[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

[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

[Stable Burb] 2Q 2012 Westchester & Putnam Report

Posted by Jonathan Miller - Thursday, July 12, 2012, 4:43 PM

We published our report on the Manhattan rental market for 2Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

WESTCHESTER

Housing prices were stable, basically unchanged from this time last year. Median sales price was $459,000 in 2Q 12Sales activity jumped, up 14.7% from last year to 1,815.
Listing inventory fell 11.7% to 7,064.
The combination of rising sales and falling inventory quickened the “pace” of the market as the monthly absorption rate fell to 11.7 months from 15.2
Luxury market saw stronger price trends than the stable overall market, median was up 6.6%.

PUTNAM

Housing prices softened – median down 6.6% to $293K
Sales jumped in response to falling rates.
Inventory fell 13.2%

Here’s an excerpt from the report:

…The Westchester housing market showed price stability, rising sales and falling inventory during the second quarter, as the regional economy continued to confront tight credit and a slowly improving economy. Median sales price was $459,000, essentially unchanged from $457,500 in the prior year quarter. Average sales price followed the same pattern. The average sales price was $645,208 in the second quarter, similar to $643,907 in the same period last year. Price per square foot, the least reliable of the three price indicators, reflected a 2.6% increase to $279 per square foot over the same period…

You can build your own custom data tables on the Westchester & Putnam market – now updated with 2Q 12 data. I’ll have the newly created chart section for Westchester & Putnam uploaded this evening.

The Elliman Report: 2Q 2012 Westchester & Putnam Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Westchester & Putnam Sales [Prudential Douglas Elliman]

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

[Manhattan Absorption] The Fall Market Remains Stable (Boring)

Absorption defined for the purposes of this chart as: Number of months to sell all listing inventory at the annual pace of sales activity. I started this analysis in August 2009 so as of late I am able to show side-by side comparisons. The blue line that shows the 10-year average travels up and down because of the change in scale caused by some of the significant volatility seen at the upper end of the market.

Not much change in absorption across price segments since last month indicating the pace of sales was offset by the level of available inventory. In other words…borrrrrinnnnnng.

[click images to expand]

Manhattan Absorption Archive 2010 [Miller Samuel]
Manhattan Absorption Archive 2009 [Miller Samuel]

Note: This chart series does not include shadow inventory (properties ready for market but not yet listed for sale) so this anlaysis understates the rate of condo absorption. The Uptown (Northern Manhattan) data set is too thin for a reliable presentation.

View the original article here