Condo sales in Ocean Ridge remained limited as listing inventory jumped. Falling spring inventory and rising prices in Brooklyn characterized the market until the final two weeks of March. Single-family sales price trend indicators and sales showed substantial annual gains in Jupiter. 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. In the townhouse market, the rate of listing inventory climbing to meet the spring market fell by nearly one-third. 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 has not seen a year over year decline in twenty-seven quarters. In Palm Beach Gardens, single-family sales price trend indicators were mixed as sales jumped year over year. 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. Luxury condo median sales price more than doubled year over year as listing inventory saw a significant annual decline. In Dutchess County, the number of sales and listing inventory fell sharply. The largest annual decline in sales occurred in smaller apartments, skewing overall price trends higher. With awareness of COVID-19 breakout by mid-March, leasing activity in Manhattan fell sharply as landlords worked hard to retain existing tenants. In Westchester County, the single-family median sales price pressed higher as the luxury single-family market remained stable. Condo median sales price jumped year over year as listing inventory fell annually for the second straight quarter. In the condo market, the rate of listing inventory climbing to meet the spring market fell by nearly two-thirds. The market share of landlord concessions reached a record high. Luxury listing inventory declined year over year for the sixth straight quarter. The median sales price of a luxury condo declined while luxury single-family median sales price rose. Single family median sales price increased annually for the eighth consecutive quarter. Condo price trend indicators showed mixed results as listing inventory slipped, and sales dropped. Average price per square foot fell while the number of sales surged year over year. 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. 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. 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. New market reports show that that Manhattan is inching its way back from the plunge in sales caused by the shutdown. In Aspen, price per square foot moved higher as listing inventory declined across the region. Single-family median sales price jumped year over year as listing inventory declined. 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. The decline in sales was due to the chronic shortage of listing inventory. Single family sales surged, and listing inventory fell from the prior-year quarter as the lockdown ended. Luxury median rental price saw lower annual price declines than the remainder of the market. 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. In Coral Gables, single-family price trend indicators declined year over year as sales expanded, and listing inventory declined. Download the Douglas Elliman and Knight Frank 2020 Wealth Report. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. Douglas Elliman | New York City. Median sales price remained unchanged year over year as average sales price continued to decline. 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. Single-family price trend indicators and sales rose year over year for the third consecutive quarter in Delray Beach. 891.7000 © 2020 douglas elliman real estate. Single family sales in Jupiter jumped year over year as listing inventory dropped sharply. In Greater Downtown Tampa, the downtown condo market saw year over year growth in both price trend indicators and sales. 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. 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. Listing inventory fell sharply, the third straight annual decline while all price trend indicators pressed higher from the same period last year. This quarter saw the most significant year over year decline in the number of sales in nine years. Yorgos, an MBA graduate of Columbia Business School, is a top agent in the Hamptons and is the number one sales agent in Douglas Elliman East Hampton. 212. Single family sales surged from the year-ago quarter, rising for the first time five quarters. 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 Downtown Boston, the quarter represented a market that was largely shut down by COVID-19. Net effective median rent declined year over year for the fifth straight month, at the highest rate in more than two years. For the third straight month in Manhattan, new lease signings rose to their highest level for the current month since the financial crisis. On the West Coast of Florida, in St. Petersburg, all single-family price trend indicators rose year over year for the sixteenth straight quarter. This quarter saw the largest annual decline in listing inventory in three and a half years. Single-family listing inventory and sales showed sharp declines from prior-year levels. This month saw the largest year over year decline in net effective median rent in more than nine years and the year over year declines in net effective median rent for all bedroom sizes were the largest on record. Median sales price tied the record set in the third quarter of 2019 and has flirted with records in the three previous quarters. The single-family median sales price hasn’t shown a year over year decline in four quarters. Luxury condo price trend indicators increased year over year as listing inventory declined annually for the second time in three quarters. With the increased use of concessions, free rent or its equivalent was at its highest level in more than four years. The number of sales declined annually for the first time in three quarters to the lowest second-quarter sales total in eleven years. In Coral Gables, single-family listing inventory declined as would-be sellers delayed their plans as the market paused. Sales and price trends in Queens rose throughout the quarter until the mid-March slowdown. Net effective median rent fell annually for the first time in twenty-one months, and new leases declined annually for the tenth straight month. This month saw the most significant year over year decline in median net effective rent in three and a half years of tracking. In Palm Beach Gardens, single-family sales fell at their most significant rate in fourteen years. After noticeably stronger results in the first two and a half months in the Hamptons, listing inventory growth slowed as market awareness of Coronavirus occurred in mid-March. The market share of concessions in each price segment surged and new development median rent increased as existing median rent declined annually. 