Posted by Jonathan J. Miller -Thursday, July 21, 2011, 9:52 AM
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[click to open report]
The “The Douglas Elliman Florida Report: Miami Sales 2Q 2011” was just published. It is part of a report series that we have authored for Douglas Elliman since 1994…and now Douglas Elliman Florida, who covers the Miami market.
It’s the first detailed market analysis of its kind on the Miami market, one that has been widely mis-reported by many who simply lumped everything into the same pool of data…when in fact, it is a complex market. We’ve broken the market out by condo, 1 family, distressed, non-distressed and by regions. More breakouts to come.
You can build your own custom data tables with the new data, which will also be expanded.
Here’s an excerpt from the report:
…Overall housing prices were mixed in comparison
with the same period last year. Median sales
price fell 6.6% to $162,500 from $174,000 in
the same period last year. Over the same period
average price per square foot showed no change
at $225 and average sales price increased 2%
to $339,261.
However, the Miami housing market over the
past year was best characterized by a widening
gap in the performance of non-distressed and
distressed sales. The market share of distressed
sales, comprised of foreclosures and short sales,
rose over the past year reaching 64.7% in the
first quarter, but fell to 53.9% in the second quarter as prices weakened. Foreclosure sales
across the country temporarily cooled, due to the
“robo-signer” servicers scandal last fall, which
continues to restrain the release of foreclosed
homes to the market. Year-over-year median
sales price for distressed condo and 1 family
sales fell 7.8% and 13.8% respectively…
Other reports we prepare can be found here.
2Q 2011 Miami Sales Report [Miller Samuel]
Miami custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 21, 2011, 9:26 AM
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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 -Thursday, July 21, 2011, 8:35 AM
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[click to open report]
The renamed “The Douglas Elliman Report: Long Island 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:
…After considering the impact of the federal
homebuyer tax credit that expired in April 2010,
the second quarter housing market would
be considered generally stable as the price
indicators showed mixed results. In addition,
both the number of sales and price indicators
in the second quarter were driven higher as a
result of the stimulus program and therefore comparisons against that period doesn’t reflect
parity. The median sales price of a Long Island
property that sold in the second quarter was
$350,000, down 2.8% from $360,000 in the
prior year quarter and unchanged from the prior quarter. Average sales price was $436,143 in
the second quarter, 3.1% higher than $422,832
in the prior year quarter but slipped 0.7% from
$439,085 in the prior quarter…
Note: I reorganized the submarkets based on your market feedback, removing Middle Island/Nassau, renaming North Shore to North Shore (Nassau) and adding North Shore (Suffolk), South Shore (Nassau) and South Shore (Suffolk). The historical for the 3 new sections was built going back to 1Q 2010.
Other reports we prepare can be found here.
2Q 2011 Long Island Sales Report [Miller Samuel]
Long Island custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Friday, July 15, 2011, 4:59 PM
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It’s time to share my Three Cents Worth on Curbed DC, at the intersection of neighborhood and real estate in our Nation’s capitol.
…With the expiration of the debt ceiling looming, I thought I’d take a look at the current health of the Washington, DC metro housing market by examining its monthly absorption rate. In this chart, I defined absorption as the number of months to sell all active listings at the current pace of new contract signings. I like this metric because it looks at the net difference between supply and demand…
Three Cents Worth: Length Of Time On The Market Is Right About Average
[Click to expand and read full post on Curbed DC]
Curbed DC Three Cents Worth Archive
Curbed NY Three Cents Worth Archive
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 -Thursday, July 14, 2011, 5:10 PM
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[click to open report]
The renamed “The Douglas Elliman Report: Brooklyn 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:
…Over the past five quarters, Brooklyn price
indicators have shown modest gains over the
same period the last year. In the second quarter,
median sales price was $480,000, 3.7% above
$463,000 in the second quarter last year and
1.1% above $475,000 in the prior quarter.
Average sales price showed the same pattern.
The rise of each price indicator was largely
attributable to the increase in the average size
of a sale in the quarter. While new development
sales averaged 1,030 square feet and was
essentially unchanged over the past year,
the average resale, representing 75.4% of all
apartment sales, expanded 4.9% to 2,155 square
feet over the same period…
Other reports we prepare can be found here.
