303
Size: 3-bed, 3-barh, 2,822 square foot condo
Price: $2,850,000
Pitch: "The ultimate in glamour and sophistication, this stunning Ann Getty-designed Park Avenue-style condominium residence on San Francisco's world-famous Nob Hill provides a fabulous City lifestyle- perfect for grand-scale entertaining, yet well-suited to a contemporary lifestyle. Featuring three bedrooms, three baths, library, formal dining room, eat-in kitchen and separate service elevator in one of the City's most iconic Art Deco era doorman buildings, The Francesca- this crown jewel of Nob Hill is truly one of the City's architectural treasures. And an exciting location on one of the City's most architecturally distinguished blocks, this gracious and elegant residence enjoys close proximity to world-class shopping, restaurants and theaters."
Open House: Sunday, 2 to 4pm

Location: 1625 Hyde St.
Size: 2-bed, 2-bath, 1,565 square foot TIC
Price: $1,495,000
Pitch: "Take one step into this light-filled home with sweeping Golden Gate Bridge views and you will feel at the center of one of the most beautiful cities in the world. The sophisticated full-floor 2 bedroom, 2 bathroom apartment is part of a 3 unit Tenancy-in-Common building and includes one car parking and in-unit laundry room. The high ceilings open living and dining rooms are perfect for entertaining and features panoramic views of the Bay. The spectacular eat-in kitchen will delight the most demanding cook with custom cabinets and the best appliances from GE, Bosch and Fisher Paykel. Bathrooms are luxurious with top of the line finishes. Bamboo and leather flooring, recessed lighting and thermo paned windows complete this gorgeous residence"
Open House: Sunday, 2 to 4pm

Location: 1153 Leavenworth St.
Size: 2-bed, 1-bath, 1,029 square foot condo
Price: $785,000
Pitch: "This lovely condo is located in Nob Hill, one of San Francisco's most desirable neighborhoods! It has a living room, eat-in kitchen, bathroom with a jetted tub, large walk-in closet in the hallway, a nook used as an office or storage area, and two bedrooms in the rear that face a very quiet and private street. There is a gas fireplace in the main bedroom. This wonderful unit comes with a deeded one car parking space, a deeded large storage unit, washer/dryer in the common area, and low HOA dues of $240/month. It is located steps away from the #1 Muni bus line, trolley, LeBeau's Deli, Chico's Market, cafes and restaurants on Polk Street, CVS, Trader Joe's and walking distance to Union Square and the Financial District!"
Open House: Saturday, 1 to 4pm; Sunday, 2 to 4:30pm

View the original article here

Housing Recovery to Face Test as Builders Report

Lack of land, labor and credit are all standing in the way of increasing home buyer demand, and leaving many of the small and mid-sized builders frustrated as their costs soar. They simply don't have the access to cash that the bigger players do.

"I think for the short term the people who have the cash will have the advantage. Over the longer haul, I think it will even out. I think the recovery is uneven," says Howard.

(Read More: Is Multi-Family HomeConstruction Overheating?)

The first builder to report Monday is Virginia-based NVR, with Ryland, Pulte and D.R. Horton continuing through the week. Analysts say Texas-based D.R. Horton, whose stock has recently outperformed its peers, is the one to watch, a bell weather for the group.

"They are the largest builder in terms of the number of closings, and they are in the most markets, so they will probably be able to tell us not only about orders, but also about other things that are important to folks now, like what are material prices doing, how are you negotiating with suppliers," notes Megan McGrath, an analyst at MKM Partners.

Most of the big builders have seen dramatic growth in new orders, as first time home buyers slowly come back to the market. These buyers are facing stiff competition from all-cash investors in the existing home market, and are therefore looking to new builds. D.R. Horton is an entry-level builder, but has been able to shift product to move-up buyers when the demand is there. Move-up buyers have been moving out of the market of late, despite the overall housing recovery and rising values.

"I think the recovery we're seeing right now is first-time buyer and the very high end of the market. The move-up buyer has not really shown up as of yet, and if you want to see a very strong recovery in housing we need to see the move-up buyer playing a more prominent role than they are today," says Richard Smith, Chairman and CEO of Realogy Holdings Corp.

Monthly readings on new and existing home sales are also out next week and will offer more insights into the current strengths and weaknesses of the housing recovery in this crucial Spring season.

(Read More: What's Holding Up City Home Prices? Boomers)

"In a worst-case scenario, confidence could weaken further and housing starts could mark time," says Paul Diggle of Capital Economics. "But by far and away the most likely outcome is that the construction industry's growing pains are overcome and homebuilders break ground on many more sites over the next few years."

