Market Reports

New leasing activity in Manhattan remained elevated as renters were drawn into the market by the enhanced affordability. 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. 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. Both doorman and non-doorman median rent saw their largest annual declines on record. Luxury median rental price saw lower annual price declines than the remainder of the market.

In Brooklyn, new leasing activity also remained high as renters were drawn into the market by the enhanced affordability. 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. Listing inventory surged to its third-highest level in twelve years.

New lease signings continued to decline as the use of landlord concessions expanded in Northwest Queens. 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. The market share of landlord concessions reached a record high.

In Manhattan, rental prices pressed higher as the use of concessions declined but remained elevated. All three overall price trend indicators rose year over year for the ninth straight month. The number of new leases fell year over year for the seenth consecutive month as landlords were more successful retaining tenants at the time of renewal.

In Brooklyn, the median rental price reached a new high as the concession market share declined. New leases have fallen sharply year over year for the fifth straight month as landlords improved tenant retention at renewal.

In Northwest Queens, the average rental price rose to a new record despite the expansion of landlord concession market share. All three overall price trend indicators rose year over year for the second straight month. With the increased use of concessions, free rent or its equivalent was at its highest level in more than four years.

Sales moved higher in Brooklyn after nearly two years of declines. 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.

Year over year sales in the Manhattan market below the $5 million threshold edged higher while sales at or above the threshold fell sharply. Median sales price remained unchanged year over year as average sales price continued to decline. With the sharp drop in mortgage rates, this quarter had the lowest overall share of quarterly cash buyers in five years of recording. Four of ten luxury sales were new development versus six out of ten three years ago.

Co-op and condo sales activity over the last ten years captured in the Manhattan Decade Report showed that despite the substantial sales activity in the middle of the decade, the number of sales in 2010 was nearly identical to the 2019 total. Except for 2017, the annual number of sales has fallen year over year since 2014. The average marketing time has remained remarkably stable at 101 days over the past three years.

The Manhattan Townhouse Report showed that the townhouse market enjoyed the same median sales price gain as the apartment market over the decade. The market share of townhouses fell to 1.9% of all residential sales, the lowest level reached since the beginning of the decade. Two-family properties were the standout as the only property type to see an increase in sales over the past year.

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. In townhouses, price trend indicators and the number of sales declined from the year-ago quarter. Listing inventory hasn’t shown a year over year decline in seven quarters.

While setting new price records isn’t new in Queens, sales rose annually for the first time in more than two years. Median sales price and average sales price continued to set records, and approximately one in six sales sold above last asking price.

While setting new price records isn’t new in Queens, sales rose annually for the first time in more than two years. Median sales price and average sales price continued to set records, and approximately one in six sales sold above last asking price.

In Manhattan, all price trend indicators rose as the market share of landlord concessions declined but remained elevated. The median net effective rate increased across all bedroom types. Super luxury rent representing the top 5% of the market, continued to show the highest median rent gain.

In Brooklyn, there were significant annual increases across all price trend indicators.
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.

In a reversal from last month in the Northwest Queens market, median rent gains were more significant in the entry-markets. This month saw the first year over year increase in landlord concession market share in five months.

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.

New leasing activity in Manhattan remained elevated as renters were drawn into the market by the enhanced affordability. 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. 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. Both doorman and non-doorman median rent saw their largest annual declines on record. Luxury median rental price saw lower annual price declines than the remainder of the market.

In Brooklyn, new leasing activity also remained high as renters were drawn into the market by the enhanced affordability. 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. Listing inventory surged to its third-highest level in twelve years.

New lease signings continued to decline as the use of landlord concessions expanded in Northwest Queens. 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. The market share of landlord concessions reached a record high.

The Hamptons market saw rapid listing inventory gains over the past year but took a breather this quarter. 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. The median sales price has not seen a year over year decline in twenty-seven quarters. The number of sales were up year over year for the fourth time in five quarters.

North Fork price trend indicators and sales rose year over year. Despite the surge in sales, fourth-quarter transactions were the second lowest in seven years. Condo listing inventory declined year over year for the third straight quarter.

