Miller Samuel Real Estate Appraisers & Consultants

Elliman Report: Manhattan/Brooklyn Rentals 4-2013

Jonathan Miller — Thu, 09 May 2013 14:48:52 +0000

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…

Elliman Report: Hamptons Sales 1Q 2013

Jonathan Miller — Thu, 25 Apr 2013 23:55:06 +0000

…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…

Elliman Report: North Fork Sales 1Q 2013

Jonathan Miller — Thu, 25 Apr 2013 23:52:14 +0000

…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... Read More

Elliman Report: Long Island Sales 1Q 2013

Jonathan Miller — Thu, 25 Apr 2013 23:49:12 +0000

…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…

Elliman Report: Miami Sales 1Q 2013

Jonathan Miller — Thu, 18 Apr 2013 17:20:30 +0000

…The housing market of the Miami coastal communities experienced sharply rising prices, falling inventory, the lowest distressed market share in more than 3 years, continued influx of international demand and shorter marketing times in the first quarter of 2013. Declining inventory, rising sales and a declining distressed market share have pressed the housing price indicators up sharply. Distressed market share that is comprised of short sales and foreclosures,accounted for 37.8% of all sales, down from the recent high water mark of 62.9% in the third quarter of 2010. Median sales price, perhaps the most reliable indicator for market trends, rose 19.4% to $210,100 from the prior year quarter…

Elliman Report: Palm Beach Sales 1Q 2013

Jonathan Miller — Thu, 18 Apr 2013 17:17:33 +0000

CONDO Median sales price saw a nominal 0.6% decline to $397,500 from the same quarter last year. The average square footage of a sale fell 11.9% to 1,556 over the same period…

SINGLE FAMILY There were 33 sales in the first quarter, 83.3% more than in the prior year quarter. The market share represented 37.9% of all Palm Beach sales, a significant share increase from 23.4% in the prior year quarter. The listing discount fell to 13.5% from 19.3% over the same period….

Elliman Report: Fort Lauderdale Sales 1Q 2013

Jonathan Miller — Thu, 18 Apr 2013 17:03:05 +0000

CONDO Median sales price increased by 12.1% to $212,900 from the same time last year. Average sales price and price per square foot both increased by 16.5% and 13% respectively over the same period. These gains outpaced the modest 3.1% increase in average size of a sold property to 1,411 square feet.

SINGLE FAMILY Median sales price edged 2.2% higher to $224,900 compared to the prior year quarter. Average sales price fell 3.6% and average price per square foot increased 8.8% over the same period. The average size of a sold property was 1,777 square feet, down 11.4% from the same period last year. There were 435 sales, 6.9% more than in the prior year quarter…

Elliman Report: Boca Raton Sales 1Q 2013

Jonathan Miller — Thu, 18 Apr 2013 16:27:11 +0000

CONDO Median sales price jumped 17.3% to $129,000 from the prior year quarter. The increase seen in all three price indicators was not due to a skew toward larger sized sales. Average square footage expanded a nominal 0.6% to 1,422 over the same period…

SINGLE FAMILY The average size of a sale edged 4.2% higher to 2,589 square feet from a year ago, not enough to account for the large rise in price indicators. Median sales price jumped 14.8% to $310,000 over the same period. The other price indicators also posted similar double-digit gains. The number of sales increased 7.4% to 523 from the prior year quarter…

Elliman Report: Westchester & Putnam Sales 1Q 2013

Jonathan Miller — Thu, 11 Apr 2013 14:36:52 +0000

…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…

Elliman Report: Queens Sales 1Q 2013

Jonathan Miller — Thu, 11 Apr 2013 14:32:40 +0000

…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…

Elliman Report: Manhattan/Brooklyn Rentals 3-2013

Jonathan Miller — Thu, 11 Apr 2013 14:28:42 +0000

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….

Elliman Report: Brooklyn Sales 1Q 2013

Jonathan Miller — Thu, 11 Apr 2013 14:23:19 +0000

…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…

Elliman Report: Manhattan Sales 1Q 2013

Jonathan Miller — Tue, 02 Apr 2013 20:47:04 +0000

…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…

Elliman Report: Manhattan/Brooklyn Rentals 2-2013

Jonathan Miller — Wed, 13 Mar 2013 13:41:25 +0000

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…

Elliman Report: Manhattan/Brooklyn Rentals 1-2013

Jonathan Miller — Wed, 13 Feb 2013 14:38:27 +0000

…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…

Elliman Report: Miami Sales (Spanish) 4Q 2012

Jonathan Miller — Sun, 03 Feb 2013 03:05:04 +0000

…El ritmo del mercado en las comunidades costeras de Miami continuó acelerándose en el cuarto trimestre. La cuota en el mercado de las ventas de propiedades en liquidación y el inventario de listado siguieron cayendo, los precios tendieron marcadamente a subir, las propiedades se vendieron más rápidamente con menos negociabilidad, y los compradores internacionales siguieron desempeñando un papel crítico en incrementar la demanda…

Elliman Report: Miami Sales (Portuguese) 4Q 2012

Jonathan Miller — Sun, 03 Feb 2013 03:02:34 +0000

…O ritmo do mercado nas comunidades costeiras de Miami continuou a aquecer no último trimestre. A fatia de mercado de vendas de imóveis em dificuldades financeiras continuou a cair, os preços subiram significativamente, as propriedades venderam mais rapidamente, e os compradores internacionais continuaram a ser protagonistas importantes na demanda. Todos os indicadores de preços registraram crescimento marcante em relação ao ano passado; os preços medianos subiram 27,3% para US$ 210.000, o preço médio de vendas deu um salto de 27,8% chegando a US$ 402.626, e o preço médio por pé quadrado aumentou 21,5%, passando a US$ 260…

Elliman Report: Manhattan Decade 2003-2012

Jonathan Miller — Thu, 31 Jan 2013 11:37:58 +0000

…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…

Elliman Report: Manhattan Townhouse 2003-2012

Jonathan Miller — Thu, 31 Jan 2013 11:35:40 +0000

…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…

Elliman Report: Hamptons/North Fork Decade 2003-2012

Jonathan Miller — Fri, 25 Jan 2013 00:37:58 +0000

HAMPTONS/NORTH FORK

Median sales price up 31.9% over decade.
Average sales price nearly doubled, reflecting emphasis on luxury market over the decade.
Number of sales 20.4% less than in 2003.
Days on market 2 months slower than in 2003.

