Posted by Jonathan J. Miller -Thursday, January 19, 2012, 9:53 AM
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We released our report on the Brooklyn sales market for 4Q 2011 this morning. I’ve been authoring this series for Douglas Elliman since 1994. This report is the first to cover the entire borough.
There was a 27.6% surge in lower priced co-op sales in the fourth quarter bringing down the overall price indicators. The jump was influenced by the sharp drop in mortgage rates during the fall. Overall sales for the borough were 6.1% above the prior year quarter. I thought it was interesting that the two lowest priced regions, South Brooklyn and East Brooklyn, posted a sharp increase in sales and drop in price indicators while the two highest priced regions, North Brooklyn and Northwest Brooklyn posted declines in sales and increases in prices.
Here’s an excerpt from the report:
The housing market saw year-over-year gains
in sales for the fourth quarter. There were 1,558
sales, 6.1% more than 1,468 in the same quarter
last year. The increase in sales was largely due
to the increase in market share for co-ops,
which comprised 22.5% of all borough sales,
up from 18.7% over the same period. The surge
in lower priced co-op sales was a result of the
sharp decline in mortgage rates during the fall
after the S&P downgrade of US debt, which
occurred at the end of the summer. Listing
inventory declined 4.8% over the same period
to 5,908 from 6,203 in the same quarter last
year. As a result, the number of months to sell all
inventory at the current pace of sales fell to 11.4
from 12.7 over the same period, but above the
10.4 average of the past three-and-a-half years.
The custom data tables are updated and ready for you to play with. The chart section on the new site remains a work in progress.
The Elliman Report: 4Q 2011 Brooklyn Sales [Prudential Douglas Elliman]
The Elliman Report: 4Q 2011 Brooklyn Sales [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, January 19, 2012, 9:26 AM
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We released our report on the Queens sales market for 4Q 2011 this morning. I’ve been authoring this series for Douglas Elliman since 1994.
Queens saw significant price skew from the 127.7% increase in year-over-year sales of lower priced co-ops in response to the drop in mortgage rates during the fall. Even with the surge in co-op sales, overall sales declined 19.3% over the same period. New development posted it’s second highest market share since the credit crunch began. However it would be fair to characterize the entire borough as weaker than last year at this time.
Here’s an excerpt from the report:
Median sales price for the fourth quarter
declined 7% to $343,000 from $369,000 in the
prior year quarter. Average sales price showed
the same pattern, sliding 2.5% to $395,264
from $405,489 in the same period last year.
The decline in the overall price indicators was
primarily due to the large shift in the mix toward
co-op sales, the lowest priced property type. As
buyers took advantage of record-low mortgage
rates during the quarter, the lower priced market
quintiles saw larger year-over-year declines in
median sales prices.
The custom data tables are updated and ready for you to play with. The chart section on the new site remains a work in progress.
The Elliman Report: 4Q 2011 Queens Sales [Prudential Douglas Elliman]
The Elliman Report: 4Q 2011 Queens Sales [Miller Samuel]
Posted by Jonathan J. Miller -Wednesday, January 4, 2012, 8:53 PM
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I’ve got no particular reason for posting this chart other than I think it looks pretty cool and appreciated the WSJ’s effort.
Here’s the article it goes with.
Sales Decline to 2009 Level [WSJ]
Posted by Jonathan J. Miller -Wednesday, January 4, 2012, 11:49 AM
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We published our report on Manhattan market sales for 4Q 2011 this morning. I’ve been writing them for Douglas Elliman since 1994.
I’m thinking that 2012 may very well look a lot like 2011…stable prices and sales, but with a bias towards weakness and yet a sprinkling of trophy property sales. Not a lot on the table in terms of reasons to think economic conditions will improve in a meaningful way and or get worse in a significant way. Housing will lag the economy for the next few years with the legacy of idiotic credit conditions of days past.
The market may become sort of…well…boring.
Here’s an excerpt from the report:
After a summer and fall of mixed economic news and uncertainty caused by geo-political events including the debt ceiling debate, the S&P downgrade of US debt, and the financial crisis in Europe, the Manhattan housing market experienced a slow down in the level of activity. However, overall price retained its stability. There were 2,011 sales in the fourth quarter, 12.4% less than 2,295 in the prior year quarter. The fourth quarter had the lowest number of sales since the same period six years ago, perhaps related to the unusual surge in sales in the third quarter. Co-op and condo sales returned to near equilibrium with co-ops comprising 49.5% market share and condos comprising 50.5% market share. The drop in mortgage rates caused by the S&P downgrade helped shift more demand to the entry-level market, which is generally more responsive to changes in mortgage rates. Entry-level apartments, namely studio and 1-bedrooms, were 51.3%, the highest level since 2009, which readily saw market share in excess of 50%, as first time buyers entered the market after the credit crunch began….
As I’ve mentioned before, we just launched this site and I am getting used to how it works under the hood. The data section will be updated shortly, if not by the time you read this. Charts may be a bit longer since I am doing some house cleaning.
Here’s the press coverage for the report today, it’s fairly broad reflecting the strong interest in this market as some sort of gauge for the region.
The Elliman Report: 4Q 2011 Manhattan Sales [Miller Samuel]