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. Elliman Report: Manhattan Sales 1Q 2020 Final two weeks of March 2020 • After two years of weakening sales, the first quarter of 2020 showed a jump in closings as sellers became more in … Median net effective rent rose year over year for the fifteenth straight month. Condo price trend indicators saw no annual declines for the second straight quarter. In West Palm Beach, condo price trend indicators showed mixed results as the number of sales moved higher on a year over year basis. Single family price trend indicators set new records as sales rose to their highest level in more than five years. In South Tampa, single-family price trend indicators moved higher as sales and listing inventory fell sharply. Condo price trend indicators increased year over year for the first time in three quarters. Single-family sales rose annually for the first time in four quarters. Despite the COVID-19 shutdown in the Hamptons, the decline in sales was more modest than much of the region. Single-family price trend indicators also showed mixed results as both sales and listing inventory declined year over year. The number of sales has grown year over year at a rising rate for four straight quarters. Listing inventory growth across the region was either low or saw declines from the prior year. Condo listing inventory declined annually for the fifth consecutive quarter, and luxury single family listing inventory declined sharply year over year for five straight quarters. All three single-family price trend indicators rose year over year together for the seventeenth straight quarter. The quarter began just over a week after the COVID lockdown ended, and the number of closed … The market share of landlord concessions rose annually for the first time in seventeen months. The large decline in March was a result the cool down after the middle of the month. In the townhouse market, all price trend indicators declined year over year, bracketing the drop in average sales size. All three overall price trend indicators set new records. 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. 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. New leases in Manhattan reached their prior-year level as vacancy rates and listing inventory reached new records. In Venice, sales surged across property types as Mar Vista sales fell short of prior year totals. This month had the second average face rent record reached in three months and the lowest market share of new development leases in four and a half years. In Coral Gables, single-family median sales price rose year over year for the second time in three quarters. The vacancy rate exceeded five percent for the second month and was the fifth consecutive month with a new record. With the market shut down due to Covid-19 in Manhattan, sales fell annually by the largest percentage in 30 years. Listing inventory and the number of sales fell well short of prior-year levels. In Palm Beach Gardens, single-family price trend indicators showed mixed results as sales rose above the prior-year level. New York City; Long Island, the Hamptons and North Fork; Westchester & Putman; Florida Condo price trend indicators fell as the number of sales expanded. 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. The market share of landlord concessions set new records. 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. Despite the surge in sales, fourth-quarter transactions were the second lowest in seven 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. 891.7000 © 2020 DOUGLAS ELLIMAN REAL ESTATE. Listing inventory rose annually at the highest rate in more than four years. 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. In Brooklyn, listing inventory doubled from its year-ago level despite the moderate decline in new leases. Single family median sales price across all bedroom categories posted large gains, with the highest in the larger sizes. Listing inventory edged higher year over year after three consecutive, quarters of declines. OUR AGENTS. New leases in Manhattan surged to the highest October total in twelve years, as falling rents are beginning to pull tenants back to the city. All three overall price trend indicators rose year over year for the second straight month. Condo price trend indicators rose year over year for the third consecutive quarter. Queens sales were up, not on a year-over-year basis, but compared to the previous … This quarterly report for Manhattan primarily reflects sales contracts signed during and after the COVID lockdown that ended in late June. Sales moved higher in Brooklyn after nearly two years of declines. 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. Listing inventory fell year over year for the sixth straight quarter. “We’re pleased to note that the Miami non-distressed real estate market is beginning to stabilize after years of decline,” said Vanessa Grout, President and CEO of Douglas Elliman … Except for 2017, the annual number of sales has fallen year over year since 2014. 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