We published a slew of research today for Douglas Elliman Real Estate:

Manhattan, Brooklyn & Queens Rentals

Manhattan Rentals
– Median rental price increased year-over-year for the 18th consecutive month
– Median rental price was third highest on record
– Brisk employment growth and strong economic conditions kept upward pressure on rents
– Mortgage lending conditions remained tight tipping would-be first-time buyers back into rental market
– Strength at lower end of market remained as non-doorman rents rose faster than doorman rents
– Luxury median rental price slipped, showing weakest conditions of all price segments
– Inventory slipped and marketing time remained low, despite rise in vacancy rate

Brooklyn Rentals
– Median rental price set a new record for third consecutive month
– Median rental price exceeded the $3,000 threshold for first time
– Landlord concessions remained at nominal level as inventory slipped
– Rental price indicators moved higher across all size categories
– Listing inventory as well as negotiability between landlords/tenants fell
– Median Brooklyn rent was $288 less than Manhattan

Queens Rentals
– Price indicators showed mixed results, suggesting general stability overall
– Studios showed strong price growth as 1-bedrooms and 2-bedrooms were flat
– New development market share comprised 30.2% of new rentals
– Luxury market median price gain was modest, but exceeded the overall market
– Median Queens rent was $362 less than Brooklyn and $650 less than Manhattan

Brooklyn Sales
– Brooklyn median and average sales price set a new record
– Brooklyn remains the only New York City borough with a median sales price above the pre-financial crisis high
– Condo, co-op and 1-3 family properties set new median sales price record
– Luxury housing prices followed overall market trend
– Sales expanded as listing inventory declined, resulting in brisk market pace
– Fastest marketing time in 8 years

Queens Sales
– Queens median and average sales price set a new record
– Condo median sales price set a record for second consecutive quarter
– Co-op price indicators set new record
– 1-3 Family price indicators set new record
– Luxury price indicators set new record
– Inventory declined as sales surged
– Marketing time fell as negotiability expanded

Westchester County Sales (expanded)
– Record number of sales for the quarter, based in historical back to 1981
– Fastest marketing time and least negotiability in the 5.5 years this metric has been measured
– Listing inventory for all property types slipped from year ago levels
– Absorption rate was fastest market pace in 15 years
– Single family and condo median sales price indicated stability
– Single family market share declined even though sales increased
– Luxury price indicators slipped, out performed by overall market

Putnam/Dutchess County Sales (new)

Putnam County
– Price trend indicators increased on a year over year basis
– Listing inventory slipped as the number of sales surged
– Based on absorption, the market pace was 17.2% faster than the year ago quarter
– Marketing time and listing discount expanded despite faster market pace

Dutchess County
– Price indicators suggested general stability
– Single family prices edged higher as condo prices declined
– The pace of the market slowed as sales declined and inventory expanded