Posted by Jonathan J. Miller -Thursday, April 19, 2012, 3:59 PM
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We published our report on Queens sales for 1Q 2012 this morning. I’ve been authoring this report series for Douglas Elliman since 1994.
Here are some takeaways:
- Entry-level apartment sales continued to surge as buyers took advantage of record low mortgage rates.
- New development market share expanded to 7.3%, the second highest share since Lehman (2Q 11 has an 8.9% share)
- The sharp decline in inventory outpaced the decline in sales. As a result the absorption rate (number of months to sell all inventory at the current pace of sales) accelerated to 12.2 months from 15.7 months in the same period a year ago – the market was more efficient.
- Price indicators slipped modestly – pulled down by the surge in lower priced sales in response to record low mortgage rates.
- West Queens saw the largest gain in market share over the past year, followed by South Queens.
Here’s an excerpt from the report:
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 coop
market share was largely caused by the
sharp drop in mortgage rates last fall. The entrylevel
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…
I’ve got a tool to build custom data tables on the Queens markets and I just updated the all the charts for Queens. You can also see other market areas and other generally cool housing market charts (IMHO).
Posted by Jonathan J. Miller -Thursday, October 20, 2011, 8:57 AM
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[click to open report]
The Elliman Report: Queens Sales 3Q 2011 was published today. It is part of a report series that we have authored for Douglas Elliman since 1994.
You can build your own custom data tables with the new data. I’m about to launch a site redesign and am rejiggering the way I handle charts (automatic) so I haven’t been very diligent in updating them on my site – sorry about that.
Here’s an excerpt from the report:
The number of sales for the quarter was 2,743,
11.8% below the prior year quarter total of 3,110
sales, but 16.2% higher than 2,361 sales in the
second quarter. Listing inventory fell 15.9% to
10,305 from 12,255 in the prior year quarter.
The lower number of sales closely matched the
decline in listings resulting in a nominal decline in
the monthly absorption rate, which is the number
of months to sell all existing inventory at the
current pace of sales. The monthly absorption
rate was at was at 11.3 months, 4.2% faster from
11.8 months at this time last year.
The general stability of the monthly absorption
rate was consistent with the trends seen in the
listing discount and days on market. The listing
discount–the percent difference between the list
price and time of sale and the sales price–was
essentially unchanged at 6.6% as compared to
6.7% of the same period last year. It took about
8 days longer on average to sell a property as
compared to last year, resulting in a modest total
of 108 days in the third quarter.
Other reports we prepare can be found here.
The Elliman Report: Queens Sales 3Q 2011 [Miller Samuel]
Queens custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 14, 2011, 5:16 PM
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[click to open report]
The renamed “The Douglas Elliman Report: Queens Sales 2Q 2011” was published today. It is part of a report series that we have authored for Prudential Douglas Elliman since 1994.
You can build your own custom data tables with the new data. Charts will be added shortly.
Here’s an excerpt from the report:
…Both housing price indicators were slightly above
the same period a year ago, while median sales
price has posted 3 consecutive year-over-year
quarterly increases. The median sales price of
a Queens residential property was $342,000 in
the second quarter, up 2.1% over the same period
last year, but slipped 2.3% from $350,000 in
the first quarter. Average sales price showed the
same increase over the same quarter last year,
rising 2.1% from $382,518 to $390,589, but
edging 0.7% from $387,725 in the first quarter.
The median sales price for Re-Sales edged 2.5%
higher over the year, as New Development slipped
3.7%, largely due to the 7.9% decline in the average square footage of properties sold in the
second quarter.
Other reports we prepare can be found here.
2Q 2011 Queens Sales Report [Miller Samuel]
Queens custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Sunday, April 24, 2011, 9:00 PM
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[click to watch clip]
CeFaan Kim does a nice summary of our semi-complicated not so apparent result – the 1Q 11 report on Queens.
Posted by Jonathan J. Miller -Thursday, January 20, 2011, 8:38 PM
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[click to open report]
The 4Q 2010 Queens Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
The 4Q 2010 data and a series of charts are updated with the 4Q 2010 data.