View the original article here

[Inventory Collapse] 1Q 2013 Manhattan Sales Report

Posted by Jonathan Miller - Tuesday, April 2, 2013, 8:00 AM

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]

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ADP National Employment Report: February 2013

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Open House Report: Weekend Open House Report: Whale Edition

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Friday, February 1, 2013, by Sally Kuchar

Location: 4179 23rd Street, Noe Valley
Size: 4-bed, 4.5-bath, single-family home
Price: $3,600,000
Pitch: "This is a WOW house!! Walk into the main level of this fully remodeled 3 level home and enjoy the dramatic high vaulted ceilings with an open floor plan perfect for entertaining. Chef's kitchen, family room, dining room and living room with a stunning gas fireplace. Powder room and deck off of kitchen plumbed with gas for BBQ complete this floor. Next level down has a second large family room, full bath, proper laundry room and wine storage room - interior access to 2 car garage. Garden level down has 4 bedrooms, two en-suite. Master bath has separate shower and tub and large walk-in closet. This home shines with beautiful finishes, 8' doors, high ceiling on each level and an incredible south facing yard."
Open House: Sunday, noon to 2PM

Location: 3249 Jackson Street, Presidio Heights
Size: 6-bed, 5.5-bath, 5,672 sq. ft. single-family home
Price: $4,750,0000
Pitch: "Rare Opportunity: Classic Queen Anne circa 1895 built as one of Presidio Heights' earliest homes. Ideally situated on a very deep premium south facing lot. This iconic residence offers unparalleled architectural intrigue with a modernized open floor plan catering to the 21st century. With an abundance of natural light, dramatic volume, south facing outdoor oasis off kitchen, au-pair quarters (income unit?), 2 car garage parking and rare privacy this trophy home is NOT to be missed. Walk Score 94, just a short distance to Presidio Ntl Pk, Julius Kahn Playground, Sacramento St and Laurel Village. This stately home has been in the same family for 23 years!"
Open House: Saturday, noon to 3:30PM; Sunday, noon to 2PM

Location: 130 Locust Street, Presidio Heights
Size: 4-bed, 5.5-bath, 4,900 sq. ft. single-family home
Price: $7,775,000
Pitch: "130 Locust has been exquisitely renovated and offers views of the Golden Gate Bridge and a beautiful landscape Garden with direct access from the kitchen and family room. There are three ensuite bedrooms on one level and a fourth bedroom on the upper level plus a Guest/Aupair suite on the garden level. 130 offers a view family room and office plus an entertainment/media room on the garden level. Heather Hillard is the interior designer, David Armour the architect and Thompson/Suskind general contractors offering the finest in quality and workmanship. Walk to Julius Kahn playground, Sacramento Street and Laurel Village. Located in the heart of Presidio Heights with a Walkscore of 97."
Open House: Saturday, 2 to 4PM; Sunday, 12:30 to 2:30PM

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ADP National Employment Report: December 2012

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[More Activity, Later] 3Q 2012 Long Island Report

Posted by Jonathan Miller - Thursday, October 25, 2012, 2:37 PM

We published our report on the Long Island sales market for 3Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Long Island

-Housing prices generally stable
-Listing inventory continues to fall sharply
-Pending sales outpaced closed sales reflecting a late season rise in activity
-Despite tight credit, record low mortgage rates are pulling more people into the market.

Here’s an excerpt from the report:

…The pace of the Long Island housing market has been accelerating. The rise in sales and sharp decline in available inventory resulted in the fastest absorption rate in nearly six years. Contract signings rose faster than the pace of closings on both a quarterly and year-to-date basis. Median sales price was $365,000, unchanged from the prior year quarter. Average sales price saw a nominal 0.8% slip from $457,496 to $454,037 over the same period. The second, third, and fourth quintiles saw no or nominal changes in median sales price compared to the prior year quarter, while the first and fifth quintiles declined 2.2% and 2.9% respectively over the same period. There were 5,638 sales in the third quarter, 9.7% above 5,141 sales in the same period last year. Pending sales saw a larger gain over the same period, rising 12.9% to 5,436 from 4,813. Year-to-date, these metrics showed a similar pattern, reflecting the expanding activity levels later in the year…

You can build your own custom data tables on the market – now updated with 3Q 12 data. I’ll post the updated 3Q12 charts soon. In the meantime you can browse our chart library.