2Q 2011 Brooklyn Sales Report [Miller Samuel]
Brooklyn custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Wednesday, July 13, 2011, 5:53 PM
5 Comments
It’s time to share my Three Cents Worth on Curbed NY, at the intersection of neighborhood and real estate in the capitol of the world.
Last week we released our rental study and the consensus was that the rental market was strong, better than the sales market (and expensive). So I thought I’d present the past 20 years and look at some of the peaks. When adjusted for inflation, the perspective of when peak was actually changes quite a bit.
Three Cents Worth: Manhattan Rents Not Feeling Peaked
[Click to expand and read full post on Curbed NY]
Curbed DC Three Cents Worth Archive
Curbed NY Three Cents Worth Archive
Posted by Jonathan J. Miller -Tuesday, July 12, 2011, 5:30 AM
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Absorption defined for the purposes of this chart is: Number of months to sell all listing inventory at the annual pace of sales activity. (The definition of absorption in my market report series reflects the quarterly pace – nearly the same)
I started this analysis in August 2009 so as of late I am able to show side-by side comparisons. The blue line showing the 10-year quarterly average travels up and down because of the change in scale caused by some of the significant volatility seen at the upper end of the market.
Thoughts
The east side continues to show slower absorption rates in most categories compared to the the same period last year. The west side and downtown are showing softer conditions in the lower end and above $2M but price categories in between are being absorbed faster than the long term average rate.
Side by Side Manhattan regional comparison:
June 2010 v. June 2011
[click images to expand]
Manhattan Absorption Archive 2011 [Miller Samuel]
Manhattan Absorption Archive 2010 [Miller Samuel]
Note: This chart series does not include shadow inventory (properties ready for market but not yet listed for sale) so this anlaysis understates the rate of condo absorption. The Uptown (Northern Manhattan) data set is too thin for a reliable presentation.
Posted by Jonathan J. Miller -Monday, July 11, 2011, 9:56 PM
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[click to open release]
Today we released the RBI Pending Home Sales Index for both Washington, D.C. and Baltimore metro area housing markets for RealEstate Business Intelligence (RBI), the research, analytics arm of MRIS, the largest MLS in the country. It is released 10 days after the close of each period, about 3 weeks before the NAR Pending Home Sale Index and 182 days before the Case Shiller Home Price Index covering the same period.
Here’s an excerpt from the just released June 2011 RBI Pending Home Sales Index [Washington, D.C. Metro Area] report:
…Pending home sales continued their return to more consistent historical patterns, while reaching their highest June total in 6 years. The 6.9% month-over-month decline in contract signings was consistent with the 5.2% monthly decline averaged over the prior decade. The 29.5% year-over-year June increase in pending sales activity was due to the comparison with last year’s post-tax credit drop in activity, not a current surge in demand. With the expansion of new contract activity in 2011, median sales price continued to rise in June reaching $379,990, its highest level since July 2008 and was 7.3% above June 2010 and 7.5% above May 2011…
RBI Pending Home Sales Index™ [Washington, D.C. Metro Area]
Posted by Jonathan J. Miller -Monday, July 11, 2011, 9:37 PM
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[click to open release]
Today we released the RBI Pending Home Sales Index for both Washington, D.C. and Baltimore metro area housing markets for RealEstate Business Intelligence (RBI), the research, analytics arm of MRIS, the largest MLS in the country. It is released 10 days after the close of each period, about 3 weeks before the NAR Pending Home Sale Index and 182 days before the Case Shiller Home Price Index covering the same period.
Here’s an excerpt from the just released June 2011 RBI Pending Home Sales Index [Baltimore Metro Area] report:
…There were 2,712 signed contracts in the Baltimore metro area for the month of April, 21.8% below the tax credit-fueled surge of 3,466 in the same month last year in the waning moments of the federal stimulus program and 5.1% below the 2,857 total of the prior month. April pending sales did not keep pace with March pending sales largely due to last month’s release of pent-up demand from the lull in activity in the second half of 2010 caused by the expiration of the tax credit last spring. The April 2011 median sales price was $215,000, 6.5% less than $230,000 in April 2010 but 7.5% above $200,000 in the prior month. The first four months of 2011 resulted in the four lowest monthly median sales prices for the region since January 2005…
June 2011 RBI Pending Home Sales Index™ [Baltimore Metro Area]
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