Elliman Report: Long Island Decade 2003-2012

Jonathan Miller — Fri, 25 Jan 2013 00:35:42 +0000

LONG ISLAND

Sales increased for first time since 2006.
Median sales price up 3.2% over decade.
Market peak in price was 2006, same as the US housing market.
Housing prices have shown stability for 3 years.

Elliman Report: Hamptons Sales 4Q 2012

Jonathan Miller — Thu, 24 Jan 2013 19:26:55 +0000

…The final quarter of the 2012 Hamptons housing market was characterized by unusually heavy sales volume and falling inventory, which both hit 6-year highs and lows, respectively. The strength at the upper end of the market continued to skew the overall price indicators higher, while the pace of the market accelerated and older listing inventory was more readily absorbed…

Elliman Report: North Fork Sales 4Q 2012

Jonathan Miller — Thu, 24 Jan 2013 16:12:18 +0000

…The fourth quarter 2012 North Fork housing market was marked by upward price pressure, falling inventory, rising sales and a faster pace than we had seen in the same quarter a year ago. The price gains were weighted towards the end of 2012, as falling inventory provided buyers with fewer options and record low mortgage rates fostered additional affordability…

Elliman Report: Long Island Sales 4Q 2012

Jonathan Miller — Thu, 24 Jan 2013 16:09:52 +0000

…Long Island, like much of the greater New York region, is experiencing a chronic short of listing inventory. Steadily declining over the past several years, Long Island listing inventory reached an 8-year low in the fourth quarter. The large year-over-year drop in supply was met with an increased level of sales activity, both in terms of signed contracts and closed sales…

Elliman Report: Brooklyn Sales 4Q 2012

Jonathan Miller — Thu, 17 Jan 2013 15:53:39 +0000

…The Brooklyn housing market saw a final quarter of 2012 characterized by unusually low inventory, which in turn limited the volume of both re-sale and new development activity despite the demand generated by record low mortgage rates. As a result, the price indicators showed a year-over-year jump across most market segments. There were 4,685 listings at the end of the fourth quarter, the metric’s lowest total since we began tracking it in mid-2008. Listing inventory was 20.7% below prior year levels, resulting in a 9.7-month absorption rate, faster than the 11.4-month rate in the same period last year. Despite record low mortgage rates and a slowly improving economy, the number of sales fell 7.3% to 1,445 over the same period, as limited inventory and tight mortgage lending conditions continued to restrain demand…

Elliman Report: Queens Sales 4Q 2012

Jonathan Miller — Thu, 17 Jan 2013 15:50:40 +0000

…In the final quarter of 2012, the Queens housing market saw a sharp year-over-year bump in prices, a modest slip in sales and listing inventory, shorter marketing times, and less negotiability between buyers and sellers. The historically tight mortgage underwriting standards continued to hold the impact of record low mortgage rates in check. Both price indicators pressed above prior year levels. Median sales price was up 13.7% from the prior year quarter at $390,000, the highest level in nearly 4 years. Average sales price showed a similar result, rising 9.4% to $432,503 over the same period. All market quintiles generally saw gains in median sales price compared to the prior year period…

Elliman Report: Palm Beach Sales 4Q 2012

Jonathan Miller — Thu, 17 Jan 2013 15:46:54 +0000

CONDO/TOWNHOUSE Median sales price jumped 23.9% from the same quarter last year to $588,750. Average sales price and average price per square foot edged 5.8% and 1.3% respectively over the same period. Number of sales jumped 56.1% year-overyear to 64 sales, but remained unchanged from the prior quarter.

SINGLE FAMILY Although this market segment represents a narrow submarket of Palm Beach, the number of sales nearly doubled from prior year levels, reaching 26. All price indicators showed double-digit year-over-year gains; median sales price increased 13% to $2,775,000 over the period, while average sales price and average price per square foot showed larger gains, rising 32% and 26.1% respectively.

Elliman Report: Fort Lauderdale Sales 4Q 2012

Jonathan Miller — Thu, 17 Jan 2013 15:41:42 +0000

CONDO/TOWNHOUSE Median sales price jumped 19.4% from the same period last year to $215,000. Average sales price and average price per square foot increased 13.5% and 12.9% respectively over the same period, while number of sales increased 3.7% to 474.

SINGLE FAMILY Median sales price jumped 13.8% from the prior year quarter to $182,000. Average sales price and average price per square foot increased 2.6% and 6.3% respectively over the same period. There were 457 fourth quarter single-family sales, a 19.3% surge above prior year levels.

Elliman Report: Boca Raton Sales 4Q 2012

Jonathan Miller — Thu, 17 Jan 2013 15:39:45 +0000

CONDO/TOWNHOUSE Median sales price of a Boca Raton condo jumped 28.2% from $93,000 in the prior year quarter to $119,250. Over the same period, the number of sales edged 1.4% higher to 642. With 1,227 active listings, the monthly absorption rate was 5.7 months, consistent with the past several quarters…

SINGLE FAMILY Year over year, the average number of days on market declined nominally from 160 days to 158. Listing discount, the percentage difference between list price at time of contract and contract price, grew tighter, slipping from 8.1% to 7.4% over the same period…