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
…There were 9,360
properties listed for sale in the fourth quarter, down
22.6% from 12,087 listings in the same period last
year and down 23.6% from 12,255 listings in the
prior quarter. It is unusual to see a sharp decline in
inventory in tandem with a decline in the number of
sales, however sales activity at the end of 2009 was
a 3-year high watermark, caused by the release of
pent-up demand in sales from earlier that year. The
number of sales fell 41.7% to 2,483 from the same
period last year and was 20.2% below the 3,110
total of the prior quarter. A portion of the decline
in sales was due to the lull in activity caused by the
federal tax credit for homebuyers that artificially
influenced higher sales activity before the April
2010 expiration date and resulted in artificially low
sales activity at the end of the year…
4Q 2010 Queens Market Overview [Miller Samuel]
Queens housing market chart gallery [Miller Samuel]
Queens custom data tables [Miller Samuel]
4Q 2010 Queens Market Overview Podcast [The Housing Helix]
Posted by Jonathan J. Miller -Thursday, January 20, 2011, 8:13 PM
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Here’s a brief recap of the 4Q 2010 Queens Market Overview that my firm prepares for Prudential Douglas Elliman.
Check out the podcast.
The Housing Helix Podcast Interview List
You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.
Posted by Jonathan J. Miller -Friday, October 15, 2010, 11:29 AM
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[click to open report]
The 3Q 2010 Queens Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
The 3Q 2010 data and a series of charts are updated with the 3Q 2010 data.
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
…Low
mortgage rates, favorable exchange rates for
international purchasers and prices well below
peak levels are driving demand, while high
unemployment, shadow inventory and tight
credit continue to temper improvement in the
housing market. The median sales price of a
Queens residential property was $355,000,
down 1.9% from $362,000 in the same period
last year, but 6% above $335,000 in the prior
quarter. Average sales price followed the same
pattern, falling 1.7% to $396,681 in the third
quarter from $403,429 in the same period last
year, but increased 3.7% from $382,518 in the
prior quarter. Both price indicators were at
the highest levels in the third quarter, since the
prior year quarter levels. The median sales price
parsed into quintiles showed consistency across
all segments of the market by price. The change
in median sales price as compared to the same
period last year showed a change of 0% to 4%
declines while all segments compared to the
prior quarter showed 0% to 6% gains…
3Q 2010 Queens Market Overview [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 15, 2010, 11:57 PM
1 Comment
Here’s a brief summary of the 2Q 2010 Manhattan Rental Market Overview, 2Q 2010 Brooklyn Market Overview and 2Q 2010 Queens Market Overview. The latter two were released today.
I’ve been authoring a series of market studies covering the New York City metro area for real estate firm Prudential Douglas Elliman since 1994.
Check out the podcast for the Manhattan Rental, Brooklyn and Queens market reports.
The Housing Helix Podcast Interview List
You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.
Posted by Jonathan J. Miller -Thursday, July 15, 2010, 11:22 AM
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[click to open report]
The 2Q 2010 Queens Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
The 2Q 2010 data and a series of charts are updated with the 2Q 2010 data.
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
…There were 13,254 listings
in Queens at the end of the second quarter,
down 4.9% from 13,938 listings during the same
period last year, but up 8.9% from 12,170 listings
in the prior quarter. Listing inventory totals were
consistent with the 5-year quarterly average
of 12,931. Consistent with the decline in listing
inventory was the sharp increase in the number
of sales. There were 3,972 sales in the second
quarter, 86.6% more than the 2,129 sales in the
prior year quarter and 27.6% more than the 3,113
sales in the prior quarter. The surge in activity
was expected as consumers took advantage
of the federal tax credit for first-time buyers
and existing homeowners, as well as improved
affordability from lower prices and record-low
mortgage rates. As a result of the decline in listing
inventory and the increase in the number of
sales, the monthly absorption rate—the number
of months to sell existing listing inventory at the
current pace of sales—fell by nearly half to 10
months, from 19.6 months in the second quarter
of 2009. This is consistent with the 10.2 month
average of the past five years…
2Q 2010 Queens Market Overview [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 1, 2010, 12:12 PM
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We recently upgraded our search engine that contains a lot of the aggregate market data we publish through our market report series on the NYC metro region. We launched this feature back in 1997 as html tables, upgraded to a search engine around 2003, it broke in late 2009 under the weight of too much data and we rebuilt it this year. Some of the public data goes back to 1989.
We currently provide Manhattan, Brooklyn, Queens, Long Island, Hamptons/North Fork data. More regions to come. We continue to backload data as its available. Of course we provide appraisals in those markets but also appraise in Westchester and Fairfield counties and Northern New Jersey.
My favorite new feature is bookmarking – you can save a query for later updating. We improved the query interface and added rental data. For information that isn’t on the site, you can reach out and engage us to provide the research you need.
We’ll have all the data online in the next day or two. Manhattan is current, corresponding with the market report release today.
Have at it!
Aggregate Data Search Engine [Miller Samuel]
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