Brownstoner Listings Get a Makeover

We’re excited to announce that the new Brownstoner Marketplace launched over the weekend. In addition to improved aesthetics and performance, the new listings platform is designed to work well on all your devices and play nicely with the various social media platforms. To celebrate the launch, we’re offering sales and rental listings, normally $25 and $10 respectively, for the low, low price of $1 through the end of the month. Try it now! If you’re a real estate firm that would like to have your properties automatically feed into the Brownstoner platform (like Corcoran, Halstead and many others), please contact Brad@Blankslate.com. In related news, you might also notice a new section of Upstate New York listings. More on that later.

4 Comment

  • daveinbedstuy

    Sorry for the long post but this data is very indicative of a strong RE market to come….

    US: Dwindling supply of homes to push real estate prices higher

    The data: The National Association of Realtors reported today that US existing home sales fell 1% to a 4.94 million annual rate in December, after hitting a 3-year high in November. At the same time, the number existing homes for sale dropped to 1.82 million, the fewest since January 2001. As a result, the inventory-to-sales ratio fell to 4.4, the lowest since May 2005 (at the current sales pace, it takes 4.4 months to sell all the houses currently on the market). Valuations of existing homes continued to rise, as the median and average home prices both increased by double-digit rates between December 2011 and December 2012.

    The number of previously owned houses on the market dropped another 8½% in December, and is down a whopping 50½% (annualized) over the last three months. Moreover, the December supply of existing homes is the lowest in almost eleven years (January 2001)! The reason for the dwindling supply is in our view a combination of two factors. First, the US economy went to an extended period of underconstruction. The residential investment-to-GDP ratio, e.g. dropped from 6¼% in late 2005 to an all-time low of 2¼% in late 2011 (see chart in pdf-file). Second, there are fewer foreclosures, which further reduces the number of houses on the market. As a result of rising sales and lower supply – and that is in my view the single-most important feature of today’s report – the inventory-to-sales ratio dropped in December to its lowest level since May 2005. At the current sales pace it would take 4.4 months to sell all existing homes currently on the market. For comparison, this ratio hit a record-low of 3.6 in January 2005. But the average for the boom years 2004 and 2005 was, yes, 4.4.

    The outlook: The ongoing wind down of excess supplies in the real estate market unequivocally corroborates our view that the turnaround in the housing sector will lift economic growth in 2013 and allow the US economy to have the strongest 3-quarter period of the recovery so far, once the debt ceiling battle has been resolved. First, the lack of supply will continue to spur new residential investment, which will also benefit some parts of the manufacturing, retail and financial sectors. Second, but even more important, the drop in the inventory-to-sales ratio will push valuations higher. Average and median prices for existing homes already rose by double-digit rates over the last twelve months. And when the more closely followed S&P/Case Shiller index will be released next week, we expect the index to show its tenth straight monthly increase. Moreover, the yoy rate is likely to go up to 5.6%, the highest since mid-2006. And according to the chart below (see pdf-file), the current inventory-to-sales ratio would even be consistent with double-digit increases in the Case Shiller index as well.

  • BoerumHill

    When you get to 3.0, maybe consider navigation.

    Before & now – click to view listing/back key to search results; click to view listing…

    SRSLY?

    Would it be that hard to have navigation tools so you can view the next or previous listing? Since every broker in the world has it, I would think not really.

  • I’m a regular reader of both Brownstoner and Upstater. Just wondering if your new upstate listings involve a relationship with Upstater…or operate seperately.

  • NeoGrec

    Your listings are effectively unuseable for potential buyers. No ability to search by neighborhood. No ability to search by condo or coop.