Luxury listing inventory fell significantly year over year for the third consecutive quarter. In Northwest Queens, listing inventory rose to its second-highest level recorded as new leasing activity fell for the thirteenth straight month. In townhouses, price trend indicators and the number of sales declined from the year-ago quarter. While setting new price records isn’t new in Queens, sales rose annually for the first time in more than two years. In Northern Manhattan, co-op and condo median sales price declined year over year for the third time in four quarters, yet the number of sales expanded annually for the second time in three quarters. Listing inventory fell year over year for the fifth consecutive quarter. 891.7000 © 2020 DOUGLAS ELLIMAN REAL ESTATE. New development average and median rent reached new records. The market share of landlord concessions fell short of the prior month's record but represented nearly half of all market activity. “Shelter-in-place” rules were modified in early June to allow in-person showings by real estate brokers, but this transparency came too late to be reflected in the results. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. Single-family sales and price trend indicators moved higher year over year as listing inventory dropped sharply. With the lifting of some “shelter-in-place” restrictions in Manhattan, new leasing activity surged month over month but still fell short of year-ago levels. Listing inventory rose annually to the highest level in more than nine years. Douglas Elliman | New York City. Overall single family price trend indicators set new records as sales surged year over year and luxury condo price trend indicators jumped year over year, aided by a shift to larger sized sales. There was the most substantial year over year decline in studio and one-bedroom median price in eight years of tracking. In West Palm Beach, condo price trend indicators showed mixed results as the number of sales moved higher on a year over year basis. Condo price trend indicators and the number of sales declined from year-ago levels. All three condo price trend indicators were skewed lower by aa significant year over year drop in average sales size. On the West Coast of Florida, in St. Petersburg, sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Comprehensive and Objective Market Insights. There were the lowest inventory and fastest market pace recorded in over fourteen years and the highest market share of bidding wars in more than four years of tracking. In Brooklyn, the challenge of a near-record decline in new leasing activity and the recent gain in market share of landlord concessions have been amplified due to COVID-19 ‘shelter in place’ rules for real estate agents. Median sales price reached a new record while average sales price recorded its second-highest mark. Condo price trend indicators in Palm Beach continued to rise year over year as the number of sales declined from year-ago levels. The fall in median rent reversed all gains seen in 2019 and 2020. 212. Falling spring inventory and rising prices in Brooklyn characterized the market until the final two weeks of March. Listing inventory fell year over year for the sixth straight quarter. Single family sales in Greenwich surged to their highest level in at least a decade, and single-family listing inventory fell sharply from the prior quarter. Single family median sales price increased annually for the eighth consecutive quarter. Luxury listing inventory fell year over year at the highest rate in eight-year and luxury months of supply showed the fastest market pace in eight years. Despite the regional slowdown in sales due to the COVID-19 crisis, outbound migration from New York City drove more Greenwich single-family sales. All three overall price trend indicators set new records. Luxury median and average sales price for single family sales set new records. County overall price trend indicators were skewed higher by the rise in single-family market share. Current sales contract activity does not account for the market impact of the coronavirus yet since it lags the “meeting of the minds” by two-to-three weeks. Back Country showed its fastest-moving pace in at least five years of tracking. Single family sales surged, and listing inventory fell sharply from the prior-year quarter. Elliman Magazine. New leasing activity in Manhattan remained elevated as renters were drawn into the market by the enhanced affordability. Renters came back to the Manhattan and Brooklyn markets and signed new leases last month as a result of new affordability, according to the most recent Elliman Report. Read More. Luxury listing inventory fell year over year in three of the past four quarters. The Hamersley Team's listings. The sales surge was at the highest rate in more than four years. Condo listing inventory has declined year over year for the first time in six quarters. In West Palm Beach, condo median sales price has risen in all but one quarter on a year over year basis for more than eight years. Price trend indicators showed mixed results across the luxury submarkets of Snell Isle, Historic Old Northeast, and Downtown. The average sales price rose above the $1 million threshold for only the third time, and the number of sales jumped above year-ago levels. The median sales price declined at the same rate as average sales size in the condo market, suggesting price stability. The number of sales declined year over year for the fourth straight quarter. In Greater Downtown Tampa, Harbour Island saw a significant price skew as the average sales size surged. In Dutchess County, price trend indicators continued to show significant gains as listing inventory fell sharply. In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, single-family price trend indicators showed mixed results with a significant increase in sales size. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. Both property types saw the most significant year over year decline in more than a decade. The number of sales increased year over year for the second successive quarter after six quarters of declines—more than one-third of all listings sold within a month. Luxury single-family listing inventory declined annually as luxury condo listing inventory saw a substantial gain. Sales and price trends in Queens rose throughout the quarter until the mid-March slowdown. Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has released its second monthly recurring report for June 2020. Download the Douglas Elliman and Knight Frank 2020 Wealth Report. New Year 2020 through mid-March 2020 • Single-family sales remained at 15 as compared to the same period last year and have averaged 14.2 sales per quarter during the previous five years. Listing inventory fell annually for the fourth straight quarter and marketing time expanded annually for the fifth consecutive quarter as older listings were sold off. Despite the COVID-19 shutdown in the Hamptons, the decline in sales was more modest than much of the region. Single family price median sales price has risen annually each quarter for nearly nine years. The market saw the most significant year over year rise in median face rent in nearly six years, and there were increases in median face rental price across all apartment sizes. Luxury condo median sales price more than doubled year over year as listing inventory saw a significant annual decline. Condo listing inventory declined year over year for the third straight quarter. The market hot spot that showed the largest year over year increase in sales was the $2M to $3M price range, and approximately one in five sales sold above last asking price. Condo price trend indicators rose year over year as the number of sales rose sharply. Single-family listing inventory declined annually over the past four quarters at a rising rate. A significant year over year uptick in condo sales occurred above the $5 million threshold, particularly new development. Listing inventory increased to a record high for the third straight month, and the number of new leases rose annually at their highest rate in fourteen months. In Long Island, average and median sales price rose sharply year over year to reach new records. There were the most third-quarter condo sales in fifteen years. All three single-family price trend indicators rose year over year together for the seventeenth straight quarter. Condo sales in Ocean Ridge remained limited as listing inventory jumped. New lease signings continued to decline as the use of landlord concessions expanded in Northwest Queens. In Miami Coastal Mainland, condo listing inventory and the number of sales declined, as the median sales price reached a new record. In Dutchess County, the number of sales and listing inventory fell sharply. Single-family sales rose annually for the first time in four quarters. This month saw the most significant year over year decline in net effective rent in nearly nine years of tracking and the largest market share of landlord concessions in two and a half years. In Fort Lauderdale, condo price trend indicators pressed higher as sales slipped year over year. The luxury market continued to see slightly lower use of concessions than the non-luxury market. Neal boasts more than 30 years of seasoned asset management experience, helping prominent institutions and individuals from across the city and around the world successfully navigate real estate markets and close complex residential and commercial transactions. The removal of “shelter-in-place” restrictions in Northwest Queens at the end of June did not expand new lease signings, and rental price trends continued to decline. With a nominal month over month uptick in new lease signings in Manhattan, activity appeared to bottom in the last month. The number of sales declined annually for the second time in five quarters. Median sales price remained unchanged year over year as average sales price continued to decline. Net effective median rent for new development reached a new record. In Fort Lauderdale, condo sales rose sharply as listing inventory declined year over year for the second straight quarter. Single-family price trend indicators and sales rose year over year for the third consecutive quarter in Delray Beach. All three overall price trend indicators rose year over year for the ninth straight month. The month saw the most new leases signed for November in more than a dozen years