Elliman Report: Miami Sales 4Q 2012

Jonathan Miller — Thu, 10 Jan 2013 14:41:34 +0000

….The market pace within Miami’s coastal communities continued to quicken in the fourth quarter. Distressed sale market share and listing inventory continued to fall, prices trended markedly higher, properties sold faster with less negotiability, and international buyers continued to play a key role in demand. All price indicators posted large increases from year ago levels; median sales price jumped 27.3% to $210,000, average sales price surged 27.8% to $402,626, and average price per square foot increased 21.5% to $260. A portion of these substantial gains was attributable to the continued decline in market share of lower priced distressed sales, which fell to a 3-year low at 40.2%. However, the average sales price of non-distressed condo and single-family sales still jumped 16.6% above prior year levels…

Elliman Report: Westchester & Putnam Sales 4Q 2012

Jonathan Miller — Thu, 10 Jan 2013 14:37:46 +0000

WESTCHESTER The fourth quarter 2012 Westchester housing market was characterized by general price stability, sharply rising sales activity, declining inventory and a faster overall market pace heading into 2013. Median sales price saw a nominal 0.6% decline from prior year levels to $395,000. Average sales price increased 11.5% and average price per square foot rose 5.2% over the same period. The year-to-date results show nominal declines for all price indicators, including a 1.6% decline in median sales price. In the fourth quarter, the luxury market price indicators outpaced the overall market. Median sales price increased 21.6% from the prior year quarter to $2,150,000…

PUTNAM Housing price trends in Putnam were generally higher in the second half of the year than the first half, largely due to the strength in the entrylevel market in early 2012. Although the fourth quarter sales total was lower than it had been in the same period last year, the annual total of 695 was 10.7% above the yearly total for 2011, with a larger portion of sales occurring in the latter part of 2012. Listing inventory fell to its lowest level in 7 years; this drop, combined with a generally elevated level of sales, resulted in a 12.1-month absorption rate, the lowest rate in 7 years…

Elliman Report: Manhattan/Brooklyn Rentals 12-2012

Jonathan Miller — Thu, 10 Jan 2013 14:33:52 +0000

MANHATTAN For the third consecutive month, the year-over-year pace of median rental price growth eased. Median rental price increased 0.8% from the prior year period to $3,150. Year-over-year gains in this metric for the prior three months were 10.2%, 1.6% and 1.4%. Compared to the same period last year, average rental price was up 10% at $3,973, while rental price per square foot was down 4.5% to $49.88…

BROOKLYN Median rental price increased 7.6% from the same month last year to $2,637. This rate marked the fourth highest level over the past 5 years; the three highest levels were all recorded in 2012. Compared to the same period last year, average rental price edged 5.6% to $2,880, while average rental price per square foot jumped 16.7% to $36.01…

Elliman Report: Manhattan Sales 4Q 2012

Jonathan Miller — Thu, 03 Jan 2013 14:43:38 +0000

…The Manhattan housing market continued to be characterized by falling inventory across the re-sale and new development markets and an uptick in sales. Most of the price indicators in this report continue to range from demonstrating stability to modest growth. The market appears poised for some level of price appreciation in 2013, considering historically low mortgage rates that drive sales, coupled with a chronic shortage of active listings, which are at their lowest level in more than 12 years…

Elliman Report: Manhattan/Brooklyn Rentals 11-2012

Jonathan Miller — Wed, 12 Dec 2012 13:17:31 +0000

MANHATTAN Median rental price remained essentially unchanged from the prior month and edged 1.4% higher than prior year levels to $3,195. This was the lowest year-overyear percent median rental price change since 0% in September 2011. Average rental price expanded 5.4% from the same period last year, while rental price per square foot fell 2.3%. Competition from the sales market, which has enjoyed a sustained period of record low mortgage rates, may have begun to temper the pace of rising rent levels…

BROOKLYN Median rental price increased 10.1% from the same period last year to $2,698, the highest November showing since the credit crunch began. Rental price per square foot and average rental price increased 10.3% and 11.2% respectively over the same period…

Elliman Report: Manhattan/Brooklyn Rentals 10-2012

Jonathan Miller — Wed, 14 Nov 2012 13:27:26 +0000

MANHATTAN The Manhattan vacancy rate fell to 2% from 2.32% in the same period last year. Consistent with this decline, rentals with landlord concessions had single-digit market share; approximately 4% of all new rentals had some form of concession, compared to 25% two years ago.

BROOKLYN There were 23.2% more new rentals in October than there were a year ago, as high rent levels caused more “churn” in the marketplace. The jump in listing discount and days on market also reflected landlords tending to push for rent increases at the time of lease renewals.

Elliman Report: Hamptons & North Fork Sales 3Q 2012

Jonathan Miller — Thu, 25 Oct 2012 13:33:22 +0000

…The housing market on the eastern end of Long Island had its highest number of third quarter sales in six years, as inventory declined and buyers and sellers moved closer together on price. Housing prices were characterized as stable, as price indicators declined largely due to the shift towards smaller properties in response to falling mortgage rates. The market share of sales below $1M increased to 69.9% of all sales, up from 67.1% in the prior year quarter and above the five-year average of 66.5%. The shift towards lower-priced sales skewed overall housing prices lower; median sales price fell 9.3% from $700,000 in the same period last year to $635,000. In addition to the spike in sales below the $1M threshold, there was increased activity at the lower end of the luxury market…

Elliman Report: Long Island 3Q 2012

Jonathan Miller — Thu, 25 Oct 2012 13:31:16 +0000

…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…

Elliman Report: Miami Sales (Spanish) 3Q 2012

Jonathan Miller — Thu, 25 Oct 2012 13:27:19 +0000

…Las comunidades costeras de Miami tuvieron una disminución pronunciada en el inventario de listado, una disminución en ventas de propiedades en riesgo y una alza en ventas de propiedades sin riesgo, una creciente presión de precios y continuación de demanda de compradores internacionales. Todos los indicadores de precios mostraron grandes ganancias al continuar la caída de la actividad de la cuota de mercado de ventas de propiedades en riesgo. La media proporcional de precios de venta saltó un 18.2% a $195.000 de $165.000 en el mismo periodo el año anterior…

