Further north in Putnam County, the market continued to show more strength with rising prices and a year over year surge in sales. Single family median sales price rose annually for the twelfth straight quarter as listing inventory dropped sharply. Luxury median sales price rose annually for the second straight quarter, skewed by the sales size rise. Condo listing inventory declined annually for the sixth straight quarter. 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. View the latest properties listed with The Hamersley Team. Falling spring inventory and rising prices in Brooklyn characterized the market until the final two weeks of March. Median rent for new development reached a new record as market-wide studio and 1-bedrooms set new records. Median sales price rose year over year for the second straight quarter, and luxury median sales price rose annually for the first time in nine quarters. In Northwest Queens, listing inventory rose to its second-highest level recorded as new leasing activity fell for the thirteenth straight month. 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. Face and net effective median rent set new records this month by apartment size. Queens sales were up, not on a year-over-year basis, but compared to the previous … Listing inventory rose annually at the highest rate in more than four years. Listing inventory remained unchanged after rising annually for the prior two quarters. There were the most third-quarter condo sales in fifteen years. This month saw the first year over year increase in landlord concession market share in five months. In South Tampa, all luxury price trend indicators moved higher year over year for the second time in three quarters. The market share of landlord concessions rose annually for the first time in seventeen months. The first quarter in Greenwich showed a surge in single-family sales but a decline in their supply by the end of March. Douglas Elliman | New York City. 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. 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. Median net effective rent rose year over year for the fifteenth straight month. Single-family listing inventory has declined year over year for three straight quarters. 2016-2019 Pinnacle Club, Top 2% Companywide; 2005-2015 Top 1% NRT Network The sales surge was at the highest rate in more than four years. Listing inventory fell sharply, the third straight annual decline while all price trend indicators pressed higher from the same period last year. Listing inventory fell year over year for the first time in seven quarters. With the lifting of the lockdown, there will be greater transparency in the Brooklyn market going forward. Single family median sales price across all bedroom categories posted large gains, with the highest in the larger sizes. County overall price trend indicators were skewed higher by the rise in single-family market share. Total market sales in Coral Gables pressed higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Condo price trend indicators rose year over year for the third consecutive quarter. The price trend indicators showed mixed results from prior-year levels as sales activity improved at the upper end. After noticeably stronger results in the first two and a half months in Long Island and North Fork, listing inventory growth slowed as market awareness of Coronavirus occurred in mid-March.North Fork listing inventory fell sharply year over year for the first time in six quarters. Boca Raton/Highland Beach condo sales declined year over year at its highest rate in 13 years as median sales price increased. The number of sales declined annually for the second time in five quarters. 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. EQUAL HOUSING OPPORTUNITY. Condo median sales price jumped year over year as listing inventory fell annually for the second straight quarter. The landlord concession market share for new development was nearly double that of existing rentals. 111 West 57th Street 111 West 57th Street, New York, NY. The market share of townhouses fell to 1.9% of all residential sales, the lowest level reached since the beginning of the decade. The market share of new development closings exceeded the quarterly average for the decade. 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. Listing inventory fell sharply, and sales jumped year over year for the second straight quarter. The market share of concessions in each price segment surged and new development median rent increased as existing median rent declined annually. The median sales price reached its highest level in fifteen years of tracking after the largest year over year surge in sales in nearly seven years. Boca Raton/Highland Beach condo listing inventory fell year over year for the sixth consecutive quarter with the most significant decline in the current quarter. Luxury median and average sales price surged year over year to reach new records. In Manhattan, rental prices pressed higher as the use of concessions declined but remained elevated. Elliman Magazine. With awareness of COVID-19 breakout by mid-March, leasing activity in Manhattan fell sharply as landlords worked hard to retain existing tenants. Single-family price trend indicators continued to decline along with sales and listing inventory year over year. In South Tampa, single family sales fell annually for the third time in four quarters as inventory posted a large decline. In Brooklyn, the challenge of a near-record decline in new leasing activity and the recent gain in market share of landlord concessions have been amplified due to COVID-19 ‘shelter in place’ rules for real estate agents. Four of ten luxury sales were new development versus six out of ten three years ago. The largest annual decline in sales occurred in smaller apartments, skewing overall price trends higher. In the townhouse market, price trend indicators increased year over year as the median price rose for the fifth straight quarter. The average marketing time has remained remarkably stable at 101 days over the past three years. 