Posted by Jonathan J. Miller -Thursday, April 26, 2012, 2:36 PM
3 Comments
We published our report on Hamptons/North Fork sales for 1Q 2012 this morning. I’ve been authoring this report series for Douglas Elliman since 1994.
Here are some takeaways:
- Overall housing prices (median sales price up 1.2% ) continued to show stability.
- The luxury market showed larger year over year increases in the price indicators than the overall market.
- Number of sales were up nominally from same period last year (0.5%).
- Listing inventory is down sharply year over year (down 17.5%) – home sellers are more cautious about entering the market (ie sales flat but inventory falling).
- Properties taking somewhat longer to sell and there is a little more negotiability on price between buyer and seller (days on market and listing discount expanded)
- Despite strength in prices at high end, we saw an uptick in market share of sub-million sales – the decline in mortgage rates and warm weather brought buyers out sooner.
Here’s an excerpt from the report:
Median sales price edged up 1.2% to $630,000
from $622,500 in the prior year quarter. Average
sales price increased 17% to $1,437,597 from
$1,228,857 over the same period, largely due
to continued strength at the upper end of the
market. In the median sales price by quintile
analysis, the fifth quintile increased 24.8% yearover-
year, while the remainder of the market
segments showed modest change and mixed
results over the same period…
I’ve got a tool to build custom data tables and view charts on the market.
Posted by Jonathan J. Miller -Wednesday, February 29, 2012, 12:38 PM
Comments Off
[click for video]
The Caroline Hepker of the BBC reports on the uptick in short sales on the East End. There are more and the number of high end listings are rising. I’m not clear of the reference for the following statement but she cites that:
For the first time, America’s wealthiest families are now losing their homes at a faster rate than any other group.
For my part, I was asked to discuss the state of national housing market for context. Short sales were not held back by the robo-signing scandal that had the effect of providing a temporary reprieve from foreclosures entering many housing markets across the country.
Short sales are a fact of life everywhere and don’t generally depress housing prices in and of themselves since lenders won’t accept offers that are significantly below current market levels.
House hunting in Hamptons as US market remains depressed [BBC News]
Posted by Jonathan J. Miller -Thursday, October 27, 2011, 9:46 AM
Comments Off
[click to open report]
The Elliman Report: Hamptons North Fork 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:
…Housing prices in the third quarter were up sharply from the same period last year, but experienced a seasonal decline from the spring market activity of the second quarter. There were 30 sales above the five million dollar threshold, nearly three times the 11 sale total in the prior year quarter. Median sales price increased 12% to $700,000 in the third quarter from $625,000 in the prior year quarter, but declined 8.6% from $766,250 in the prior quarter. Average sales price followed the same pattern, rising 14% to $1,452,678 in the third quarter from $1,273,775 in the prior year quarter, but falling 4% from $1,513,636 in the prior quarter. The fourth and fifth market quintiles posted year-over-year gains in median sales price, while the lower three segments showed declines…
The Elliman Report: Hamptons North Fork Sales 3Q 2011 [Miller Samuel]
The Elliman Report: Hamptons North Fork Sales 3Q 2011 [Prudential Douglas Elliman]
Hamptons North Fork custom data tables [Miller Samuel]
Market Report Series Archive [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 21, 2011, 9:26 AM
Comments Off
[click to open report]
The renamed “The Douglas Elliman Report: Hamptons/North Fork 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.
Here’s an excerpt from the report:
…Year-over-year quarterly sales activity edged
6.4% higher to 619 sales compared to the same
quarter last year, yet surged 63.3% from the
first quarter. The prior quarter total of 379 had
been the fifth lowest quarterly total of the past
decade. The lack of activity in the first quarter
was related to the market concern over the
potential increase in capital gains tax, causing
market participants to rush to close before the
end of 2010. Listing inventory increased 6.3%
to 2,329 listings compared to the same period
last year, as the same rate of increase occurred
in the number of sales. As a result, the monthly rate of absorption—the number of months to sell
all active inventory at the current pace of sales—
was unchanged at 11.3 months over the same
period….
Other reports we prepare can be found here.
2Q 2011 Hamptons/North Fork Sales Report [Miller Samuel]
Hamptons/North Fork custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Friday, January 28, 2011, 10:50 AM
1 Comment
[click to open report]
The 4Q 2010 Hamptons/North Fork Market Overview that I author for Prudential Douglas Elliman was released yesterday.