Elliman Report: Miami Sales (Portuguese) 3Q 2012

Jonathan Miller — Thu, 25 Oct 2012 13:24:37 +0000

…As comunidades costeiras de Miami vivenciaram um acentuada queda no estoque de imóveis listado, um queda nas vendas de propriedades em dificuldades financeiras aumento nas vendas de propriedades estáveis, pressão pelo aumento de preço e a demanda continuada de compradores estrangeiros. Todos os indicadores de preços registraram ganhos enquanto atividades na fatia de mercado de vendas de imóveis em dificuldades financeiras continuaram a cair. O preço mediano de vendas cresceu 18.2% chegando a US$ 195.500 contra os US$165.000 registrados no mesmo trimestre do ano passado…

Elliman Report: Queens 3Q 2012

Jonathan Miller — Thu, 18 Oct 2012 21:10:28 +0000

…The third quarter Queens housing market was characterized by stable pricing, falling inventory, sliding sales, faster marketing times and less price negotiability between sellers and buyers. The slide in sales despite record-low mortgage rates was largely due to declining inventory levels and irrationally tight mortgage underwriting standards.

Listing inventory continued to fall. There were 9,052 listings at the end of the third quarter, 12.2% below the prior year total of 10,305. The number of sales followed a similar trend, as lower inventory began to temper sales activity. There were 2,509 sales in the third quarter, 8.5% fewer than 2,743 sales in the same period last year. The monthly absorption rate, the number of months to sell all active inventory at the current pace of sales, was 10.8 months, faster than 11.3 months a year ago but consistent with the 10.6-month 7-year average…

Elliman Report: Brooklyn 3Q 2012

Jonathan Miller — Thu, 18 Oct 2012 21:09:18 +0000

…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…

Elliman Report: Palm Beach 3Q 2012

Jonathan Miller — Thu, 18 Oct 2012 20:31:46 +0000

CONDO/TOWNHOUSE
Price indicators and sales activity continued to climb 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
Price indicators were mixed as sales slipped 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.

Elliman Report: Fort Lauderdale Sales 3Q 2012

Jonathan Miller — Thu, 18 Oct 2012 20:28:00 +0000

CONDO/TOWNHOUSE
Price indicators jumped above last year’s levels as sales fell Median sales price increased 16.3% to $200,000 from prior year levels. Average sales price and average price per square foot increased 19.6% and 25.4% respectively over the same period. Sales fell 12.2% to 466 from 531 sales in the same quarter last year. Listing inventory held firm over the past two quarters at just above the 1,000 threshold.

SINGLE FAMILY
Double-digit gains across all price indicators as larger properties sold The average size of a single family sale was 1,870 square feet, 8.7% larger than the same period last year. This compounded the gains in all price indicators. Median sales price jumped 58.4% to $221,750 from prior year levels.

Elliman Report: Boca Raton Sales 3Q 2012

Jonathan Miller — Thu, 18 Oct 2012 20:25:09 +0000

CONDO/TOWNHOUSE
Price indicators were mixed, smallest average square footage in over 6 years Average price per square foot of a condo increased 5.6% to $152 over the same period last year. Average sales price and median sales price declined 1.4% and 17.1% respectively. Average square foot was 1,295 square feet, the lowest in over six years, driven by record low mortgage rates.

SINGLE FAMILY
Second highest amount of sales in over six years sales, as price indicators jumped There were 591 sales, 5.3% more than in the same period last year and the second highest total in more than six years. Average price per square foot jumped 9.6%, as average sales price and median sales price increased 14.9% and 21.2% respectively.

Elliman Report: Manhattan/Brooklyn Rentals 9-2012

Jonathan Miller — Thu, 11 Oct 2012 15:59:16 +0000

…Two significant drivers of rental demand over the past year have been the tight lending conditions and the improving local economy, namely employment levels. Perhaps the most consequential factor to date has been the tight mortgage underwriting standards. Banks remain risk-adverse, and lending standards have yet to ease since the fall of Lehman Brothers. This has held many would-be buyers in the rental market, especially with mortgage rates continuing to fall and reaching record-low levels throughout most of 2012. However, falling mortgage rates have made lenders even more adverse to risk. This lower tenant mobility has tightened the conditions of the rental market, laying the pressure on rents…

Elliman Report: Miami Sales 3Q 2012

Jonathan Miller — Thu, 11 Oct 2012 15:56:49 +0000

…The Miami coastal communities experienced a sharp decline in listing inventory, a decline in distressed sales and rise in non-distressed sales, rising price pressure and continued demand from international buyers. All price indicators posted large gains as distressed sale market share activity continued to fall. Median sales price jumped 18.2% to $195,000 from $165,000 in the prior year quarter. Average sales price and average price per square foot saw similar year-over-year gains of 16.7% and 18.2%. The median sales price year-to date was $190,000 and increased at a similar rate of 22.6%. Distressed sales market share fell to 41.3% from 53.3% over the same period last year helping drive overall prices higher due to their lower price levels. However non-distressed also showed year-over-year gains, albeit more modest increases. The nondistressed median sales price was 10.6% higher than prior year levels…

Elliman Report: Westchester & Putnam Sales 3Q 2012

Jonathan Miller — Thu, 11 Oct 2012 15:51:29 +0000

…The third quarter was marked by a surge in sales, and fewer properties available for sale. Falling mortgage rates brought first time buyers into the market, as evidenced by a decline in the average size of a property sold. This also resulted in all price indicators falling below year-ago levels. The median sales price of a Westchester property in the third quarter was $490,000, 1.1% below $495,625 in the prior year quarter. Average sales price and average price per square foot followed the same pattern; the average square footage of sold property was 2,322 square feet, down 1.7% from 2,361 in the prior year quarter. The number of Westchester properties sold surged 21.9% to 2,233 from 1,832 in the same quarter a year ago. Over the same period, listing inventory dropped 9.8% to 6,437 from 7,133. The combination of rising sales and falling inventory resulted in an 8.6-month absorption rate, the fastest market pace in five years. The market share by property type showed changes this quarter; single-family sales accounted for 68.7% of all sales in the quarter, the highest level this segment has seen in three years. Co-op and multi-family sales’ market share slipped, while condo market share expanded…