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. New leases declined annually for the eleventh straight month. The Hamersley Team's listings. In Downtown Boston, numerous price trend indicators reached new records as the market pace remained brisk. In Riverdale, which includes Fieldston, Hudson Hill, North Riverdale and Spuyten Duyvil, sales remained short of year-ago levels while prices pressed higher to new records. In Brooklyn, listing inventory doubled from its year-ago level despite the moderate decline in new leases. Single family sales in Greenwich surged to their highest level in at least a decade, and single-family listing inventory fell sharply from the prior quarter. Luxury listing inventory across both property types jumped from the prior year. Months of supply fell to the fastest market pace in more than six years of tracking. In the Wellington market, condo price trend indicators continued to increase year over year as sales fell sharply. Back Country showed its fastest-moving pace in at least five years of tracking. The year over year decline in sales was also at the highest rate tracked in nineteen years. Sales surged quarter over quarter in the Hamptons, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. 891.7000 © 2020 DOUGLAS ELLIMAN REAL ESTATE. Listing inventory declined by the largest amount in fourteen years. Luxury condo price trend indicators increased year over year as listing inventory declined annually for the second time in three quarters. 891.7000 © 2020 DOUGLAS ELLIMAN REAL ESTATE. The number of sales fell at their second-highest year over year rate in more than nine years. Listing inventory growth across the region was either low or saw declines from the prior year. Read More. The market share of cash buyers fell to a new record low as mortgage rates plummeted. This quarter saw the most significant year over year decline in the number of sales in nine 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. On the West Coast of Florida, in St. Petersburg, listing inventory for single-family properties slipped as condos surged from year-ago levels. Single-family sales rose sharply but were offset by the decline in multifamily, condo, and co-op sales. Douglas Elliman | New York City. The number of empty rental apartments in Manhattan nearly tripled compared with last year, according to a report from Douglas Elliman and Miller … 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. All three overall price trend indicators rose year over year for the second straight month. The market share of landlord concessions reached a record high. In Dutchess County, more sales and rising price trends occurred during the quarter until the Coronavirus cooled the market in mid-March. Read More. Miami Beach overall listing inventory declined year over year for condos and single-family properties. Listing inventory fell quarter over quarter for the first time since the COVID lockdown. The number of co-op and condo sales surged, rising year over year for the third time in four quarters. In Brooklyn, for the second consecutive month, new lease signings rose to their highest level for the current month since the financial crisis. In the final two weeks of March 2020, awareness of the global pandemic known as COVID-19 cooled conditions after two significant rate cuts by the Federal Reserve and the statewide shutdown of non-essential businesses. More than a third of single family sales that closed in the quarter went to a bidding war. Single-family sales fell at the most significant rate since 2007 as median sales price stabilized. In the townhouse market, sales clawed back most of the previous quarter’s decline in spring market activity at the onset of the COVID crisis. Miami Beach condo listing inventory declined for the second time in the past three quarters. In Northwest Queens, the average rental price rose to a new record despite the expansion of landlord concession market share. Condo price trend indicators surged, yet average sales size only saw a modest gain. In Manhattan, all price trend indicators rose as the market share of landlord concessions declined but remained elevated. Elliman Market Reports. New Year 2020 through mid-March 2020 • Single-family sales remained at 15 as compared to the same period last year and have averaged 14.2 sales per quarter during the previous five years. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. The number of sales rose year over year for the second consecutive quarter. Overall median sales price trends showed stability for single families and modest gains for condos despite the pause in the market. Re-sale listing inventory fell year over year for the first time in ten quarters. ... Elliman Market Reports. Average price per square foot fell while the number of sales surged year over year. Single-family sales rose annually for the first time in four quarters. In a reversal from last month in the Northwest Queens market, median rent gains were more significant in the entry-markets. The number of sales rose to the highest total in sixteen years of recording and listing inventory fell at the highest annual rate in twenty-three years, reaching the lowest level in twenty-four years. The decline in sales was due to the chronic shortage of listing inventory. July was the third straight month to see a record vacancy in fourteen years of recording. Two-family properties were the standout as the only property type to see an increase in sales over the past year. For co-ops and condos, the number of sales fell year over year at the highest rate in fifteen years, and listing inventory reached its highest total in twelve years of tracking. Listing inventory jumped year over year after falling for three straight quarters. Year over year sales in the Manhattan market below the $5 million threshold edged higher while sales at or above the threshold fell sharply. Luxury median and average sales price for single family sales set new records. Net effective median rent fell annually for the first time in twenty-one months, and new leases declined annually for the tenth straight month. In South Tampa, single-family price trend indicators moved higher as sales and listing inventory fell sharply. Single-family sales surged as price trend indicators fell short of year-ago levels in Jupiter. Douglas Elliman has released the 2nd quarter 2020 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. The overall county price trend indicators rose annually for the second straight quarter. Listing inventory fell annually by the highest rate in more than fourteen years of tracking. Condo price trend indicators showed