Developers continue to forge ahead in an attempt to meet
demand and make up the over 2 million housing unit shortage in the United
States. We are seeing a flight to quality and futureproofed investment
opportunities in buildings that will stand the test of time by offering a product
that will be attractive to increasingly selective occupiers.
The success of New Development projects depends not only on
technical site analysis, market research, design, and optimal construction
management, but also on sales, marketing and utilizing technology to present renderings,
data, and value trajectory that make buyers confident in spending an average of
20%+ premium over resale.
As we continue to work through global uncertainty, including
high costs-to-build, we are also beginning to see distinct preference patterns
emerge that allow developers to squarely meet buyer expectations. Buyers are
demanding move-in-ready spaces with luxurious amenities whereby ‘home’ fulfill many
roles ranging from sanctuary to wellness space to office.
Q3 2021 Recap
Manhattan:
$2,786,000 Average Listed Price (up 5.6% from Q3 2020)
7,829 Total Active Sales (down 3,156 units from Q3 2020_
197 Average Days On Marker (down 53 days from Q3 2020)
$8,352,594,336 Total Sales Volume (up 59.52% from Q3 2020)
4,429 Total Record Sales (up 2,782 sales from Q3 2020)
$1,520 Average PPSF (down 1.51% from Q3 2020)
Hamptons:
$1,169,000 Average Price (up 17.1% from Q3 2020)
64 Total Recorded Sales (down 43.9% from Q3 2020)
49 Average Days on Market (down 65.9% from Q3 2020)
1.7% Average Discount (up 2.9% from Q3 2020)
Palm Beach Island
$11,566,666 Average Single Family Sale Price (up 72% from Q3
2020)
$1,150,000 Median Sale Price Condo (down 28% from Q3 2020)
21 Active Single Family Listings on PB Island (down 60% from
Q3 2020)
13 Single Family Closings (down 16% from Q3 2020)
<1 Month Supply Single Family
*most limited supply on record*
Miami Beach
$522,000 Average Sale Price (up 11% from Q3 2020)
236 Total Recorded Sales (up 3.6% from Q3 2020)
$473 Average PPSF (up 13% from Q3 2020)
5.1% Average Discount
2.2 Months Supply Single Family (down 54% from Q3 2020)
5.1 Months Supply Condo
Beverly Hills:
$3,535,000 Average List Price (up 1.4% from Q3 2020)
39 Total Recorded Sales Q3 2021 (up 2.6% from Q3 2020)
60 Average Days on Market (down 21.1% from Q3 2020)
2% Average Discount to List Price (up 2.3% from Q3 2020)
