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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
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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
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Charts
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The Winter 2022 issue of Elliman Magazine was published this week and it is quite a beautiful publication. I created a chart for the publication which compares month listing inventory trends across a number of the markets we cover for Douglas Elliman.
[click to expand image]
Tags: Elliman Magazine, Douglas Elliman
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
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TV, Videos
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Adam Kuperstein at WNBC reached out to do a story on the state of the Manhattan housing market for Douglas Elliman. He got all the nuances right and featured the results of our market research. It was my first tv interview back in my Manhattan office and afterwards I realized I need to warm up my background after using my home office for the past 14 months!
Tags: WNBC, Douglas Elliman, Adam Kuperstein, Bess Friedman, Brown Harris Stevens
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Charts
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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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TV, Videos
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Had a wonderful, nearly 7.5-minute conversation with Vonnie Quinn on Bloomberg Television’s Markets today discussing how the housing market will likely look over the summer. The interview touched on the analysis in the Douglas Elliman Report series I author.
Some ‘inside baseball’ fun. I was connected to Bloomberg via Zoom from my home for this. If you look closely at the 5:15 mark, you can see my garage door open as my wife drives in. My wife panicked when watching this clip, thinking she would be on TV as she walked out of the garage, but randomly ended up using the other door.
Tags: Bloomberg TV, Vonnie Quinn, Douglas Elliman, Bloomberg Markets
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Podcasts
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I had a great chat with my friend and Douglas Elliman power broker Frances Katzen.
Tags: real estate brokers, Douglas Elliman, Frances Katzen, The World of Real Estate with Frances Katzen
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Infographics
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Michael Kolomatsky of the Calculator column in the New York Times real estate section crafted a cool infographic for this weekend using data from the Douglas Elliman‘s Hamptons Sales report that I author. The gist of it is that sellers are slowly pricing closer to market causing days on market and the listing discount to compress somewhat. This faster moving pattern is in sharp contrast to sliding price trends, declining sales, and rising inventory. The narrative in this market clearly reflects a slowdown, but with a vibrant regional economy, the buyers are here, but unwilling to pay at price levels of a few years ago.
Tags: Elliman Report, Douglas Elliman, Michael Kolomatsky, The Calculator
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This week’s Bloomberg Trifecta…
After the publication of our Q1-2019 Manhattan Sales Report for Douglas Elliman, there was a coverage by Bloomberg (and others): Bloomberg reporter Sydney Maki, anchor Vonnie Quinn on Bloomberg TV and a subsequent drive-time Bloomberg Radio interview with Denise Pellegrini.
(For a more detailed analysis with charts, commentary and reports, subscribe to my weekly Housing Notes, published on Fridays.)
Tags: Bloomberg TV, Bloomberg Radio, Vonnie Quinn, Bloomberg News, Elliman Report, Douglas Elliman, Denise Pellegrini, Sydney Maki
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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