and the first month over month decline in listing inventory since March. Single family sales surged from the year-ago quarter, rising for the first time five quarters. After noticeably stronger results in the first two and a half months in Fairfield County, full awareness of COVID-19 by mid-March cooled the market. Listing inventory fell sharply year over year and was the first decline in six months. The number of sales has grown year over year at a rising rate for four straight quarters. In Greater Downtown Tampa, downtown price trend indicators and sales rose above prior-year quarter levels. Single-family listing inventory has declined year over year for three straight quarters. This quarter saw the largest annual decline in listing inventory in three and a half years. The net effective median rent rose year over year for the fifth time in six months. Luxury median rental price showed a large increase while the market-wide median rent slipped from the same period last year. Despite the slowdown, this quarter saw the highest market share of Manhattan townhouse sales in nearly three years. In South Tampa, all luxury price trend indicators moved higher year over year for the second time in three quarters. The median sales price in the North Fork rose to its highest level in more than fourteen years of tracking. In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, single-family price trend indicators posted sizable year over year increases. Price trend indicators of luxury condos showed mixed results, as the number of sales saw a significant decline. Despite the ongoing COVID-19 crisis, Fairfield County did not see nearly the degree of sales decline observed in New York City. Douglas Elliman is an American real estate company.. Douglas Elliman employs more than 7,000 agents and has 113 offices in New York City and across the country. In a reversal from last month in the Northwest Queens market, median rent gains were more significant in the entry-markets. In Riverdale, which includes the areas of Fieldston, Hudson Hill, North Riverdale, and Spuyten Duyvil, sales surged annually for the first time in six quarters showing strength going into the mid-March slowdown. Each report provides an analysis of price and sales trends as well as many other metrics to give readers an idea of current conditions as well as historical and emerging market trends. Read More. Landlord concessions for non-luxury properties were substantially higher than for luxury properties as the median rental price declined at a larger annual rate in the lower price segments. In Miami Coastal Mainland, condo listing inventory declined year over year for the second straight quarter. 2016-2019 Pinnacle Club, Top 2% Companywide; 2005-2015 Top 1% NRT Network Both condo average and median sales price increased annually also to reach new records. Marketing time for properties that closed in the quarter continued to trend higher. The number of sales were up year over year for the fourth time in five quarters. Overall median sales price trends showed stability for single families and modest gains for condos despite the pause in the market. The number of sales fell at the most substantial annual rate in seventeen years of tracking. In the Wellington market, condo sales declined sharply as the median sales price increased year over year for the fifteenth straight quarter. New leases declined annually for the eleventh straight month. Condo listing inventory fell to a new record low in eleven years of tracking, and single-family listing inventory saw a record year over year decline in twelve years of monitoring, also to a record low. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. The number of sales in Northern Manhattan surged from the prior quarter for co-ops and condos but remained short of year-ago levels. The net effective median rent fell year over year at the highest rate in more than eight years and fell to its lowest level in nearly six years. Median sales price fell year over year by the highest amount in a decade and listing inventory fell by the most significant annual rate in nearly seven years. Single-family price trend indicators continued to decline along with sales and listing inventory year over year. Single-family median sales price jumped year over year as listing inventory declined. Median sales price and average sales price continued to set records, and approximately one in six sales sold above last asking price. After a robust first quarter in Houston, the COVID-19 market shutdown caused sales and listing inventory to decline. Both doorman and non-doorman median rent saw their largest annual declines on record. Sales declined in Queens at their highest rate in more than a decade, as the market was largely shut down by state mandate. In Northwest Queens, new leasing activity continued to see significant year over year declines as state “shelter in place” rules during the COVID-19 crisis have limited new rental transactions and price discovery. For townhouses, sales rebounded slightly from the prior quarter but remained below year-ago levels. In South Tampa, listing inventory across the region and property type showed year over year declines. The single-family market pace moved at