General Comments
First-- i believe that the best overall source for this type of market data is the Douglas Elliman/ Miller Samuel Manhattan, Brooklyn, and Queens market overviews, which are published quarterly. Halstead also does a Manhattan quarterly report which appears to be methodologically rigorous, and i know that Corcoran does some sort of report which i haven't looked at in a while. Although i know Jonathan Miller who prepares the DE report, personal bias aside, i simply find it to be the most useful.
That said, my main interest is new development, and these reports do not paint a detailed picture of that sub-market even though they give broad (and useful) market statistics.
Note that many brokers and developers in the new development arena guard their sales information, making it difficult to obtain data until sales close. The primary market reports largely deal with closed sales, although as the market has evolved in the last year, they have been forced to address signed contracts (not in their headline statistics, but in sidebars and/or via anecdotes).
My data that i will speak of partly comes from these market reports, and of course i look at all the same mass media that most people read. But i also spend a lot of time collecting information and talking to the actual market participants-- none of whom will be mentioned by name here nor will i disclose any project specific details.
On a national basis, both the National Association of Realtors and the Case-Shiller Index track the housing market, among others.
(According to the NAR, by the way, the condo sub-sector nationally is the weakest segment with sales in the most recent month down over 12% from the year before.)
Check back in a few days for the next part in the series.
First-- i believe that the best overall source for this type of market data is the Douglas Elliman/ Miller Samuel Manhattan, Brooklyn, and Queens market overviews, which are published quarterly. Halstead also does a Manhattan quarterly report which appears to be methodologically rigorous, and i know that Corcoran does some sort of report which i haven't looked at in a while. Although i know Jonathan Miller who prepares the DE report, personal bias aside, i simply find it to be the most useful.
That said, my main interest is new development, and these reports do not paint a detailed picture of that sub-market even though they give broad (and useful) market statistics.
Note that many brokers and developers in the new development arena guard their sales information, making it difficult to obtain data until sales close. The primary market reports largely deal with closed sales, although as the market has evolved in the last year, they have been forced to address signed contracts (not in their headline statistics, but in sidebars and/or via anecdotes).
My data that i will speak of partly comes from these market reports, and of course i look at all the same mass media that most people read. But i also spend a lot of time collecting information and talking to the actual market participants-- none of whom will be mentioned by name here nor will i disclose any project specific details.
On a national basis, both the National Association of Realtors and the Case-Shiller Index track the housing market, among others.
(According to the NAR, by the way, the condo sub-sector nationally is the weakest segment with sales in the most recent month down over 12% from the year before.)
Check back in a few days for the next part in the series.
Let me be the first to comment...Welcome to the blogosphere!
SM