« Back to Previous Page | Real Estate»News»Douglas Elliman Releases Q3 2017 Sales Market Reports for Brooklyn, Queens & Riverdale and September 2017 Rental Market Report for Manhattan, Brooklyn, Queens

Corporate Information

Douglas Elliman Releases Q3 2017 Sales Market Reports for Brooklyn, Queens & Riverdale and September 2017 Rental Market Report for Manhattan, Brooklyn, Queens

Date: Oct 12, 2017

DouglasElliman Releases Q3 2017 Sales Market Reports for Brooklyn, Queens& Riverdale and September 2017 Rental Market Report for Manhattan,Brooklyn, Queens

Strong Price Growth in Brooklyn & Queens with Records Set;Shortage of Inventory in Riverdale Driving Prices Higher

Rents in Manhattan, Brooklyn and Queens Weaken Further; HigherVacancy in Manhattan as Concessions Begin to Lose Effectiveness

NewYork, NY (October 12, 2017) – Douglas Elliman Real Estate, the largest brokerage in the NewYork Metropolitan area and the fourth largest residential real estate companynationwide, today releases both the Q32017 Sales Market Reports for Brooklyn, Queens and Riverdale, as well asthe September 2017 Rental Market Reportfor Manhattan, Brooklyn and Queens.  Thesales reports show strong price growth in Brooklyn and Queens with sales up inboth markets, while rents are beginning to weaken in Manhattan, Brooklyn andQueens. In the Riverdale sales market, all price trend indicators are movinghigher.

“We’reseeing very strong pricing in Brooklyn and Queens, with some record prices setthis quarter in Queens and Brooklyn on the verge of setting new records of itsown,” said Steven James, Chief Executive Officer, New York City, DouglasElliman. “Sales are up in these boroughs, with Brooklyn securely established ascompetition to Manhattan. Queens continues on its rise as a place for buyers tofind greater affordability.”

“InBrooklyn and Queens, demand remains consistently strong amid rising prices,”said Jonathan Miller of Miller Samuel,Inc, the author of both reports.  “InRiverdale, prices are also steadily rising, and we’d likely see more salesthere if there was more supply. As a landing place for buyers looking foraffordability without leaving the city for the suburbs, we see little turn-overand inventory remains low.”

“Across rental markets in Manhattan,Brooklyn and Queens, we’re seeing a weakening in both pricing and in new leasessigned,” said Hal D. Gavzie, Executive Manager of Leasing, Douglas Elliman RealEstate.  “Concessions no longer seem tobe enough to keep rents from softening and the slide in leasing activity isreflective of too much product in the high-end of the market and not enoughproduct at the lower end.”

BROOKLYN SALES MARKET HIGHLIGHTS

Overview

- After 4consecutive quarters of median price records, the indicator slipped to secondhighest on record

- 20thconsecutive month with annual rise in quarterly median sales price

- Fastestmarket pace in more than 9 years

- Lowestinventory on record since began tracking in 2Q08 

- Tenthconsecutive annual rise in sales, but lowest of those increases

Key Trend Metrics (compared to same year ago period)

- Median sales price increased 7.5% to $790,000
- Average sales price slipped 0.2% to $981,623
- Number of sales rose 6.3% to2,914 

- Listing inventory fell 30.4% to 1,826
- Days on market was 85 days, up from 81 days
- Listing discount was 3.4%, up from -0.3%

- Luxury median sales price was unchanged at $2,500,000

- New development condo market share of all condos was31.5%, up from15.3%

______________________________________________________

QUEENS SALES MARKET HIGHLIGHTS

Overview

- Recordmedian and average sales price reached for second consecutive quarter

- Sixthconsecutive annual quarterly increase in sales

- After 5months of declined, listing inventory rose year over year for 2nd consecutivequarter

- Mediansales price for all 3 property types set new records

Key Trend Metrics (compared to same year ago period)

- Median sales price rose 10.2% to $550,000
- Average sales price increased 9.3% to$614,492
- Number of sales rose 3.1% to 3,865

- Listing inventory edged up 4.5% to 4,486
- Days on market was 81 days, down from 92
- Listing discount was 2.8%, up from 0.9%

- Luxury median sales price increased 5.9% to $1,250,000

- Newdevelopment condo market share of all condos was 45.1%, up from 13.7%

______________________________________________________

RIVERDALE SALES MARKET HIGHLIGHTS 

[includes Fieldston, Hudson Hill,North Riverdale and Spuyten Duyvil]

Overview

- All pricetrend indicators moved higher

- Listing inventorycontinued to fall, holding back sales volume

- Medianprice for all property types increased year over year

- Slowermarketing time but with more negotiability

KeyTrend Metrics (compared to same year ago period)

