All the data

Market reports proliferate, but how reliable are their numbers?

Nov.November 01, 2014 07:00 AM
Barbara Corcoran

Barbara Corcoran

Need market data? You’re in luck. The already-crowded field of real estate market reports is seeing even more competition these days, as firms that previously sat out of the market-report game get in on the action. William Raveis NYC became the latest brokerage to issue a monthly market report on Oct. 30, joining Douglas Elliman, the Corcoran Group, Citi Habitats and many, many more. A point of distinction for Raveis’s report? It will provide computer-generated predictions for the market’s behavior. For years, major firms have issued monthly or quarterly market reports covering rental and sales. During the downturn, the number of reports soared, as brokers and clients clamored for data. In today’s tight market, the reports are a handy marketing tool, as firms tout their reports as offering unique market insight and analysis. Reports today are far more scientific than when Barbara Corcoran crafted her first, based on a handful of sales, 30-plus years ago, but consistent data is hard to come by. This month, The Real Deal looked at some recent reports from brokerages across the city to see how the numbers stacked up.

$4,061

Elliman’s figure for average Manhattan rent as of Sept. 30, up 5.2 percent compared to the same period last year. MNS pegged the average at $3,755, a 3.5 percent drop. Citi Habitats pointed even lower, at $3,448, virtually unchanged year over year.

$804,295

Average sales price in the third quarter for a Brooklyn condo, per the Elliman Report. Corcoran pegged the figure at $679,000, while REBNY said $757,000.

11

Number of sales over six months Barbara Corcoran used to calculate the first-ever “Corcoran Report” in 1981. Jonathan Miller of Miller Samuel, who prepares the Elliman Report, examined 3,328 Manhattan sales in the third quarter of 2014. The brokerage MNS says it uses data from 10,000 listings for its rental market reports.

$960

Average price per square foot for a new development condo in Brooklyn, according to Corcoran. Elliman had the figure at $871.

$951,000

Average price for a condominium in Williamsburg, according to REBNY, up 14 percent since last year. Elliman had the figure at $1.05 million, up 15.3 percent, while Corcoran said it rose 4 percent to $950,000.

$179,000

Difference between REBNY’s average sales price for a Manhattan condo in the third quarter, which pegged the figure at $2.16 million, and Elliman, which said $1.98 million.

15%

The increase in average sales price for Brooklyn new development in the third quarter, according to Corcoran. Elliman’s report said the same metric dropped 3.8 percent.

80

Median number of days on the market for third-quarter sales in Manhattan, according to Town Residential. Elliman had the figure at 92 days.

49%

Portion of the Manhattan sales market comprised of resale co-ops in the latest quarter, according to Corcoran. Town Residential put co-op’s portion at 41 percent.

13.3%

The drop in Manhattan co-op and condo sales volume in the third quarter, according to the Elliman Report. REBNY put the fall at 20 percent.

$2,302

Average monthly rental price for studios in northwest Queens in the third quarter, up 1.5 percent from last year, according to Elliman. MNS pegged average studio rents at $2,293 in Long Island City, down 3.4 percent.

 

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