Elliman Report: Manhattan Sales 3Q 2012

Jonathan Miller — Tue, 02 Oct 2012 13:32:23 +0000

The Manhattan housing market showed seasonally stable pricing and sales activity. Smaller apartments continued to gain market share as mortgage rates continued to fall and city employment levels rose. The sharply declining listing inventory reached a 7.5-year low, while the monthly absorption rate demonstrated a brisk market pace as it reached a 5-year low. All price indicators posted modest year-overyear declines, as 1-bedroom apartments gained 5% market share to represent 37.8% of all sales, edging out the 2-bedroom market as the largest market segment. Median sales price was $890,000, down 2.3% from $911,333 a year ago. Average sales price and average price per square foot slipped 1.4% and 2.4% from the prior year quarter to $1,444,463 and $1,103 respectively. Year-to-date, median sales price remained unchanged from a year ago at $850,000, while average price per square foot increased 0.6%, further reflecting price stability in the overall market.

Elliman Report: Palm Beach 2Q 2012

Jonathan Miller — Thu, 26 Jul 2012 20:32:50 +0000

CONDO/TOWNHOUSE: Median sales price was $470,000, up 16% from $405,000 in the same period last year. Average sales price and average price per square foot increased 11.9% and 2.7% respectively over the same period. There were 119 sales this quarter, 22.7% more than in the prior year quarter…

SINGLE FAMILY: Median sales price was $2,100,000 in the second quarter, 8.7% below $2,300,000 in the same period last year. The other price indicators showed larger declines, mostly due to a larger concentration of higher-end sales in the prior year quarter, which skewed the current quarter’s price indicators lower…

Elliman Report: Fort Lauderdale 2Q 2012

Jonathan Miller — Thu, 26 Jul 2012 20:28:52 +0000

CONDO/TOWNHOUSE: Median sales price was up 21.2% to $209,000, from $172,440 in the prior year quarter. Average sales price and price per square foot showed similar double-digit gains over the same period. The number of sales declined 7.7% to 608 from 659 in the prior year quarter. With 1,035 listings at the end of the second quarter, the 5.1-month absorption rate was considered tight for the region…

SINGLE FAMILY: Median sales price was $209,000, up 21.2% from $172,440 in the prior year quarter. The other price indicators showed similar patterns; however, the gains were not as a result of larger sized home sales. The average size of a single family sale increased 6.4% to 1,989 square feet over the same period…

Elliman Report: Boca Raton 2Q 2012

Jonathan Miller — Thu, 26 Jul 2012 20:25:14 +0000

CONDO/TOWNHOUSE: Median sales prices was $125,000, its highest level in two years, and up 9.4% from $114,250 in the prior year quarter. Average sales price and price per square foot followed the same pattern. Number of sales were 8.1% below prior year levels, but represented 54.2% of all market sales…

SINGLE FAMILY: Median sales price slipped 1.7% to $285,000 from prior year levels, while average sales price increased 1.5% to $518,485 over the same period. Number of sales were 1.5% above prior year levels and represented 45.8% of all market sales…

Elliman Report: Miami Sales (Spanish) 2Q 2012

Jonathan Miller — Thu, 26 Jul 2012 16:18:14 +0000

…El mercado de las comunidades costeras de Miami continuó mostrando aumentos en ventas de propiedades sin riesgo, inventarios disminuyentes, y demanda por parte de compradores de Europa y Sudamérica. La media proporcional de precios de venta saltó en un 20.9% a $196.500 de $162.500 en el mismo período del año anterior. El precio promedio de venta de $399.400 y el precio de $257 por pie cuadrado mostró el mismo patrón con un incremento del 17.7% y 14.2% respectivamente en comparación al mismo período el año anterior. La ganancia año por año en la media proporcional de precios de condominios superó ampliamente la ganancia del 4.4% en la media proporcional de precios de unifamiliares. Esto se debió en gran parte a la caída de la actividad de ventas de propiedades en riesgo de menor precio el año anterior, relacionado al escándalo “robo-signing” al final del 2010. En adición a los atrasos de las cortes en los juicios de embargo de propiedades, los prestamistas redujeron el volúmen de propiedades entrando al mercado en casi todo el 2011 y comienzos del 2012…

Elliman Report: Miami Sales (Portuguese) 2Q 2012

Jonathan Miller — Thu, 26 Jul 2012 16:14:56 +0000

…O mercado residencial nas comunidades litorâneas de Miami continua a mostrar aumento na venda de imóveis estáveis, queda de inventário e demanda de compradores estrangeiros da Europa e América do Sul. O preço mediano de vendas subiu 20.9% chegando a US$ 196.500, contra os US$ 162.500 registrados no mesmo trimestre do ano passado. O preço médio de venda foi USD$ 399.440, sendo que o preço por pé quadrado foi de USD$ 257. Ambos mostraram o mesmo padrão no tocante a ganhos de 17.7% e 14.2% no mesmo período. O ganho de 28.5% ano a ano sobre o preço mediano de condomínios foi muito superior ao ganho de 4.4% no preço mediano de residências separadas. Isso deve-se principalmente a uma queda nas vendas de imóveis em dificuldades financeiras com preços mais baixos no último ano, ainda ligada ao escândalo das assinaturas automáticas no final de 2010…

Elliman Report: Hamptons & North Fork Sales 2Q 2012

Jonathan Miller — Thu, 26 Jul 2012 14:14:13 +0000

…The Hamptons and North Fork housing markets were characterized as having their most active spring markets in six years, but both with weaker price levels and modest upticks in listing inventory and marketing time. There were more sales in the second quarter spring market than there have been in any second quarter throughout the past six years. The second quarter total was 676 sales, 9.2% more than 619 sales in the prior year quarter. This total was sharply above the prior quarter result of 381 sales, an unusually light number, given the mild winter and early spring selling season, which suggests a timing issue at play. Listing inventory was 2,452, 5.3% above 2,329 in the same period last year. As a result, the monthly absorption rate was 10.9 months, faster than 11.3 months in the prior year quarter as well as the 12.9-month sixyear average…