The Elliman Report: 3Q 2012 Long Island Sales [Miller Samuel]
The Elliman Report: 3Q 2012 Long Island Sales [Prudential Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]

View the original article here

[Stable and Sandy] 1Q 2012 Hamptons/North Fork Sales Report

Posted by Jonathan J. Miller -Thursday, April 26, 2012, 2:36 PM
3 Comments

We published our report on Hamptons/North Fork sales for 1Q 2012 this morning.   I’ve been authoring this report series for Douglas Elliman since 1994.

Here are some takeaways:

Overall housing prices (median sales price up 1.2% ) continued to show stability.The luxury market showed larger year over year increases in the price indicators than the overall market.Number of sales were up nominally from same period last year (0.5%).Listing inventory is down sharply year over year (down 17.5%) – home sellers are more cautious about entering the market (ie sales flat but inventory falling).Properties taking somewhat longer to sell and there is a little more negotiability on price between buyer and seller (days on market and listing discount expanded)Despite strength in prices at high end, we saw an uptick in market share of sub-million sales – the decline in mortgage rates and warm weather brought buyers out sooner.

Here’s an excerpt from the report:

Median sales price edged up 1.2% to $630,000 from $622,500 in the prior year quarter. Average sales price increased 17% to $1,437,597 from $1,228,857 over the same period, largely due to continued strength at the upper end of the market. In the median sales price by quintile analysis, the fifth quintile increased 24.8% yearover- year, while the remainder of the market segments showed modest change and mixed results over the same period…

I’ve got a tool to build custom data tables and view charts on the market.

View the original article here

[Buyers Sellers Closer] 3Q 2012 Palm Beach Report

Posted by Jonathan Miller - Saturday, October 20, 2012, 2:00 PM

We published our inaugural report on the Palm Beach, Florida sales market for 3Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

-Condo sales reached their second highest level in more than six years.
-Buyers and sellers moved closer together on price and the market appears to be absorbing more of the older listing inventory.
-Single family homes selling 2 months faster than a year ago.

Here’s an excerpt from the report:

CONDO/TOWNHOUSE The number of sales jumped 45.5% to 64 units in the third quarter, from the prior year quarter. The year-to-date number of sales is at its second highest level in more than six years. Median sales price increased 3.3% to $390,000 from the prior year quarter, while average sales price and average price per square foot increased 6.5% and 27.7% respectively…

SINGLE FAMILY Median sales price increased 5.7% to $2,600,000 from the prior year quarter. Average sales price and average price per square foot dropped 16.4% and 15.1% over the same period. Arguably a small submarket that could be characterized as stable, the number of sales fell to 23 from 25 in the prior year quarter…

You can build your own custom data tables on the market – will be updated with 3Q 12 data shortly NOW UPDATED FOR 3Q12. We’ll be adding a chart library for this market area soon!

The Elliman Report: 3Q 2012 Palm Beach [Miller Samuel]
The Elliman Report: 3Q 2012 Palm Beach [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]

View the original article here

New Residential Construction Report: October 2012

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ISM Non-Manufacturing Report on Business: October 2012

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Existing Home Sales Report: October 2012

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ADP National Employment Report: October 2012

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[Less To Purchase] 3Q 2012 Brooklyn Report

Posted by Jonathan Miller - Saturday, October 20, 2012, 10:00 AM

We published our report on the Brooklyn sales market for 3Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Fastest absorption rate in 4 years, inventory fell sharply.
Sales slipped, partially attributable to falling inventory.
Overall pricing indicators mixed, prices generally stable.
Luxury pricing edged above year ago levels.
Marketing time faster and listing discount compressing with falling inventory.
Condo sales down, co-op sales and 1-3 family sales are up.
South Brooklyn showed gains in prices and sales, one of lower priced regions, most responsive to falling mortgage rates.

Here’s an excerpt from the report:

…The Brooklyn housing market continued to show broad stability in price and sales activity, as listing inventory continued to fall. The familiar restraint of tight mortgage lending conditions tempered additional demand created by falling mortgage rates.

Mixed housing price indicators in the third quarter reflected the general stability of the market. Median sales price slipped 0.8% from $510,000 in the same period last year to $506,000, still marking its second highest level in four years. Average sales price increased 1.1% from $607,867 in the prior year quarter to $614,437…

You can build your own custom data tables on the market – now updated with 3Q 12 data. Charts with 3Q12 data appended will be online shortly.

The Elliman Report: 3Q 2012 Brooklyn Sales [Miller Samuel]
The Elliman Report: 3Q 2012 Brooklyn Sales [Prudential Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]

View the original article here