In Westchester County, despite generally robust results, the Coronavirus outbreak brought down inventory at the end of the quarter. The number of sales remained well below year-ago levels as the market climbed out of the spring lockdown in Northern Manhattan. With the inability of real estate agents to physically show property per state ‘shelter in place’ rules in Manhattan, there has been a sharp drop in new lease signings and limited price discovery during the Coronavirus crisis. Douglas Elliman has released the 2nd quarter 2020 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. Luxury listing inventory fell year over year in three of the past four quarters. The number of sales fell at the largest year over year rate in more than eleven years. Comprehensive and Objective Market Insights. The monthly concession rental equivalent rose to a new record. The Manhattan Townhouse Report showed that the townhouse market enjoyed the same median sales price gain as the apartment market over the decade. Condo sales and price trend indicators showed robust annual increases. New leases declined annually for the eleventh straight month. Luxury condo price trend indicators increased year over year as listing inventory declined annually for the second time in three quarters. Before moving to Douglas's current city of Boynton Beach, FL, Douglas lived in Kennett Square PA and Stowe VT. D Trowbridge Elliman, Elliman D Trowbridge, Douglas Trowbridge Elliman, Ellman D Trowbridge and Douglas T Elliman are some of the alias or nicknames that Douglas has used. Produced in conjunction with Miller Samuel, a leading independent appraisal firm, our 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. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. Listing inventory rose sharply year over year during the past two quarters. OUR AGENTS. Net effective median rent fell annually for the first time in twenty-one months, and new leases declined annually for the tenth straight month. The first quarter in Greenwich showed a surge in single-family sales but a decline in their supply by the end of March. The single-family market pace moved at its fastest rate in more than fourteen years as well. New York, NY (July 25, 2019) – Douglas Elliman Real Estate, the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume, today releases the second quarter 2019 Long Island, Hamptons and North Fork Sales Market Reports. 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. On the West Coast of Florida, in St. Petersburg, single-family listing inventory and sales showed steep declines while median sales price rose annually for the thirty-fourth straight quarter. 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. Sales moved higher in Brooklyn after nearly two years of declines. Single-family median sales price rose to a new record as both sales and listing inventory fell sharply. 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. As a result, the final two weeks of the quarter saw limited activity. In Riverdale, which includes the areas of Fieldston, Hudson Hill, North Riverdale, and Spuyten Duyvil, listing inventory and price trend indicators fell for the first time in more than a year. The number of sales fell at their second-highest year over year rate in more than nine years. The overall county price trend indicators rose annually for the second straight quarter. After a fast start to the quarter in Manhattan, the Coronavirus outbreak quickly slowed market conditions by early March. 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. Single-family sales declined year over year at its highest rate in 13 years as median sales price surged. All three condo price trend indicators were skewed lower by aa significant year over year drop in average sales size. 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. The Wealth Report 2020 Every year, Douglas Elliman puts out The Wealth Report in conjunction with its international real estate partner, Knight Frank, based out of the UK. 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. Elliman Report: Manhattan Sales 2Q 2019 After a six-quarter dry spell, the number of sales rose year over year due to a laundry list of factors but does not appear to indicate a complete reprieve from weaker market conditions since listing inventory continued to rise. In South Tampa, all luxury price trend indicators moved higher year over year for the second time in three quarters. The Hamptons market saw rapid listing inventory gains over the past year but took a breather this quarter. The number of co-op and condo sales surged, rising year over year for the third time in four quarters. All price trend indicators rose year over year for the third straight quarter. Listing inventory set a fourteen-year record, more than tripling the year-ago total, but the monthly growth rate slowed significantly. Condo listing inventory declined annually for the sixth straight quarter. In West Palm Beach, condo price trend indicators were mixed as sales and listing inventory increased year over year. New lease signings continued to decline as the use of landlord concessions expanded in Northwest Queens. The median sales price declined at the same rate as average sales size in the condo market, suggesting price stability. 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. The large decline in March was a result the cool down after the middle of the month. 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. Listing inventory rose annually to the highest level in more than nine years. 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. In Malibu/Malibu Beach, single-family sales rose sharply year over year as condo sales declined. Douglas Elliman | New York City. 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. Both doorman and non-doorman median rent saw their largest annual declines on record. Single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply. Price trend indicators of luxury condos showed mixed results, as the number of sales saw a significant decline. 891.7000 © 2020 DOUGLAS ELLIMAN REAL ESTATE. Download the Douglas Elliman and Knight Frank 2020 Wealth Report. Price trend indicators showed mixed results across the luxury submarkets of Snell Isle, Historic Old Northeast, and Downtown. The report was commissioned by Douglas Elliman and produced by Miller Samuel, a long-trusted industry source. Median sales price jumped annually at the highest rate tracked in thirteen years. Sales rose higher year over year in Fort Lauderdale, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. The median sales price of a luxury condo declined while luxury single-family median sales price rose. Condo listing inventory declined for the fifth consecutive quarter as the overall price trend indicators pressed higher. Median sales price edged higher year over year to the third-highest on record—average sales price, average price per square foot, and average sales size all set new records. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. With awareness of COVID-19 breakout by mid-March, leasing activity in Manhattan fell sharply as landlords worked hard to retain existing tenants. After noticeably stronger results in the first two and half months in Los Angeles, listing inventory growth slowed as market awareness of Coronavirus occurred in mid-March. This month saw the eleventh consecutive year over year decline in new leases in twelve months and the second-largest annual decrease in new leases in more than eleven years of tracking. 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. EQUAL HOUSING OPPORTUNITY. New lease signings showed significant growth as rental price trends continued to tumble in Northwest Queens. Condo price trend indicators saw no annual declines for the second straight quarter. Luxury median rental price showed a large increase while the market-wide median rent slipped from the same period last year. Listing inventory fell sharply, and sales jumped year over year for the second straight quarter. Single family sales surged from the year-ago quarter, rising for the first time five quarters. Single-family listing inventory fell by the largest rate in seven years of tracking. Average price per square foot fell while the number of sales surged year over year. Sales declined year over year at the highest rate in nineteen years, reflecting the extent of the near market shutdown. New leases surged year over year after seeing no gains for the previous fourteen months. The number of sales declined year over year by the most significant amount in six years. 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