Elliman Report: Long Island Sales 2Q 2012

Jonathan Miller — Thu, 26 Jul 2012 14:11:22 +0000

..The Long Island spring housing market was characterized by stable prices, falling inventory and rising sales activity. This occurred despite some of the tightest mortgage lending conditions in years, as well as elevated unemployment levels and a weak, but slowly improving, regional economy. There were 4,581 sales, 8.9% more than 4,205 in the prior year quarter. Pending sales showed a similar pattern, despite an unusually robust prior quarter, which was attributable to the atypically warm winter. The number of pending sales increased 6.4% to 6,032 from 5,670 in the same period last year. In addition to the higher level of sales activity, listing inventory declined 13.2% over the same period to 19,769, the lowest second quarter inventory total in seven years…

Elliman Report: Brooklyn Sales 2Q 2012

Jonathan Miller — Thu, 19 Jul 2012 09:39:02 +0000

…The Brooklyn housing market could best be described as having stabilized prices and sales, largely due to falling inventory and a slowly improving regional economy. Unusually tight mortgage lending conditions have tempered further improvement. Median sales price was $477,108, nominally below $480,000 in the prior year quarter. The average sales price increased 2% to $585,777 from $574,387 over the same period…

Elliman Report: Queens Sales 2Q 2012

Jonathan Miller — Thu, 19 Jul 2012 09:13:31 +0000

…The Queens housing market saw an increase in price indicators, a modest decline in the number of sales, a sharp decline in listing inventory and a small reduction in marketing time. The overall results were somewhat better than, they have been over the past few years as the regional economy slowly improved despite unusually tight mortgage underwriting standards. Median sales increased 3.8% to $355,000 from $342,000 in the same period last year. Average sales price showed a gain of 2.2% to $399,154 from $390,589 over the same period…

Elliman Report: Miami Sales 2Q 2012

Jonathan Miller — Thu, 12 Jul 2012 12:17:39 +0000

…The housing market in Miami’s coastal communities continued to show increases in nondistressed sales, falling inventory, and demand from foreign buyers from Europe and South America.

The median sales price jumped 20.9% to $196,500 from $162,500 in the prior year quarter. The $399,440 average sales price and $257 price per square foot both showed the same pattern, with respective gains of 17.7% and 14.2% over the same period. The 28.5% year-over-year gain in median condo prices largely outpaced the 4.4% gain in median single-family home prices. This was largely due to the drop in lower priced distressed sales activity over the past year, related to the “robo-signing” scandal at the end of 2010. In addition to the court-related foreclosure backlog, servicers slowed the volume of property entering the market during most of 2011 and early 2012. Condo sales saw more of a decline related to this matter; distressed condo sales fell 31.9% over the past year, while distressed single family sales fell only 11.7% over the same period…

Elliman Report: Manhattan Rentals 2Q 2012

Jonathan Miller — Thu, 12 Jul 2012 12:13:04 +0000

The average rent was $3,778, the highest rent in two years as tight mortgage lending conditions and regional economic gains continued to drive rental prices higher. Median rent was $3,125, the second highest level over the same period. Since landlord concessions were used in only 3.7% of new rental activity with those transactions averaging only 1 month of free rent, the year-over-year gain in median rent with or without concessions was the same at 7.9%. The average year-over-year median rental increase in each quarter of the past year has been 7.6%, indicating there has been no ease in the pace of rental price gains…

Elliman Report: Westchester & Putnam Sales 2Q 2012

Jonathan Miller — Thu, 12 Jul 2012 12:09:19 +0000

…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…

Elliman Report: Manhattan Sales 2Q 2012

Jonathan Miller — Tue, 03 Jul 2012 14:41:05 +0000

…For the past several years and through the second quarter, the overall Manhattan housing market has shown price and sales stability, holding its position as one of the better performing housing markets in the US. The combination of mortgage rates declining to record lows and rents rising as a result of tight credit and rising employment has fueled a surge in entry-level buyers over the past nine months. The market share for new development activity has remained consistent, as much of the former shadow inventory created during the recent housing boom has been absorbed. Economic uncertainty abroad and the weak US dollar brought more foreign buyers looking for an investment safe haven, resulting in a higher frequency of high-end “trophy” transactions…

Elliman Report: Miami Sales (Spanish) 1Q 2012

Jonathan Miller — Thu, 26 Apr 2012 19:10:57 +0000

El Mercado de Miami continuó teniendo dos segmentos diferentes: ventas de propiedades en peligro de juicio hipotecario y propiedades sin riesgo. El escándalo denominado “robo-signing” a finales del 2010 y el reciente acuerdo entre los principales proveedores de préstamos y el gobierno ha evitado la entrada al mercado en el último año y medio de una gran cantidad de propiedades en peligro de juicio hipotecario. Sin embargo, anticipamos un incremento en los próximos años de este tipo de propiedades. A pesar de que propiedades sin riesgo y propiedades en peligro de juicio hipotecario no son tipos diferentes de vivienda, la venta de condominios en peligro de juicio hipotecario y propiedades unifamiliares promediaron un incremento de 26.3% y 31.15% más en pies cuadrados respectivamente, que la venta del mismo tipo de vivienda en el 1er trimestre del año anterior.

