All three overall price trend indicators reached new records for the second straight quarter. The market share of landlord concessions set new records. 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. Luxury median rental price showed a large increase while the market-wide median rent slipped from the same period last year. Brooklyn and Northwest Queens saw declines in incentives in April, one indication of a strengthening market heading into the summer season, according to Douglas Elliman’s latest market report… This quarter saw the most significant year over year decline in the number of sales in nine years. The hot spot for the most improved year over year sales activity was from $800,000 to $899,000. The report, written by Jonathan Miller of Miller Samuel, Inc., points to a strong market in Manhattan. The decline in sales was due to the chronic shortage of listing inventory. Condo price trend indicators and sales surged from the prior-year quarter. The report was commissioned by Douglas Elliman and produced by Miller Samuel, a long-trusted industry source. Read More. In Westchester County, despite generally robust results, the Coronavirus outbreak brought down inventory at the end of the quarter. Listing inventory surged to its third-highest level in twelve years. In Fairfield County, sales expanded and listing inventory compressed year over year for the third straight quarter. In Northern Manhattan, apartment sales moved higher as townhouse sales declined. In Greater Downtown Tampa, Harbour Island saw a significant price skew as the average sales size surged. The market share of borough sales edged up from year-ago levels. Miami Beach/Barrier Islands sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. 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. The single-family market pace moved at its fastest rate in more than fourteen years as well. Condo price trend indicators fell as the number of sales expanded. Condo price trend indicators rose year over year for the third consecutive quarter. Listing inventory fell quarter over quarter for the first time since the COVID lockdown. After a robust first quarter in Houston, the COVID-19 market shutdown caused sales and listing inventory to decline. In Downtown Boston, sales edged higher year over year, rebounding quickly from the sharp drop in spring market activity at the onset of the COVID crisis. Listing inventory fell sharply year over year and was the first decline in six months. In Fairfield County, the three overall price trend indicators reached new record highs in more than sixteen years of tracking. Median resales price slipped for the fifth time in six quarters, and the number of co-op sales jumped from the prior quarter but fell short of year-ago levels. Resale bidding wars fell to the lowest market share level in almost five years of tracking. July was the third straight month to see a record vacancy in fourteen years of recording. Further north in Putnam County, median sales price reset from the record set in the prior quarter. The Manhattan Townhouse Report showed that the townhouse market enjoyed the same median sales price gain as the apartment market over the decade. Produced in conjunction with Miller Samuel, a leading independent appraisal firm, Douglas Elliman’s market report series is the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. Condo price trend indicators moved higher as sales surged sharply from the prior year. 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. The median sales price of a luxury condo declined while luxury single-family median sales price rose. Luxury condo price trend indicators increased year over year as listing inventory declined annually for the second time in three quarters. The largest annual decline in sales occurred in smaller apartments, skewing overall price trends higher. Luxury listing inventory fell to its lowest level in six years of recording. 575 MADISON AVENUE, NEW YORK, NY 10022. Sales declined year over year at the highest rate in nineteen years, reflecting the extent of the near market shutdown. Condo sales declined as price trend indicators pressed higher from year-ago levels. Condo listings fell annually for four straight quarters. With the Coronavirus pandemic, new lease signings in Brooklyn fell to their lowest level in four and a half 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. ‘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 quarterly results. The number of sales fell at their second-highest year over year rate in more than nine years. New York City; Long Island, the Hamptons and North Fork; Westchester & Putman; Florida Listing inventory fell sharply, and sales jumped year over year for the second straight quarter. The number of sales in condos and co-ops in Northern Manhattan fell year over year by the largest amount in more than a decade. Single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply. Condo price trend indicators and the number of sales declined year over year after four straight quarters of increases. Douglas Elliman has released the 2nd quarter 2020 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. 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. New leasing activity in Manhattan remained elevated as renters were drawn into the market by the enhanced affordability. EQUAL HOUSING OPPORTUNITY. Listing inventory declined annually for the third time in the four recent quarters, and all price trend indicators slipped from year-ago levels as listing discount rose to the highest level in more than a year. The number of sales declined annually for the first time in three quarters to the lowest second-quarter sales total in eleven years. 