- Median sales price rose 11.3% to $300,000
- Average sales price increased 3.5% to$400,593
- Number of sales fell 20.8% to 133

- Listing inventory fell 20.4% to 172
- Days on market was 115 days, down from 143
- Listing discount was 5.6%, up from 2%

- Luxury median sales price rose 10.7% to $969,500

______________________________________________________
MANHATTAN RENTAL MARKET HIGHLIGHTS

Overview

- Mediannet effective rent slipped year over year for tenth month of past twelve

- Number ofnew leases fell annually for first time since February as affordabilitypressures rise

- Vacancyrose for second consecutive month after falling since the spring

-“Non-doorman” median rent has outperformed “doorman” median rent for more than3 years

- Landlordconcession market share nearly double the year-ago level

- Afterrising for nearly 2 years, listing inventory slipped for 2nd time in 3 months

KeyTrend Metrics (from same period last year)

(Face Rent)
- Median rental price was essentially unchanged at $3,400

- Rentalprice per square foot declined 3.6% to $65.45
- Average rental price slipped 0.6% to $4,094

(Net Effective Rent – includes concessions)
- Median rental price declined 0.4% to $3,334
- Share of new rental transactions with OP or rent concessions was 26.5%, upfrom 15.1%
- Size of concession was 1.2 months of free rent or equivalent, unchanged
- Manhattan vacancy rate rose to 2.63% from 2.38%
- Number of new leases fell 10.7% to 4,684

- Listinginventory slipped 0.4% to 7,363
- Days on market was 43, down from 44 
- Listing discount was 2.6% down from 2.8%

______________________________________________________
BROOKLYN RENTAL MARKET HIGHLIGHTS

Overview

- Allmarket wide price trend indicators declined

- Medianrent had largest annual decline in spring of 2015

- Neteffective median rent declined annually for 5th consecutive month

- Landlordconcessions more than doubled year-ago level

- Newleases fell year over year for first time since February

KeyTrend Metrics (from same period last year)

(FaceRent)
- Median rental price declined 5.1% to $2,800
- Rental price per square foot fell 3.7% to $44.85

- Average rental price declined 2.3% to $3,123

(NetEffective Rent – includes concessions)
- Median rental price edged fell 5.6% to $2,757
- Share of new rental transactions with OP or rent concessions was 20.3%, upfrom 8.9%
- Size of concession was 1.3 months of free rent or equivalent, up from 1.2months

- Number of new leases declined 4.1% to 1,197

- Listinginventory slipped 1.4% to 2,467
- Days on market was 41, down from 43 
- Listing discount was 2.3%, up from 1.8%

______________________________________________________
QUEENS RENTAL MARKET HIGHLIGHTS

Overview
[Northwest Region]

- Overallmedian rent remain essentially flat as other price metrics expanded

- Landlordconcessions increased nearly 4 fold.

- With highuse of concessions, net effective median rent declined

- Newleases expanded for seventh consecutive month

KeyTrend Metrics (from same period last year)

(FaceRent)
- Median rental price was $2,793, up 0.2%
- Rental price per square foot rose 3.6% to $49.92

- Averagerental price rose 3.5% to $2,982

(Net Effective Rent – includes concessions)
- Median rental price slipped 1.3% to $2,717
- Share of new rental transactions with OP or rent concessions was 42.8%, upfrom 11.7%
- Size of concession was 1.1 months down from 1.3 months


- Number of new leases edged up 0.7% to 276

- Listinginventory expanded 10.5% to 516
- Days on market was 30, down 18.9%
- Listing discount was 1.3%, up from 0.9%

- Newdevelopment market share was 37.7%, down from 47.1%

###

AboutDouglas Elliman Real Estate

Established in 1911, DouglasElliman Real Estate is the largest brokerage in the New York Metropolitan areaand the fourth largest residential real estate company nationwide. With morethan 7,000 agents, the company operates approximately 110 offices in Manhattan,Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork,Westchester, Greenwich, South Florida, Colorado and California. Moreover,Douglas Elliman has a strategic global alliance with London-based Knight FrankResidential for business in the worldwide luxury markets spanning 60 countriesand six continents. The company also controls a portfolio of real estateservices including Douglas Elliman Development Marketing; Manhattan’s largestresidential property manager, Douglas Elliman Property Management with over 250buildings; and DE Commercial. For more information on Douglas Elliman as wellas expert commentary on emerging trends in the real estate industry, pleasevisit elliman.com.

575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2017 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. 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. EQUAL HOUSING OPPORTUNITY. CalBRE# 01947727