[Summer In Winter] 4Q 2009 Hamptons/North Fork Market Overview Available For Download

January 28, 2010 | 11:21 am | | Reports |


[click to view report]

The 4Q 2009 Hamptons/North Fork Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

Charts will be available later today.

An excerpt

…The median sales price of an East End residential property was $701,161 in the fourth quarter, 1.6% higher than $690,000 in the same period last year and 0.2% above $700,000 in the prior quarter. This is the first year-over-year increase in median sales price since the first quarter of 2008. Average sales price was $1,313,264 in the fourth quarter, down 11% from $1,474,771 in the same period last year and down 2% from $1,339,510 in the prior quarter. The disparity between the median sales price, which removes outliers, and average sales price was attributable to general decline in prices at the high end of the market after rising faster than the overall market in prior years…

Download 4Q 2009 Hamptons/North Fork Market Overview



[Better East End] 2000-2009 Hamptons/North Fork Report Available For Download

January 28, 2010 | 11:10 am | | Reports |

[click to open report]

The 2000-2009 Hamptons/North Fork Ten Year Market Report that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

Its an analysis of the past decade on the East End of Long Island and is considered a supplement to our quarterly report series.

Download 2000-2009 Hamptons/North Fork Ten Year Market Report



[A Better Finish] 4Q 2009 Long Island Market Overview Available For Download

January 28, 2010 | 10:36 am | | Reports |


[click to view report]

The 4Q 2009 Long Island Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

Charts with the 4Q 2009 will be available online later today.

An excerpt

…There were more sales in the fourth quarter than in any quarter over the past two years as purchasers took advantage of the firsttime buyer federal tax credit program, increased affordability and low mortgage rates. There were 5,935 sales in the fourth quarter, 34.1% more than 4,427 sales in the same period a year ago and 5.9% more than 5,603 sales in the prior quarter. The current pace of sales has doubled from the low point in the first quarter of 2009, when there were 2,872 sales, but still remained 22% below the peak of 7,607 sales during the third quarter of 2004, the height of the housing boom. Listing inventory declined as a result of the increase in the number of sales. There were 19,450 listings, 6.2% below 20,730 listings in the prior year quarter and 12.3% below 22,170 listings in the prior quarter…

Download 4Q 2009 Long Island Market Overview



[Year End Weighting] 4Q 2009 Brooklyn Market Overview Available For Download

January 21, 2010 | 11:23 am | | Reports |


[click to open report]

The 4Q 2009 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 4Q 2009 data (shortly) and a series of charts are available.

Press coverage can be found here.

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.

An excerpt

…The number of sales in the fourth quarter was above levels in both the prior year quarter and prior quarter as consumers took advantage of low mortgage rates and lower housing prices. The surge in sales over the second half of 2009 was due in part by a release of pent-up demand from the first half of 2009 when sales activity was below trend which had stalled in the aftermath of the fall 2008 credit crunch. The surge in the stock market last spring helped provide consumers with more confidence to make purchase decisions related to housing. This trend has continued through the end of 2009. There were 2,093 sales in the fourth quarter, 13.4% higher than 1,846 units in the same period last year and 13.3% higher than 1,847 units in the prior quarter. As a result of increased sales activity, inventory declined over the same period. There were 5,439 listings available at the end of the fourth quarter, 10% below the 6,042 listings available at the end of the same period a year ago and 2.9% below the 5,600 units available at the end of the prior quarter…

4Q 2009 Brooklyn Market Overview [Miller Samuel]
4Q 2009 Brooklyn Market Recap Podcast [The Housing Helix Podcast]



[Heavy Year End] 4Q 2009 Queens Market Overview Available For Download

January 21, 2010 | 11:13 am | | Reports |


[click to open report]

The 4Q 2009 Queens Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 4Q 2009 data (shortly) and a series of charts are available.

Press coverage can be found here.

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.

An excerpt

…After below trend sales activity in the first two quarters of 2009, there was a release of pent-up demand as buyers who had been “sitting on the fence” began to make purchase decisions en masse in the third quarter. This was prompted by a rapidly rising stock market that improved consumer confidence, low mortgage rates and newly found affordability as a result of falling housing prices. There were 2,789 sales in the current quarter, down 13.9% from 3,240 units in the prior year quarter, but jumped 31% from 2,129 units in the prior quarter. The surge in the number of sales resulted in a decline in listing inventory. There were 9,797 listings on the market in the third quarter, down 13.9% from 11,377 in the prior year quarter and down 3% from the 10,100 listings available at the end of the prior quarter. A portion of the decline from the prior year quarter was attributable to sellers pulling their listings from the market with the strategy of relisting when market conditions improve…

4Q 2009 Queens Market Overview [Miller Samuel]
4Q 2009 Queens Market Recap Podcast [The Housing Helix Podcast]



[Stability?] 4Q 2009 Manhattan Rental Market Overview Available For Download

January 14, 2010 | 11:39 am | | Reports |


[click to open report]

The 4Q 2009 Manhattan Rental Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

Our data section is being re-built to accommodate rental results but in the mean time you can check out our growing rental chart library.