Elliman Report: Miami Sales (Portuguese) 1Q 2012

Jonathan Miller — Thu, 26 Apr 2012 19:00:29 +0000

O mercado residencial de Miami continuou a ser basicamente dois segmentos distintos: vendas de propriedades em dificuldades financeiras, definidas como vendas a descoberto (short-sales) e execução hipotecária; e as vendas de propriedades estáveis. O escândalo das assinaturas automáticas (robo-signing) em finais de 2010 e os acordos de liquidação entre os maiores administradores de empréstimos e o governo preveniu que uma boa quantidade de propriedades em dificuldades financeiras entrasse no mercado nos últimos dezoito meses. Porém, esperamos um aumento nas vendas de propriedades em dificuldades financeiras nos próximos anos. Embora as vendas de propriedades com dificuldades financeiras e as estáveis não representem tipos diferentes de habitações, as vendas de condomínios em dificuldades financeiras e residências separadas representaram uma média de 26,3% e 31,1% a mais em pés quadrados, respectivamente, que suas contrapartes no primeiro trimestre.

Elliman Report: Hamptons & North Fork Sales 1Q 2012

Jonathan Miller — Thu, 26 Apr 2012 15:56:38 +0000

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…

Elliman Report: Long Island Sales 1Q 2012

Jonathan Miller — Thu, 26 Apr 2012 15:50:32 +0000

Although the number of sales slipped 1.2% from prior year levels, the mild winter weather brought an unexpected surge in first quarter pending sales. There were 5,209 signed contracts outstanding in the first quarter, 21.2% more than 4,297 in the prior year quarter. The unusual amount of pending sales activity this quarter may temper the levels of the second quarter, typically a high water mark for sales activity each year. Listing inventory slipped 4.1% to 20,358, the lowest first quarter total in six years…

Elliman Report: Brooklyn Sales 1Q 2012

Jonathan Miller — Thu, 19 Apr 2012 12:16:05 +0000

Housing prices slipped from prior year levels, largely due to the shift in mix of property types that sold over the quarter. The sharp decline in mortgage rates to record lows resulted in an increase in co-op sales market share, a lower priced property type. Median sales price declined 5.3% to $450,000 from $475,000 in the same period last year. Average sales price slipped 0.8% to $565,291 from $569,799 over the same period. Listing discount, the difference between the list price at the time of contract and the sales price, was 3.5% tighter than 4.8% in the same period last year…

Elliman Report: Queens Sales 1Q 2012

Jonathan Miller — Thu, 19 Apr 2012 12:00:48 +0000

There was a 16.2% decline in the number of sales in the first quarter to 2,176, down from 2,598 in the prior year quarter despite the surge in co-op sale market share. Co-ops represented 28.7% of all sales in the first quarter compared to a 13.2% share of condo sales and a 58.1% share of 1-3 family homes. The increase in co- op market share was largely caused by the sharp drop in mortgage rates last fall. The entry- level market is more immediately responsive to changes in mortgage rates. Listing inventory fell faster, declining 35% to 8,851 from 13,609 in the prior year quarter. The result of declining sales and more rapidly declining inventory resulted in a sharp drop in the monthly absorption rate. In the first quarter, the number of months to absorb all active inventory at the current pace of sales was 12.2 months, more than 3 months more efficient than the 15.7 month rate in the prior year quarter…

Elliman Report: Miami Sales 1Q 2012

Jonathan Miller — Fri, 13 Apr 2012 14:53:27 +0000

The Miami housing market continued to be largely two different market segments: distressed sales, defined as short sales and foreclosures, and non-distressed sales. The “robo-signing” scandal in late 2010 and the recent settlement agreement between the major loan servicers and the government has kept a large supply of distressed properties from entering the market over the past year-and-a-half. However, we anticipate an increase in distressed sales activity over the next few years. While distressed and non-distressed sales are not separate types of housing, distressed condos and 1-family property sales averaged 26.3% and 31.1% more square feet, respectively than their distressed sale counterparts in the first quarter.

Elliman Report: Manhattan Rentals 1Q 2012

Jonathan Miller — Thu, 12 Apr 2012 12:12:30 +0000

Year-over-year prices continued to show strong gains as landlord concessions declined. Median net effective rent was $3,064 for the first quarter, 9.1% higher than $2,808 in the prior year quarter. Use of concessions fell to 11.1% winthin all new rentals from 36.8% in the same period last year. Rental price per square foot increased to $52.57 in the first quarter, reaching its highest level since the third quarter of 2008, just as the credit crunch began…

Elliman Report: Westchester & Putnam Sales 1Q 2012

Jonathan Miller — Thu, 12 Apr 2012 12:08:27 +0000

There were 1,277 sales in the first quarter, 1.8% more than 1,254 sales in the same period last year. The market share for 1-family properties expanded to 59.1% from 57.5% over the same period. Condo market share edged up to 14.7% of all sales from 14.4% in the prior year quarter. Co-ops and 2-4-family properties declined over the same period to a 5.6% and 20.5% market share, respectively. In the 1-family market, the Northeast and South-Central regions showed large gains in market share of sales over the past year, while the remaining four regions experienced declines in market share…

Elliman Report: Manhattan Sales 1Q 2012

Jonathan Miller — Tue, 03 Apr 2012 12:04:11 +0000

Despite global economic turmoil last fall, the housing market continued to show stability, continuing a pattern that began in mid- 2009 after the credit crunch began. The S&P’s downgrade of US debt, paired with the European debt crisis, Wall Street bonus concerns, and large swings in the stock market indices all contributed to the market’s slowed pace leading into the first quarter. As a result, the number of sales slipped 3.5% to 2,311 from 2,394 in the prior year quarter. However, sales levels began to rise during the middle of the first quarter…

Elliman Report: Manhattan Decade 2002-2011

Jonathan Miller — Thu, 02 Feb 2012 12:27:17 +0000

The number of sales remained above the 10,000 sale threshold for the second consecutive year and for the fourth time in the decade. There were 10,161 sales in 2011, the third highest total of the decade. The total was 1% above the prior year total of 10,060, but 24.3% below the 2007 housing boom peak of 13,430. The weakest period of sales activity for the decade was in 2009, the year after the “Lehman tipping point” in late 2008, when the credit crunch and low consumer confidence stifled sales activity. The second weakest period surprisingly occurred in 2005, after affordability fell sharply with the highest pace of price appreciation in the decade. The last two years of the decade saw the most sales of 3-bedroom and 4-bedroom apartments as the market benefited from unstable global economic conditions. Foreign buyers and the wealthy continued to seek financial refuge in the high-end Manhattan housing market.

