Elliman: Prices Up, Sales Down in 4th Quarter
Rounding out this morning’s three brokerage firm market reports is one from Prudential Douglas Elliman, the results of which are relatively consistent with the data revealed by Corcoran. The good news from Elliman is that median prices were up 6.2% over the prior year quarter (though they slipped 2.2% versus the third quarter); similarly, average…
Rounding out this morning’s three brokerage firm market reports is one from Prudential Douglas Elliman, the results of which are relatively consistent with the data revealed by Corcoran. The good news from Elliman is that median prices were up 6.2% over the prior year quarter (though they slipped 2.2% versus the third quarter); similarly, average sales prices increased 15.8% year-over-year and declined 1.9% from the prior quarter. Sales volume declined rather dramatically: The number of sales fell 29.9% to 1,468 in the prior year quarter and fell 21.9% in the third quarter; Elliman (or rather Miller Samuel, which prepared the report) attributes the big dip to the expiration of the Federal tax credit and a lack of fresh inventory. Particularly notable: Prices in Northwest Brooklyn rose by double-digit percentages year-over year while those in East Brooklyn declined by almost ten percent. Click here to see the entire report.
“invisible” You MUST be a brooklyn appraiser LOL! We do a lot of Brooklyn work as well. We don’t remove data from the reports as you suggest in your 15CPW example so it doesn’t sound like your fully understand the process. It is also fascinating to learn that price per square foot is not appropriate because of many moving parts and yet Manhattan is completely homogenous. The first comment by party is over about the shift in the mix is why we wouldn’t characterize the market as rising without qualifying.
Despite these inaccuracies and generalizations you also provide some provocative insight and it is appreciated.
copied wrong link:
The primary data source for Brooklyn was ACRIS
By Maly on January 20, 2011 12:48 PM
The people putting these reports together are not lost; it’s the people reading them who are.
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its funny how confident people get when they are completely wrong.
By Maly on January 20, 2011 12:48 PM
In short: firms put out their numbers, what they sold and where.
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i take it you aren’t the sharpest tack in the shed either:
“Sales used within our market reports are market-wide and not simply an analysis of the sales of Prudential Douglas Elliman”
might want to actually read shit first before you go spewing bullshit
The people putting these reports together are not lost; it’s the people reading them who are. Of course, it doesn’t help that the brokers are encouraging this confusion, and so is Mr. B with his misleading lede.
In short: firms put out their numbers, what they sold and where. The average and median is not indicative of anything beyond the narrow confines of the brokerage firms. In addition, because the mic changes quarter over quarter, averages and medians in value are completely meaningless irt market. Looking at these reports, you cannot say whether prices have increased, decreased or stayed stable. You could say, wow Halstead is growing its presence in Brooklyn, or Hey! Corcoran had a good quarter, and that IS the point. The reports are used to market the firms to sellers.
the more i read these reports the more i think the people putting them together are completely lost in the numbers.
in manhattan they (Miller Samuel) seem to know what outliers to strip (i.e. 15 CPW and the Plaza) because they do all their work there. But brooklyn is probably quite foreign to them (Midwood Syrian Jews, Williamsburg luxury condo explosion, turning Crown Heights luxury condos into homeless shelters).
The question begs – why bother with Brooklyn? Its complicted with a lot of moving parts, not a square footage commodity like manhattan where you just have to say “condos or co-ops?”
“Particularly notable: Prices in Northwest Brooklyn rose by double-digit percentages year-over year”
This statement is misleading. In 4Q 2009, most buyers bought real estate to take advantage of $8,000 tax credit. Disproportionately higher percentage of Studios and 1BRs were sold then. In 4Q 2010, the market moved towards the high-end units which pushed the average price. The Northwest section of the Prudential report states “Price indicators jumped over year with more high-end units sold”.