Author Topic: 3rd Quarter 2013 Douglas Elliman Report  (Read 872 times)

Offline Marlene

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3rd Quarter 2013 Douglas Elliman Report
« on: October 10, 2013, 12:20:20 PM »
We have just released the third quarter 2013 "Elliman Reports" for Brooklyn, Queens and Westchester/Putnam; the leading resource on the state of these markets. As always, our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available.
 
The Brooklyn housing market has shown the most strength compared to any other borough. Housing prices have set 10-year records and inventory fell to the lowest levels seen in five years. We expect the rising mortgage rates to take some of the edge off of the market frenzy in the coming months. Perhaps the biggest change in the market going forward are the buyers outside of the borough who sought out Brooklyn as a destination rather than as a more affordable alternative to Manhattan.
 
Queens has continued to benefit from the strength of the Brooklyn market and still low mortgage rates.  The borough had more sales this quarter than any time in the past three years and inventory fell to an eight-year low. Although buyers have had less inventory to choose from, housing prices have remained steady over the past year and we anticipate this trend to continue over the coming quarters.

The Westchester housing market continues to improve. Listing inventory continued to fall consistent with the rest of the metro area, but the number of sales reached their highest point in over 30-years. However, the rising mortgage rates will make this new record hard to beat. Housing prices increased somewhat last year and properties sold more quickly. We expect more of the same over the coming quarters but without records.
 
Like its neighbor to the south, the Putnam housing market had a lot more sales this quarter than last year and buyers had fewer properties to choose from. Although properties took a little longer to sell, housing prices remained stable, which is what we anticipate in the coming quarters.
 
We constantly look for ways to provide our clients with better information to enable them to make more informed decisions. Our efforts to make this market report series possible reflect my strong belief that in a market that is constantly changing, access to timely information is one of the greatest resources we can offer our clients. We are committed to providing the best information and services in the industry. Explore our full market report series covering Manhattan, Brooklyn, Queens, Long Island, The Hamptons, North Fork, Westchester/Putnam, Miami, Boca Raton, Fort Lauderdale and Palm Beach at http://www.elliman.com/marketreports.
 
Warmest regards,
Dottie Herman
President and CEO
Douglas Elliman

Dottie Herman President and CEO Douglas Elliman
________________________________________________________________________

Best,
 
Marlene Flores, 917-208-6709
Licensed Real Estate Salesperson, REALTORĀ®
Douglas Elliman Real Estate
325 Court Street/Carrol Gardens, Brooklyn
209-18 No. Blvd./Bayside, Queens
575 Madison Avenue, Manhattan
marlene.flores@elliman.com

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3rd Quarter 2013 Douglas Elliman Report
« on: October 10, 2013, 12:20:20 PM »