Elliman Report: Manhattan Townhouse 2002-2011

Jonathan Miller — Thu, 02 Feb 2012 12:21:13 +0000

The Manhattan housing market saw the largest number of sales since the credit crunch began, reaching a yearly sales level consistent with the annual average of the past decade. The robust apartment rental market influenced the gain in 2-family and 3-5 family market share as 1-family market share slipped over the past year. The jump in market share of lower priced multi-family sales pulled the price indicators lower. Listing inventory as well as days on market expanded year-over-year as all price indicators slipped. The townhouse price indicators were more than double their respective 2002 levels. East Side and West Side market share of Manhattan sales fell as Downtown and Uptown market share expanded over the same period.

Elliman Report: Long Island Decade 2002-2011

Jonathan Miller — Thu, 26 Jan 2012 05:15:08 +0000

This report is a comprehensive analysis of the past decade of residential housing sales on Long Island. The report parses out Nassau and Suffolk Counties (excluding the East End, a market covered in a separate report) by price trends, number of sales, days on market, listing discount, listing inventory, property type, absorption and median sales price by quintiles and others.

Elliman Report: Long Island Sales 4Q 2011

Jonathan Miller — Thu, 26 Jan 2012 05:10:55 +0000

Housing prices slipped in the fourth quarter, dipping below prior year levels. Median sales price was $339,000 in the fourth quarter, 4.8% below $356,050 in the same period last year. Average sales price showed a similar trend, declining 5.1% over the same period to $412,060 from $434,424 in the prior year quarter. The number of sales for the quarter totaled 4,222, essentially unchanged from the 4,252 total of the same quarter last year. However, pending sales declined 7% to 4,134 from 4,447 over the same period. Listing inventory slipped 1.6% over the year to 18,447 from 18,742 in the prior year quarter. During the fall, housing market participants were confronted with a series of economic woes, such as financial market volatility after the S&P rating agency downgraded US debt last August, and the financial crisis in Europe. As a result, they appeared to press the “pause” button, taking longer to make decisions and waiting until more time had passed before returning to the market.

Elliman Report: The Hamptons/North Fork Decade 2002-2011

Jonathan Miller — Thu, 26 Jan 2012 05:10:01 +0000

This report is a comprehensive analysis of the past decade of residential housing sales on the East End. The report parses out the Hamptons and North Fork by price trends, number of sales, days on market, listing discount, listing inventory,... Read More

Elliman Report: Hamptons & North Fork Sales 4Q 2011

Jonathan Miller — Thu, 26 Jan 2012 05:01:05 +0000

There were 541 sales in the fourth quarter, 0.6% more than 538 sales in the prior year quarter and prior quarter. The level of sales remained above the 5-year average of 484 sales. Despite the relative stability of sales, the number of available listings fell sharply. There were 1,728 listings available at the end of the fourth quarter, 25% less than 2,303 listings at the end of the same quarter last year. Despite the decline in listing inventory and stability of sales, days on market and listing discount expanded over the year. Days on market, the number of days from the last price change to contract date, was 201 days, 25 days longer than 176 days in the prior year quarter. Listing discount, the percentage difference between the list price at time of contract and the sales price, increased to 13.4% from 9.3% in the prior year quarter. Median sales price was $675,000, down 7.5% from $730,000 in the prior year quarter. Average sales price followed the same pattern with a decline of 16.2% to $1,335,884 from $1,594,785 in the same period last year. The price indicators in the prior year quarter were pressed upward from the high end skew caused by concern over the potential expiration of the Bush tax cuts and rise in capital gains rate. Buyers and sellers rushed to close before the end of 2010.

Elliman Report: Brooklyn Sales 4Q 2011

Jonathan Miller — Thu, 19 Jan 2012 05:10:56 +0000

The housing market saw year-over-year gains in sales for the fourth quarter. There were 1,558 sales, 6.1% more than 1,468 in the same quarter last year. The increase in sales was largely due to the increase in market share for co-ops, which comprised 22.5% of all borough sales, up from 18.7% over the same period. The surge in lower priced co-op sales was a result of the sharp decline in mortgage rates during the fall after the S&P downgrade of US debt, which occurred at the end of the summer. Listing inventory declined 4.8% over the same period to 5,908 from 6,203 in the same quarter last year. As a result, the number of months to sell all inventory at the current pace of sales fell to 11.4 from 12.7 over the same period, but above the 10.4 average of the past three-and-a-half years.

Elliman Report: Westchester & Putnam Sales 4Q 2011

Jonathan Miller — Thu, 19 Jan 2012 05:05:09 +0000

The price indicators for the quarter were partially mixed partially, as a result of a significant variance caused by the surge in entry-level co-op sales. The average square footage of a residential sale was 2,082, down 2.8% from 2,143 in the same period last year. As a result of the decline in size and shift in the mix to smaller sales, the fourth quarter median sales price and average sales price were nearly identical. The median sales price of a Westchester residential sale was $525,000, up 16.7% from $450,000 in the prior year quarter. The average sales price showed the opposite trend, falling 9% to $524,722 from $576,512 in the prior year quarter.

Elliman Report: Queens Sales 4Q 2011

Jonathan Miller — Thu, 19 Jan 2012 05:01:44 +0000

Median sales price for the fourth quarter declined 7% to $343,000 from $369,000 in the prior year quarter. Average sales price showed the same pattern, sliding 2.5% to $395,264 from $405,489 in the same period last year. The decline in the overall price indicators was primarily due to the large shift in the mix toward co-op sales, the lowest priced property type. As buyers took advantage of record-low mortgage rates during the quarter, the lower priced market quintiles saw larger year-over-year declines in median sales prices.