Market Update 03.14.23

01  The average size of new apartments in 2022 was 30sf smaller than the year before, the sharpest drop in the last 10 years. The share of 1-bedroom and studio apartments grew to 57% of new apartments in 2022, up from 50% of new builds 10 years ago, part of why the average size of all apartments has shrunk.  While 3-bedroom units grew by 15sf in the last year, the average size of 2-bedroom, 1-bedroom, and studio units all fell by at least 10sf. Bankers are obsessed with $$$$/sf..... (CNBC)

02  Rental vacancies finished 2022 at 5.3%, the lowest vacancy rate on record since 1988. The rental industry saw 7.5% income growth in 2022, the highest historically except for during the recovery from COVID. (Yahoo)

03  One year? Amazing! Two year's? The beginnings of a trend..... THREE years in a row? Now that's what I call a real achievement! Congratulations COMPASS San Diego recognized as the TOP-PRODUCING residential real estate brokerage in sales volume and units sold by the San Diego Business Journal for the third consecutive year!

04  In some parts of the country, this spring is starting almost three weeks earlier than average, compared with the past four decades. (WSJ)

05  The price of a home in Canada’s largest city Toronto rose 1.1% to $803,000 in February on a non-seasonally adjusted basis. After being off 19% off its highs, indicating a recovery? The number of sales rose too, although still half compared to February 2022. (Bloomberg)

 

06  New York, London, Hong Kong, Los Angeles and Miami are the 5 cities with the most ultra high net worth primary or secondary homeowners. New York City had over 21,714, 36% more than #2, London!  70% of the TOP 20 cities were located in the US. San Francisco, Chicago, Washington DC, Boston, San Jose, Dallas, Houston, Seattle, Atlanta, Denver, and Phoenix all made the TOP 20. New York, Miami, Los Angeles, San Francisoc and Naples had the most secondary homes. (Wealth-X)