Press coverage can be found here.

The report tracks new rental activity, not renewals. Over the past three quarters, landlords have been much more aggressive with their efforts to bolster tenant retention. Anecdotal stories of landlords approaching tenants with lower rent offers continue, however the amount of concessions being offered appeared to level off a bit this quarter.

An excerpt

…All rental price indicators, excluding concessions, were below levels seen in the same period a year ago, but showed signs of stability since the prior quarter. Rental price per square foot was $47.02, down 4.6% from the prior year quarter and down 1.7% from $47.84 in the prior quarter. Average rental price fell 4.3% to $3,789 in the fourth quarter from $3,958 in the prior year quarter, but saw a nominal 0.8% uptick from $3,759 in the prior quarter. The smaller price declines and mixed results from the prior quarter suggest near term stabilization in prices…

Download 4Q 2009 Manhattan Rental Market Overview


[Sideways] 4Q 2009 Manhattan Market Overview Available For Download

January 5, 2010 | 11:51 am | | Reports |

The 4Q 2009 Manhattan Market Overview , part of a report series that we have authored for Prudential Douglas Elliman since 1994, was released today.

Other reports we prepare can be found here.

The 4Q 2009 data(coming later today) and a series of charts (available now).

Press coverage can be found here once we get around to uploading it. In the meantime….

An excerpt

……There were 2,473 sales in the current quarter, up 8.4% from the 2,282 sales in the prior year quarter and up 10.9% from the prior quarter. This level of activity was more than twice the 1,195 sales seen in the first quarter of 2009, which had been lowest level of sales in nearly 15 years. The return to more normal historical levels of sales activity was also reflected in the decline in inventory levels. There were 6,851 active listings at the end of the quarter, a 24.6% decline from 9,081 listings in the same period a year ago, but down 18.3% from 8,389 listings in the prior quarter….The second half of the 2009 Manhattan housing market reflected a new era, marked by the milestone Lehman Brothers Bankruptcy tipping point of September 15, 2008. Buyers, sellers and real estate professionals have slowly adopted to changes including stringent, if not irrational mortgage underwriting, elevated unemployment and layoffs, lower compensation, a sharp price correction, shadow inventory, first time home buyers tax credit, rising foreclosures, declining appraisal quality, expanding marketing times and a host of other challenges. While the increased level of sales in the second half of 2009 was encouraging, a true housing recovery will be marked by a meaningful decline in unemployment and greater consumer access to credit…….

Download 4Q 2009 Manhattan Market Overview

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[Sandstorm] 3Q 2009 Hamptons/North Fork Market Overview Available For Download

October 22, 2009 | 1:01 am | | Reports |

The 3Q 2009 Hamptons/North Fork Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

Charts that contain the 3Q 2009 data are now available.

An excerpt

…Listing inventory expanded 21.5% to 2,419 units from 1,991 units in the prior year quarter and 5.8% higher than the 2,286 units in the prior quarter. The jump in the number of sales over the summer prompted many sellers to return their listings to the market. There were 459 sales in the third quarter, 49.5% more than the 307 sales of the prior quarter and 29.3% more than the 355 sales in the prior year quarter. The number of sales was the highest quarterly total since the second quarter of 2008, when there were 541 sales, but was 56.4% below the record high water mark of 1,052 sales in the second quarter of 2004. Monthly absorption, the number of months it would take to sell existing inventory at the current pace of sales, peaked in the first quarter of 2009 at 34.2 months. The absorption rate fell in the second quarter to 22.3 months and fell in the third quarter to 15.8 months or roughly half the rate of peak, indicating that the pace of sales activity has been faster than new inventory being added to the market…

Download 3Q 2009 Hamptons/North Fork Market Overview


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[Sales Surge] 3Q 2009 Long Island Market Overview Available For Download

October 22, 2009 | 12:01 am | | Reports |

The 3Q 2009 Long Island Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

Charts with the 3Q 2009 are available online.