mixed results as listing inventory slipped, and sales dropped. In Fairfield County, sales expanded and listing inventory compressed year over year for the third straight quarter. Price trend indicators both county-wide and by individual property type moved higher. Landlord concessions for non-luxury properties were substantially higher than for luxury properties as the median rental price declined at a larger annual rate in the lower price segments. The fall in median rent reversed all gains seen in 2019 and 2020. The luxury market continued to see slightly lower use of concessions than the non-luxury market. All single family price trend indicators reached new records this quarter. Luxury condo and luxury single-family listing inventory saw significant annual declines too. Condo price trend indicators fell as the number of sales expanded. In Malibu/Malibu Beach, single-family sales rose sharply year over year as condo sales declined. Single-family listing inventory fell year over year in four of the last five quarters. New lease signings and rents have continued to fall in Northwest Queens since the lockdown ended in June. This report provides a global perspective on prime property and investment. All three overall price trend indicators rose year over year for the ninth straight month. Both property types saw the most significant year over year decline in more than a decade. Listing inventory declined to its lowest level in more than two years. Marketing time for properties that closed in the quarter continued to trend higher. All price trend indicators rose year over year for the third straight quarter. Low rents and greater concessions from NYC landlords spur record November lease signings With the Coronavirus pandemic, new lease signings in Brooklyn fell to their lowest level in four and a half years. Read More. Aspen listing inventory declined year over year for the fourth consecutive quarter as all price trend indicators surged over year-ago levels. The median sales price in the North Fork rose to its highest level in more than fourteen years of tracking. On the West Coast of Florida, in St. Petersburg, all single-family price trend indicators rose year over year for the sixteenth straight quarter. For townhouses, sales rebounded slightly from the prior quarter but remained below year-ago levels. While setting new price records isn’t new in Queens, sales rose annually for the first time in more than two years. The market share of landlord concessions reached a new record for the decade it has been tracked, and the amount of free rent tied a decade high this month. ... Read More. 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. The market share of landlord concessions set new records. Douglas Elliman’s $11.8 million in net income was driven by strong sales in South Florida, California and Aspen as New York City’s market continued to flounder. Sales moved higher in Brooklyn after nearly two years of declines. Listing inventory growth since year-end went negative, in contrast to increasing supply over the previous five years. In Brooklyn, the median rental price reached a new high as the concession market share declined. After noticeably stronger results in the first two and a half months in Long Island and North Fork, listing inventory growth slowed as market awareness of Coronavirus occurred in mid-March.In Long Island, the number of sales increased annually for the sixth time in seven quarters, and the median sales price has not seen a year over year decline in seven years. Single family median sales price and average price per square foot rose to new records. 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. The highest number of condo sales of any quarter on record, and condo sales surged after three consecutive quarters of significant declines. Both single family and condo luxury listing inventory fell sharply from the prior year total. Condo listing inventory declined at the most significant rate in nearly five years. The market share of landlord concessions was sharply lower for the luxury market than for the market's remainder. The vacancy rate exceeded five percent for the second month and was the fifth consecutive month with a new record. Further north in Putnam County, price trend indicators and sales slipped from year-ago levels. Despite the regional slowdown in sales due to the COVID-19 crisis, outbound migration from New York City drove more Greenwich single-family sales. In Northern Manhattan, apartment sales moved higher as townhouse sales declined. In Downtown Boston, sales edged higher year over year, rebounding quickly from the sharp drop in spring market activity at the onset of the COVID crisis. 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. This quarter saw the most significant year over year increase in single-family sales in six years. In Snowmass Village, year to date overall sales and price trends were up, and listing inventory was down. Condo price trend indicators jumped as the largest average sales size in two years skewed them higher in Palm Beach. ‘Shelter-in-place’ rules were modified in early June to allow in-person showings by real estate brokers, but this transparency came too late to be reflected in the quarterly results. In Dutchess County, the number of sales and listing inventory fell sharply. Median sales price fell year over year by the highest amount in a decade and listing inventory fell by the most significant annual rate in nearly seven years. In Coral Gables, single-family price trend indicators declined year over year as sales expanded, and listing inventory declined. New market reports show that that Manhattan is inching its way back from the plunge in sales caused by the shutdown. In the townhouse market, all price trend indicators declined year over year, bracketing the drop in average sales size. The median net effective rate increased across all bedroom types. Listing inventory continued to fall sharply along with the number of sales. Produced in conjunction with Miller Samuel, a leading independent appraisal firm, Douglas Elliman’s 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. In Brooklyn, there were significant annual increases across all price trend indicators. In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Median sales price tied the record set in the third quarter of 2019 and has flirted with records in the three previous quarters. Douglas Elliman Reports. Condo sales and price trend indicators showed robust annual increases. The number of sales remained below year-ago levels but surged from the prior quarter lockdown. 