891.7000 © 2020 douglas elliman real estate. In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, single-family price trend indicators showed mixed results as listing inventory declined for the third straight quarter. Sales fell sharply year over year in Queens for the second straight quarter as many of the contracts were signed during and shortly after the COVID lockdown. Listing inventory fell year over year for the first time in seven quarters. In Dutchess County, price trend indicators continued to show significant gains as listing inventory fell sharply. CalBRE# 01947727, NYS HOUSING DISCRIMINATION DISCLOSURE NOTICE & FORM. Listing inventory set a fourteen-year record, more than tripling the year-ago total, but the monthly growth rate slowed significantly. In Malibu/Malibu Beach, sales showed stability or pressed higher year over year across all the market segments. Single-family sales rose annually for the first time in four quarters. Sales in Boca Raton/Highland Beach rose sharply higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. In Fort Lauderdale, condo price trend indicators pressed higher as sales slipped year over year. 212. Both property types saw the most significant year over year decline in more than a decade. With awareness of COVID-19 breakout by mid-March, leasing activity in Manhattan fell sharply as landlords worked hard to retain existing tenants. Single family sales increased at their highest year over year rate in five years, and condo sales reached their highest third-quarter total in twenty-two years of tracking. Median sales price and average sales price rose year over year to reach new records, and the median sales price rose annually at its highest rate in nearly two years. In Long Island, listing inventory fell to a record low as sales and prices continued to rise. In Downtown Boston, numerous price trend indicators reached new records as the market pace remained brisk. Queens sales were up, not on a year-over-year basis, but compared to the previous … Sales declined in Queens at their highest rate in more than a decade, as the market was largely shut down by state mandate. Single-family price trend indicators showed mixed results as sales declined. 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. Total market sales in Coral Gables pressed higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. EQUAL HOUSING OPPORTUNITY. Further north in Putnam County, sales rose sharply year over year before the impact of COVID-19 slowed activity at the end of the quarter. This quarter saw the largest annual decline in listing inventory in three and a half years. Net effective median rent fell year over year at the second-highest rate in at least nine years. 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. Douglas Elliman reports $5 million net loss and a 52 percent drop in New York metro area revenues. 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. 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. On the West Coast of Florida, in St. Petersburg, listing inventory for single-family properties slipped as condos surged from year-ago levels. Condo listing inventory declined for the fifth consecutive quarter as the overall price trend indicators pressed higher. In a rebound from the prior quarter, condo and single family sales saw their largest annual rise in seven years. In Venice/Mar Vista, sales moved higher year over across all the market segments. This month had the highest net effective median, average and average per square foot rent ever recorded and the highest April vacancy rate recorded in at least fourteen years. Median sales price reached a new record while average sales price recorded its second-highest mark. Price trend indicators of luxury condos pressed higher as listing inventory showed a slight gain. In the Wellington market, condo sales surged annually at their highest rate in eleven years as listing inventory edged higher for the second straight quarter. In Manhattan, rental prices pressed higher as the use of concessions declined but remained elevated. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. Yet this quarter also saw the largest annual decline in listing inventory in three and a half years while median sales price hasn’t seen a year over year decline in five months. Single-family sales price trend indicators and sales showed substantial annual gains in Jupiter. In the condo market, the rate of listing inventory climbing to meet the spring market fell by nearly two-thirds. In Westchester County, the single-family median sales price pressed higher as the luxury single-family market remained stable. 575 MADISON AVENUE, NEW YORK, NY 10022. In Greater Downtown Tampa, downtown price trend indicators and sales rose above prior-year quarter levels. 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. In the townhouse market, sales clawed back most of the previous quarter’s decline in spring market activity at the onset of the COVID crisis. In Westchester County, state-mandated “shelter-in-place” rules prevented in-person property showings for much of the quarter, distorting sales and inventory trends. New leases surged year over year after seeing no gains for the previous fourteen months. The number of sales in Northern Manhattan surged from the prior quarter for co-ops and condos but remained short of year-ago levels. Low rents and greater concessions from NYC landlords spur record November lease signings New leases have fallen sharply year over year for the fifth straight month as landlords improved tenant retention at renewal. Single family price median sales price has risen annually each quarter for nearly nine years. In West Palm Beach, condo price trend indicators showed mixed results as the number of sales moved higher on a year over year basis. Ranked in the top 200 New York State Agents for 2017/2018 (WSJ/RealTrends Rankings), Yorgos has closed over $150M in sales and has achieved record-breaking prices. In Long Island, average and median sales price rose sharply year over year to reach new records. This quarterly report for Brooklyn primarily reflects sales contracts signed during and after the COVID lockdown that ended in late June. Boca Raton/Highland Beach condo sales declined year over year at its highest rate in 13 years as median sales price increased. Listing inventory jumped year over year after falling for three straight quarters. The median sales price reached its highest level in fifteen years of tracking after the largest year over year surge in sales in nearly seven years. The number of new leases declined year over year for the sixteenth straight month, and net effective median rent fell year over year at its highest rate in more than four years. 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