An excerpt

…There were 5,603 sales in the third quarter, 41.6% higher than the 3,956 sales of the second quarter and 5.9% higher than the same period last year. This was the first time in the past year the number of sales increased over the prior year quarter and only the second time since the beginning of 2007. The increase in the number of sales resulted in a decline in listing inventory. There were 22,170 listings, 5.6% below the 24,485 listings in the prior quarter and 10.1% below the 24,672 listings in the same period last year. The increase in the number of sales and the corresponding decline in listing inventory played a role in the stabilization of the price indicators over the summer…

Download 3Q 2009 Long Island Market Overview



[FIFO] 3Q 2009 Queens Market Overview Available For Download

October 15, 2009 | 12:00 pm | | Reports |

The 3Q 2009 Queens Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 3Q 2009 data and a series of updated charts are available.

Press coverage can be found here.

An excerpt

…After below trend sales activity in the first two quarters of 2009, there was a release of pent-up demand as buyers who had been “sitting on the fence” began to make purchase decisions en masse in the third quarter. This was prompted by a rapidly rising stock market that improved consumer confidence, low mortgage rates and newly found affordability as a result of falling housing prices. There were 2,789 sales in the current quarter, down 13.9% from 3,240 units in the prior year quarter, but jumped 31% from 2,129 units in the prior quarter. The surge in the number of sales resulted in a decline in listing inventory. There were 9,797 listings on the market in the third quarter, down 13.9% from 11,377 in the prior year quarter and down 3% from the 10,100 listings available at the end of the prior quarter. A portion of the decline from the prior year quarter was attributable to sellers pulling their listings from the market with the strategy of relisting when market conditions improve…

Download 3Q 2009 Queens Market Overview



[Summer Surge] 3Q 2009 Brooklyn Market Overview Available For Download

October 15, 2009 | 11:47 am | | Reports |

The 3Q 2009 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 3Q 2009 data and a series of updated charts are available.

Press coverage can be found here.

An excerpt

…The number of sales for the quarter surged for the second consecutive quarter, rising 29.3% to 1,847 units from 1,428 units in the second quarter. Despite the increase in activity, the number of sales were 19.6% below the 2,298 number of sales in the prior year quarter. The jump in the number of sales from the prior quarter reflects a release of pent-up demand from an unusually low level of sales activity seen in the early part of the year that began with the Lehman bankruptcy tipping point on September 15, 2008. As a result of the increase in activity, listing inventory has fallen sharply but remains above typical levels. There were 5,600 properties listed for sale, down 21.2% from the prior year quarter total of 7,103 units and down 11.5% below the 6,330 listings in the prior year quarter. The decline in listings from the prior quarter reflects the surge in activity which had the effect of eroding inventory levels. The decline of inventory levels from the prior year quarter despite the drop in the number of sales over the same period. This inventory decline was caused by individual sellers removing their listings from the market in hopes of relisting when conditions improved…

Download 3Q 2009 Brooklyn Market Overview


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[New Meets Renewal] 3Q 2009 Manhattan Rental Market Overview Available For Download

October 8, 2009 | 9:30 am | | Reports |

The inaugural 3Q 2009 Manhattan Rental Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

A 3Q 2009 data and chart section was anticipated to be available by today but because these internal databases are getting so large and cumbersome to manage, we initiated a back of the house rebuild that should be completed before 4Q .

Press coverage can be found here.

The report tracks new rental activity, not renewals. Over the past two quarters, landlords have been much more aggressive with their efforts to bolster tenant retention. Anecdotal stories of landlords approaching tenants with lower rent offers are abundant. And rightly so. Rising unemployment is causing vacancy to rise and rents to fall.

An excerpt

…The average rent per square foot was $47.84, down 9.4% from $52.80 in the prior year quarter, however, there was an increase of 8.3% from the prior quarter result of $44.16. This suggests some easing in the rate of decline since the same year over year metric in the prior quarter, which fell 17.5%. Both average rental price and median rental price posted declines. The average rent was $3,759, down 1% from $3,796 in the prior year quarter and the median rent was $2,950, down 7.7% from $3,195 in the prior year quarter. Number of rentals off sharply from prior year quarter, uptick from prior quarter There were 2,549 rentals in the third quarter, 58.9% below the 6,208 rentals in the same period a year ago, but up 8.7% from 2,346 rentals in the prior quarter. Like the sales market, the rental market saw an increase in activity over the summer causing inventory to decline. There were 6,527 listings available at the end of the third quarter, 5.4% above the 6,191 listings in the same period last year, but 10.5% below the prior quarter total of 7,290 listings. The other market indicators such as days on market and listing inventory corresponded with listing inventory…

Download 3Q 2009 Manhattan Rental Market Overview

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