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I write a column for Elliman Magazine called “Market Update” that presents a chart and context around it. Its kind of like my nine-year column “Three Cents Worth” at the old Curbed but more grown-up and without the snark.
Tags: Listing Inventory, Elliman Magazine, Douglas Elliman, New Listing Inventory
I’m a regular listener to the Slate Money podcast so I was thrilled to be invited to participate.
This week, Felix Salmon, Emily Peck, and Elizabeth Spiers are joined by housing market analyst and real estate appraiser Jonathan Miller to answer all their burning real estate questions including what’s going on with mortgage rates, how do new luxury buildings affect prices, and why is rent so damn high?
Tags: Felix Salmon, Emily Peck, Elizabeth Spiers, Slate+, Slate Money
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Charts
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For each issue of Elliman Magazine produced by Douglas Elliman, the same company that publishes most of our U.S. market research, I write a brief column and create a graphic to illustrate an important issue facing the luxury housing market. Of course, the graphic I create is then supercharged by their very talented graphics staff.
Listing inventory has essentially collapsed in most U.S. housing markets as unusually low rates against the backdrop of robust economic conditions have burned off supply to record lows. Evidence of this is seen in the proliferation of U.S. housings markets with a significant share of bidding wars. Since these are broad markets, various submarkets can see the market share at must higher levels. The proxy for market share is the share of transactions that close above the asking price at time of sale against total period sales.
In the current issue of Elliman Magazine: Spring/Summer 2022, my column “A Symptom of Chronic Inventory Lows: Bidding Wars Are Everywhere”
[click to expand]
Tags: Listing Inventory, Elliman Magazine, bidding wars, Douglas Elliman
Yes, big data usually infers ‘quantitative’ analysis, as in “relying on numbers.” The Zestimate legacy of profound inaccuracy finally reached a devastating conclusion with the collapse of Zillow Offers this week and the loss of hundreds of millions in shareholder equity. Zillow never figured out the qualitative part that enables the actual precision in the pricing of a home sale.
There is a lot of talk right now about how other iBuyers are continuing to buy and sell properties so the space is still viable – business as usual. But step back for a moment and think about this:
I feel pretty confident there will be further fallout over time, but the iBuyer space will settle into a small segment of the overall transaction universe. It has been wildly overhyped (at real estate brokers and real estate appraiser’s expense) as investors, burdened with high volumes of capital, desperate for upside in housing in this fintech boom.
Tags: Zillow, Zillow Offers, iBuyers, Softbank
One of the problems with my normally preferred year-over-year comparisons with metrics to diffuse seasonal impact is that the year-ago period happened to be the pandemic lockdown.
I went through the region using our market report series for Douglas Elliman, comparing the same period two years ago to capture the pre-COV ID market and prices. and sales are up with the exception of Manhattan and North Fork. Listing inventory is up slightly within the city boroughs and plunged in the suburbs.
Tags: Elliman Report, Douglas Elliman
I had a fun conversation with Faith Jessie, journalist and anchor at Newsday, Maura McDermott, the real estate writer at Newsday, and Monica Balsan at Daniel Gale Sotheby’s International Realty. My housing data came from our Elliman Report: Long Island Sales series I author for Douglas Elliman.
The interview was placed on Newsday’s home page, which was pretty cool.
Newsday Live: Hot Tips For a Hot Market: For Sellers
Newsday is the largest news publication for Long Island, New York.
Tags: Elliman Report, Douglas Elliman, Long Island, Newsday, Maura McDermott, Monica Balsan, Daniel Gale Sotheby's International Realty
This is my fourth appearance with my friend Barry Ritholtz, a prolific columnist/blogger, radio show host/podcaster, and wealth management firm head on his Masters In Business show for Bloomberg Radio. He previously interviewed me in 2014, 2016 and 2020.
Barry also posted the interview on his essential Big Picture blog: MiB: Jonathan Miller, Appraiser Extraordinaire in addition to the Bloomberg Masters In Business landing page.
To say we talk a lot about housing and valuation in a crazy market wouldn’t do this fun conversation any justice. I am always thrilled to be in the company of his never-ending incredible lineup of guests.