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. Sales declined in Queens at their highest rate in more than a decade, as the market was largely shut down by state mandate. In Long Island, average and median sales price rose sharply year over year to reach new records. In Palm Beach Gardens, single-family sales price trend indicators were mixed as sales jumped year over year. 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. The Hamptons market saw rapid listing inventory gains over the past year but took a breather this quarter. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. After lagging the region's sales trends during the COVID era, Manhattan sales levels surged from the prior quarter but remained short of the level reached in the same period a year ago. Douglas Elliman | New York City. With the market shut down due to Covid-19 in Manhattan, sales fell annually by the largest percentage in 30 years. Condo sales and listing inventory declined year over year. The number of sales increased annually for the second straight quarter while the median sales price rose year over year for the tenth time in twelve quarters. In the townhouse market, the rate of listing inventory climbing to meet the spring market fell by nearly one-third. The surge in year over year sales resulted in the largest total since 2006. “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 … The market share of landlord concessions rose annually for the third straight month and median rent declined year over year across all bedroom categories. While all price segments covered saw declines, more significant reductions occurred in the lower price strata. Net effective median rent fell year over year for the eighth consecutive month, and new lease signings surged after sixteen months of annual declines. Single-family median sales price in Delray Beach hasn’t shown a year over year decline in four quarters. After a robust first quarter in Houston, the COVID-19 market shutdown caused sales and listing inventory to decline. There was the largest market share of landlord concessions in nearly a decade of tracking and the highest total of listing inventory in over fourteen years and the third straight monthly record. In the condo market, despite the annual surge in sales this quarter, year to date sales fell short of last year. In Palm Beach Gardens, there were the most third quarter single family sales in fifteen years. 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. In Manhattan, new leasing activity declined at record rates due to the COVID-19 shutdown, while the market share of lease renewals surged as tenants sought relief. Price trend indicators of luxury condos pressed higher as listing inventory showed a slight gain. Single family sales surged from the year-ago quarter, rising for the first time five quarters. Three out of four new development new signed leases had a landlord concession. The monthly concession rental equivalent rose to a new record. 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. The number of sales in the region showed a significant rate of decline across the four submarkets. The vacancy rate slipped from last month's record to the third-highest on record, and the monthly concession rental equivalent slipped from last month's record to the second-highest on record. In Brooklyn, renewal leasing activity surged in response to the sharp drop in new leasing activity caused by COVID-19 shelter in place rules, skewing aggregate new leasing price trends higher. Sales fell sharply year over year to the lowest quarterly total in a decade.Listing inventory in Snowmass Village declined year over year for the fifth consecutive quarter. Luxury listing inventory fell to its lowest level in six years of recording. In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, single-family price trend indicators posted sizable year over year increases. 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. Brooklyn saw the most fourth-quarter sales in 13 years after two consecutive quarters in which sales fell by half year over year, according to the latest Elliman Report. A significant year over year uptick in condo sales occurred above the $5 million threshold, particularly new development. Condo price trend indicators in Palm Beach continued to rise year over year as the number of sales declined from year-ago levels. Sales in Palm Beach rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Single-family sales price trend indicators and sales continued to show substantial year over year growth in Jupiter. In Fort Lauderdale, condo sales rose sharply as listing inventory declined year over year for the second straight quarter. This quarterly report for Brooklyn primarily reflects sales contracts signed during and after the COVID lockdown that ended in late June. Single family price trend indicators set new records as sales rose to their highest level in more than five years. Net effective median rent fell at the largest rate in nearly four years of tracking as the number of new leases declined year over year for the fifteenth consecutive month. 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. Listing inventory rose sharply year over year during the past two quarters. Condo listing inventory declined for the fifth consecutive quarter as the overall price trend indicators pressed higher. For the third straight month in Manhattan, new lease signings rose to their highest level for the current month since the financial crisis. Luxury listing inventory showed a substantial drop as price trend indicators surged year over year. This quarter saw the most significant year over year decline in county-wide sales in eleven years and the sixth straight year over year rise in the median sales price. Listing inventory fell year over year for the third straight quarter. Single-family sales price trend indicators and sales showed substantial annual gains in Jupiter. 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. In Fort Lauderdale, condo price trend indicators pressed higher as sales slipped year over year. 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