Further north in Putnam County, median sales price reset from the record set in the prior quarter. In Dutchess County, sales have risen sharply year over year for four straight quarters.

In Westchester County, the single-family median sales price pressed higher as the luxury single-family market remained stable. The number of sales increased annually in two of the last three quarters. The hot spot for the most improved year over year sales activity was from $800,000 to $899,000.

In Downtown Boston, numerous price trend indicators reached new records as the market pace remained brisk. In the condo market, despite the annual surge in sales this quarter, year to date sales fell short of last year. Listing inventory fell year over year for the first time in seven quarters.

In the townhouse market, price trend indicators increased year over year as the median price rose for the fifth straight quarter. Listing inventory remained unchanged after rising annually for the prior two quarters. The decline in sales was due to the chronic shortage of listing inventory.

Boca Raton/Highland Beach condo listing inventory fell year over year for the fifth consecutive quarter. Single-family listing inventory fell year over year in four of the last five quarters.

In Coral Gables, single-family price trend indicators declined year over year as sales expanded, and listing inventory declined. Condo median sales price jumped year over year as listing inventory fell annually for the second straight quarter.

Single-family price trend indicators and sales rose year over year for the third consecutive quarter in Delray Beach. Condo price trend indicators surged, yet average sales size only saw a modest gain.

In Fort Lauderdale, condo sales rose sharply as listing inventory declined year over year for the second straight quarter. Single-family sales and price trend indicators rose higher year over year as inventory declined.

Single-family sales surged as price trend indicators fell short of year-ago levels in Jupiter. Condo price trend indicators saw no annual declines for the second straight quarter. In Palm Beach Gardens, single-family price trend indicators showed mixed results as sales rose above the prior-year level. Condo price trend indicators moved higher as sales surged sharply from the prior year.

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. Condo sales in Ocean Ridge remained limited as listing inventory jumped.

Miami Beach condo listing inventory declined for the second time in the past three quarters. Single-family sales rose annually for the first time in four quarters.

In Miami Coastal Mainland, condo listing inventory declined year over year for the second straight quarter. Single-family median sales price increased to a new record.

Condo price trend indicators in Palm Beach continued to rise year over year as the number of sales declined from year-ago levels. 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.

On the West Coast of Florida, in St. Petersburg, all single-family price trend indicators rose year over year for the sixteenth straight quarter. Condo price trend indicators and the number of sales declined year over year after four straight quarters of increases.

In South Tampa, all luxury price trend indicators moved higher year over year for the second time in three quarters. In Greater Downtown Tampa, the downtown condo market saw year over year growth in both price trend indicators and sales.

In the Wellington market, condo price trend indicators continued to increase year over year as sales fell sharply. Single-family price trend indicators showed mixed results as sales declined.

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 also showed mixed results as both sales and listing inventory declined year over year.

After six quarters of year over year declines, in Los Angeles, sales increased in the final quarter of 2019. All price trend indicators rose year over year for the third straight quarter. Single-family listing inventory fell annually for the first time after six quarters of gains.

In Malibu/Malibu Beach, sales showed stability or pressed higher year over year across all the market segments.

In Venice/Mar Vista, sales moved higher year over across all the market segments.

In Fairfield County, sales expanded and listing inventory compressed year over year for the third straight quarter. Median sales price rose annually after four straight quarterly declines while the number of sales increased year over year for the third consecutive quarter.

In Greenwich, negotiability expanded to the highest level in two years as more sellers became in sync with market conditions. Single-family median sales price jumped year over year as listing inventory declined.  Condo price trend indicators and the number of sales declined from year-ago levels.

In Aspen, price per square foot moved higher as listing inventory declined across the region. The number of sales showed their first decline after four quarters of annual gains. In Snowmass Village, year to date overall sales and price trends were up, and listing inventory was down. Condo average price per square foot increased year over year for the fifth straight quarter. Single-family listing inventory has declined year over year for three straight quarters.