its fastest rate in more than fourteen years as well. This month saw the highest vacancy rate in nearly fourteen years of tracking and the lowest number of June new lease signings in nearly a decade. All three overall price trend indicators reached new records for the second straight quarter. The overall county price trend indicators rose annually for the second straight quarter. The average marketing time has remained remarkably stable at 101 days over the past three years. The vacancy rate exceeded five percent for the second month and was the fifth consecutive month with a new record. Davis Island sales and price trend indicators increased as listing inventory slipped. Listing inventory growth since year-end went negative, in contrast to increasing supply over the previous five years. Single-family listing inventory fell annually for the first time after six quarters of gains. Condo price trend indicators in Venice slipped from year-ago levels despite the blistering market pace. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. Listing inventory fell year over year as would-be sellers delayed placing their homes on the market. In Brooklyn, the momentum of sliding median net effective rent continued after the market re-opened. The number of sales fell at their second-highest year over year rate in more than nine years. The market share of concessions in each price segment surged and new development median rent increased as existing median rent declined annually. Condo price trend indicators rose year over year for the fourth straight quarter. Condo listings fell annually for four straight quarters. In Miami Coastal Mainland, sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Condo listing inventory declined for the fifth consecutive quarter as the overall price trend indicators pressed higher. Listing inventory declined year over year for the first time in four quarters. Sales surged quarter over quarter in the Hamptons, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Brooklyn and Northwest Queens saw declines in incentives in April, one indication of a strengthening market heading into the summer season, according to Douglas Ellimanâs latest market report⦠Single-family listing inventory fell year over year in four of the last five quarters. Listing inventory fell year over year for the first time in five quarters as the number of sales increased annually for the first time in eight quarters. In Long Island, listing inventory fell to a record low as sales and prices continued to rise. Single-family price trend indicators showed mixed results as sales moved higher year over year, and single-family listing inventory declined for the first time in five quarters. Miami Beach condo listing inventory declined for the second time in the past three quarters. Single-family sales and price trend indicators posted substantial annual gains. The number of sales fell for the third straight quarter on a year over year basis. Listing inventory fell sharply, the third straight annual decline while all price trend indicators pressed higher from the same period last year. Elliman Report: Manhattan Sales 3Q 2020 This quarterly report largely reflects sales contracts that were signed during and after the COVID lockdown that ended in late June. The COVID-19 market shutdown caused the number of sales to decline year over year by roughly half for the second straight quarter. Condo sales and price trend indicators showed robust annual increases. Net effective median rent fell at the largest rate in nearly four years of tracking as the number of new leases declined year over year for the fifteenth consecutive month. Single-family sales surged as price trend indicators fell short of year-ago levels in Jupiter. The median sales price rose year over year for the eleventh time in twelve quarters. CalBRE# 01947727, NYS HOUSING DISCRIMINATION DISCLOSURE NOTICE & FORM. Condo price trend indicators moved higher as sales surged sharply from the prior year. The price trend indicators showed mixed results from prior-year levels as sales activity improved at the upper end. In Manhattan, all price trend indicators rose as the market share of landlord concessions declined but remained elevated. Single family median sales price across all bedroom categories posted large gains, with the highest in the larger sizes. The report, written by Jonathan Miller of Miller Samuel, Inc., points to a strong market in Manhattan. More than a third of single family sales that closed in the quarter went to a bidding war. Real estate market participants became fully aware of the Coronavirus global pandemic after two significant rate cuts by the Federal Reserve and the state stay-at-home orders. Single-family sales and price trend indicators rose higher year over year as inventory declined. The largest annual decline in sales occurred in smaller apartments, skewing overall price trends higher. Listing inventory declined to its lowest level in more than two years. In Brooklyn, listing inventory doubled from its year-ago level despite the moderate decline in new leases. In Northwest Queens, all rental price trend indicators decreased year over year since May under the COVID lockdown. After noticeably stronger