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
…Both price indicators for the East End housing market show significant gains from the prior year quarter and prior quarter as more high-end properties were sold. In the fourth quarter there were 38 sales at or above $5,000,000, 58.3% more than 24 sales in the same period last year. The fourth quarter reflects the highest total since the onset of the credit crunch in 2008 and well above the 7 sale low point reached in the first quarter of 2009. The surge in high-end sales skewed the price indicators higher, but the housing market should still be characterized as stable. The median sales price for an East End property for the fourth quarter was $730,000, 4.1% above $701,161 in the prior year quarter and 16.8% above $625,000 in the prior quarter. Average sales price followed a similar, but more skewed pattern. The average sales price jumped 21.4% to $1,594,785 from $1,313,264 in the prior year quarter and increased 25.2% from $1,273,775 in the prior quarter…
4Q 2010 Hamptons/North Fork Market Overview [Miller Samuel]
Hamptons/North Fork housing market chart gallery [Miller Samuel]
Hamptons/North Fork custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, October 21, 2010, 9:18 AM
Comments Off
[click to view report]
The 3Q 2010 Hamptons/North Fork Market Overview that I author for Prudential Douglas Elliman was released today.
You can view updated market charts and build your own custom tables using historical aggregate data.
Other reports we prepare can be found here.
For additional insight, we capture general press coverage.
An excerpt
…There were 469 sales in the third quarter, 2.2%
above 459 sales in the same period last year, but
19.4% below 582 sales in the prior quarter. The
pronounced decline from the prior quarter marks
a return to seasonality. For the past decade, the
average decline between the second and third
quarters was 17.1%. The prior year was the only
time an increase occurred in the same period,
further evidence of the unusual pattern of sales
activity seen in 2009 after the Lehman tipping
point. For the past two years or eight quarters,
listing inventory has ranged from 2,079 to 2,419,
a relatively tight spread of 340 units. Listing
inventory in the third quarter was in the middle
of this range at 2,271 units, 6.1% below the prior
year quarter and two year peak of 2,419, but
3.7% above 2,190 seen in the prior quarter…
Download report 3Q 2010 Hamptons North Fork Overview [Miller Samuel]
View Hamptons/North Fork charts [Miller Samuel]
Build your own historical custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 22, 2010, 2:09 PM
Comments Off
[click to view report]
The 2Q 2010 Hamptons/North Fork Market Overview that I author for Prudential Douglas Elliman was released today.
You can view updated market charts and build your own custom tables using historical aggregate data.
Other reports we prepare can be found here.
For additional insight, we capture general press coverage.
An excerpt
…The number of sales was up sharply from the same period last year. There were 582 sales in the second quarter, up 89.6% from 307 sales in the same period last year and up 19.8% from 486 sales in the prior quarter. This is consistent with the 5-year quarterly average of 559 sales. There were 2,190 listings at the end of the second quarter, 4.2% below the 2,286 in the same period last year and 5.5% below the 2,318 in the prior quarter. Listing inventory was 13.5% above the 5-year quarterly average of 1,894. The combination of rising sales and falling inventory resulted in a decline in monthly absorptionÑthe number of months to sell all listing inventory at the current pace of sales. The monthly absorption rate was 11.3 months, approximately half the 22.3 month absorption rate in the same period last year…
Download report 2Q 2010 Hamptons North Fork Overview [Miller Samuel]
View Hamptons/North Fork charts [Miller Samuel]
Build your own historical custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 1, 2010, 12:12 PM
Comments Off
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]
Posted by Jonathan Miller -Wednesday, April 28, 2010, 7:35 PM
Comments Off
[click to read article (subscription)]
This week’s Wall Street Journal introduces a Greater New York section that focuses on, among other things, regional real estate. They’s staffed up have been the talk of the real estate community for the past month.
The new column “The Assessor (prior names under consideration included “The Appraiser” – how cool would that be?) features a sort of factoid visual presentation of some element of regional housing each day.
Today I contributed a slice of Hamptons data, including five metrics, to focus on five towns that had the highest average sales price in the luxury section of the 1Q 2010 Hamptons/North Fork Market Overview I prepare for Prudential Douglas Elliman. However I took the towns and analyzed all the sales, not just those in the top 10% of the entire East End and compared them to the prior year quarter and prior quarter.
The idea was to take a look at a slice of the market and see how it performed. It is really a bad idea to look at individual towns for trends in that market as many attempt to do because the data sets are way too low and varied to be statistically meaningful and can be misleading. The 5 time sample size for this analysis was deemed adequate.
One thing that is clear – sales in these higher-priced towns outpaced the overall rate of sales growth suggesting that the high-end market seems to be returning to the fray. In addition, the jump in median and average sales prices do not suggest that is how prices are rising, but rather how there was a substantial shift in the mix towards high-end sales.
I’m just sayin’…
Actually I’m not saying there’s a housing recovery. We seem to be observing a return to a more reasonable mix of sales activity, rather then the substantial skew toward the lower priced market segments during 2009.
Posted by Jonathan Miller -Sunday, April 25, 2010, 6:40 PM
Comments Off
I provide a quick recap of the East End housing market in the first quarter of 2010 as presented in our 1Q 2010 Hamptons/North Fork Market Overview.
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.
Next Page »