To listen to the entire one hour and 49 minute show (sorry about that), you can go here:
Tags: The Appraisal Foundation, Bloomberg Radio, Barry Ritholtz, Appraisal Institute, Masters in Business
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TV, Videos
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Last Friday I had a fun discussion with Lisa Abramowicz on Bloomberg Surveillance. It’s been bedlam in Appraiserville so I’ve been slow to post it. The New York to Florida housing migration story has been a bit one sided with optics that suggest 9 people will be left in Manhattan by the summer time despite that Manhattan contract activity beginning to surge. On the other hand Florida sales activity continues to be frenzied.
I don’t have the short clip so you have to go to the end of the full show at the 2:10:50 minute mark to pick up my interview with Lisa (but I think its worth it):
Tags: Bloomberg Surveillance, Lisa Abramowicz, Migration, Inbound Migration, Outbound Migration
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Explainer
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The New York Times got the market nuances right in their epic end of year The Real Estate Collapse of 2020.
And including epic charts makes it even better.
I noticed that the Streeteasy median rent chart used in the piece shows the same pattern as my recent chart in Bloomberg. That drop in rent is gigantic.
[Source: Bloomberg – click image to open article]
Tags: New York Times, StreetEasy, Bloomberg News, NYT Real Estate, 2020, Stefanos Chen, Vivian Marino
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Explainer
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I recently completed a quick interview with Stuart Elliott, Editor In Chief & CEO at The Real Deal who asked me questions with a uniquely mellow intensity. The Real Deal is required reading for anyone in the real estate profession or interested in real estate. Fun.
Tags: The Real Deal, Stuart Elliot, Youtube, Quick Question
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This weekend’s New York Times Real Estate Calculator column provides a visualization of the recent rental market results in The Elliman Report: October 2020 Manhattan, Brooklyn & Queens Rentals
The Manhattan changes were the most interesting to me – record highs set for the vacancy rate, concession market share, concession amount, yoy% change in median net effective rent overall, studio, 1-bed, & 2-beds. Yet we saw for the first time in fourteen months, a jump in YOY% new lease signings and the highest October new lease signing total on record.
The significantly weaker rental market final hit a point that caused demand to begin to flood back into the market.
[click to open article]
Tags: Elliman Report, Douglas Elliman, Michael Kolomatsky, New York Times Real Estate Section
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Charts
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This post previously appeared in the August 14, 2020 edition of Housing Notes. I’ve been writing these weekly summaries on housing topics for more than five years. To subscribe for free, you can sign up here. Then you can look forward to each issue every Friday at 2pm New York Time.
The New York Times created a terrific graphic on our Elliman New Signed Contract Report by illustrating the performance of Manhattan and Brooklyn versus Westchester County. Brooklyn’s sales market performance is closer to Westchester than it is to its city counterpart.
Tags: Douglas Elliman, Michael Kolomatsky, New York Times Real Estate Section, The Calculator, New Signed Contract Reports
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Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts. He holds the Counselors of Real Estate (CRE) and Certified Relocation Professional (CRP) designations. He is an Appraiser “A” Member of the Real Estate Board of New York and a member of Relocation Appraisers and Consultants, Inc.
Learn More...
You'll be able to choose from an array of robust housing metrics compiled using research developed during the preparation of our market report series. Expanded significantly from prior offerings, use this resource to build charts and custom data tables or leverage your own information for more powerful research and presentations.
In the meantime, here is a small sample of the aggregated data we will provide.
Forbes ('20-)
Appraisersblogs ('17-)
'Three Cents Worth' column 3CW ('05-'16)
When Curbed was acquired by Vox, my eleven years of 3CW chart art and column links were broken on Curbed NY, Curbed DC, Curbed Miami, Curbed Hamptons, Curbed LA, and Curbed Ski.
Many of my 3CW charts can be found here:
Curbed 3CW Full Chart Archive
Op-ed column ('14-'15)
'Economic Spotlight column ('03-'09)
New York Times experiment ('08-09')
Huffington Post (09')
Favorite "How to Value" Posts
Recent Comments on Matrix