results in the first two and a half months in Long Island and North Fork, listing inventory growth slowed as market awareness of Coronavirus occurred in mid-March.In Long Island, the number of sales increased annually for the sixth time in seven quarters, and the median sales price has not seen a year over year decline in seven years. This report provides a global perspective on prime property and investment. In Snowmass Village, year to date overall sales and price trends were up, and listing inventory was down. The month saw the highest November new lease total in more than a dozen years and the market share of landlord concessions reached a record high. In Northwest Queens, the record decline in new leasing activity due to the Coronavirus crisis indicated that renewal activity was where the weakness in rental price trends could be found. Condo price trend indicators fell as the number of sales expanded. Single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply. Condo listing inventory declined annually for the sixth straight quarter. In Westchester County, despite generally robust results, the Coronavirus outbreak brought down inventory at the end of the quarter. The company also has a number of subsidiaries related to real estate services such as Douglas Elliman Development Marketing, Douglas Elliman Property Management, DE Commercial and DE Title. Condo price trend indicators jumped as the largest average sales size in two years skewed them higher in Palm Beach. The market saw the most significant listing discount in eight and a half years as sellers were more willing to travel farther to meet the buyers on price. Single-family sales price trend indicators and sales continued to show substantial year over year growth in Jupiter. Elliman Report: Long Island Sales 3Q 2020 With the chronic shortage of inventory, historic mortgage rate lows, and a post-spring lockdown sales surge, housing prices across the market rose to new records. Boca Raton/Highland Beach condo listing inventory fell year over year for the sixth consecutive quarter with the most significant decline in the current quarter. Net effective median rent declined year over year for the fifth straight month, at the highest rate in more than two years. For co-ops and condos, the number of sales fell year over year at the highest rate in fifteen years, and listing inventory reached its highest total in twelve years of tracking. In the final two weeks of March 2020, awareness of the global pandemic known as COVID-19 cooled conditions after two significant rate cuts by the Federal Reserve and the statewide shutdown of non-essential businesses. Condo sales declined annually for the fourth straight quarter, and luxury listening inventory fell sharply at the end of the quarter. The market share of townhouses fell to 1.9% of all residential sales, the lowest level reached since the beginning of the decade. Listing inventory fell from the prior quarter record but remained sharply higher than the same period last year. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. National / Feb. February 28, ⦠All luxury condo price trend indicators showed a substantial year over year increase. Re-sale listing inventory fell year over year for the first time in ten quarters. All three condo price trend indicators increased year over year for the fifth straight quarter. After noticeably stronger results in the first two and a half months in Long Island and North Fork, listing inventory growth slowed as market awareness of Coronavirus occurred in mid-March.North Fork listing inventory fell sharply year over year for the first time in six quarters. In Riverdale, which includes the areas of Fieldston, Hudson Hill, North Riverdale, and Spuyten Duyvil, sales fell to a record low as the market was effectively shut down by state mandate. Single family listing inventory has fallen at a rising year over year rate for five consecutive quarters, and luxury condo listing inventory has posted large annual gains for three of the past four quarters. Listing inventory fell year over year at the highest rate in at least thirteen years of tracking. In a rebound from the prior quarter, condo and single family sales saw their largest annual rise in seven years. This was the fourth straight annual decline in net effective rent and the most significant yearly surge in listing inventory in four and a half years. After a robust first quarter in the North Fork, the COVID-19 market shutdown during much of the second quarter, caused sales to fall to the lowest second-quarter total in eight years. While the decline in new leasing activity remained well below last year, the removal of ‘shelter-in-place’ restrictions in the final week of June that prevented in-person showings, is expected to expand activity in Northwest Queens. Median sales price rose at its highest rate in twelve quarters while listing inventory fell year over year at its highest rate tracked in thirteen years. In Los Angeles, median sales price rose to a new record for the second time in three quarters, and sales surged year over year for the third time in four quarters and more than doubled from the previous quarter. 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