THE STEIN TEAM Q1 2021 Manhattan Market Update
1
132 GREENE STREET
Jeremy & Robin Stein Senior Global Real Estate Advisors JEREMY STEIN Associate Broker 917 854 4411 Jeremy.Stein@sothebyshomes.com ROBIN STEIN Associate Broker 917 570 8386 Robin.Stein@sothebyshomes.com
Led by its two principals and co-founders Jeremy and Robin Stein, the Stein Team has been repeatedly recognized as the #1 Producing Sales Team for Sotheby’s International Realty, Inc. in New York City, a Top 5 Sales Team companywide and a Top 75 Team in the United States by The Wall Street Journal. They have been featured in publications such as The New York Times, New York Daily News, The Wall Street Journal, The Real Deal, The New York Post and Avenue Magazine. In an ever-changing market as competitive as New York City, it can be difficult to find a brokerage team that is knowledgeable, respected, trustworthy, and professional. The Stein Team has consistently maintained all of those qualities and more, never wavering in their steadfast commitment to their clients and upholding exceptional integrity in all that they do. The team is rounded out by Sales Associate, Jennifer Henson; Sales Associate, Marc Fichera; And Sales Associate, Karen Moreau. Through the combined talents of the team, The Stein Team is positioned to assist clients with the highest level of service available. steinnewyork.com
Meet The Team
JENNIFER HENSON Licensed Salesperson
MARC FICHERA Licensed Salesperson
KAREN MOREAU Licensed Salesperson
AMANDA SAPIO Marketing Coordinator
3
Testimonials “ My wi fe a n d I h ave u s e d Ro b i n a n d Je re my S te i n a s o u r re a l e st ate b ro ke r s fo r t h e p a st 15 ye a r s , re p re s e n t i n g u s i n t h e s a l e o f fo u r apartme nts in New York City. We have used t h e S te i n Te a m to re p re s e n t u s b e c a u s e o f t h e i r p r o f e s s i o n a l i s m , m a r ke t k n o wl e d g e , h a rd wo rk a n d a b i l i t y to m ax i m i z e va l u e. In every instance, they have dedicated the a p p r o p r i a t e r e s o u r c e s , t i m e a n d e ff o r t i n managing the sale process resulting in a successful transaction.” - THOM AS
“Je re my and Robin are the only people that I wo u l d t r u s t a s my b r o ke r s . T h e y t a ke t h e time to understand precisely what I am l o o k i n g f o r, a n d a s a r e s u l t , c o n s t a n t l y d e l i ve r t h e r i g h t s t u ff. W h e t h e r I ’ m o n t h e b u y s i d e o r t h e s e l l s i d e, Je re my a n d Ro b i n always protect my inte rests, yet stil l manage to get the deal done. B oth their strategy and exe c u t i o n a re b r i l l i a n t , a n d t h e re ’ s n o o n e else I’d want in my corne r whe n it comes to reside ntial real estate.” - ERIC
“Je re my
and
Ro b i n
are
professional,
k n owl e d ge a b l e a n d ex t r e m e l y e ffe c t i ve. In a d d i t i o n , we a lways kn ow t h at t h ey wi l l p u t our interests first. Twice, they have tal ked us out of purchasing homes, and each time s o m e t h i n g b e t te r c a m e a l o n g l a te r, j u s t a s they had suggested it would. We recomme nd Je re my and Robin wholehearted ly.” - E D & L AUR E N
“ T h a n k yo u fo r t h e g re a t j o b yo u a n d yo u r te a m d i d i n h e l p i n g to s e l l o u r h o m e. We always felt wel l supported, from our earliest meetings through the final closing. The time, e ff o r t , e n e r g y a n d f o c u s t h a t yo u s h owe d re a l ly m a d e a d i ffe re n c e, a n d we a p p re c i ate t h e h i g h l eve l o f c o m m u n i c a t i o n wi t h yo u r t e a m t h r o u g h o u t t h e p r o c e s s . We wo u l d highly recommend your group in the future!” - MI CH A E L & L AUR I E
“Yo u r b ro ke r b e c o m e s t h e m o s t i m p o r t a n t p e r s o n i n yo u r l i fe wh e n fi n d i n g a h o m e fo r yo u r fa m i ly. Je re my a n d Ro b i n we re tr u ste d advisors during these times in our life. I wouldn’t trust anyone else with that responsibility.” - WILL 5
1111 Park Avenue, 7B
Market Overview {Q1 | 2021}
MANHATTAN The first quarter sales for 2021 increased 23% from 2,138 in the fourth quarter of 2020, and was up 7% compared to the prior year after the real estate market shut down for half of the month of March due to the pandemic. There was a 12% decrease in the average sale price from $1.86M to $1.65M. The median sale price was reduced by 3% to $1.05M. The under $3M market made up 89% of all sales activity and posted 11% more sales than the prior year. This price segment average price fell by 2% from $1.14M to $1.12M and a 1% decrease in the median sale price. As the market continues to adjust due to an influx of inventory compared to the prior year, all price points are being impacted with pricing discounts. The average discount to original asking price was 7% in Manhattan for Q1 of 2021. As the market continues to fight through the impacts of COVID-19, additional inventory represents an opportunity for buyers to enter the market throughout 2021.
2,633 Closed Sales
7
%
Change in Closed Sales {2021 v 2020}
1.65M
$
Average Sales Price
-12
%
Change in Average Sales Price {2021 v 2020}
The ASP compares 2021 to 2020 and can NOT be construed to indicate changes in pricing due to Covid.
Number of Closed Sales vs. Inventory
Average / Median Sales Price
11,000
$3,000,000
10,000 $2,500,000
9,000 8,000
$2,000,000
7,000 6,000
$1,500,000
5,000 4,000
$1,000,000
3,000 2,000
$500,000
1,000 -
$-
# of Closed Sales
# of Closed Sales
Inventory
Inventory
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2021 v 2020}
11%
-2%
-1%
1Q:21
2342
$1.12M
$928K
1Q:20
2105
$1.14M
$938K
{2021 v 2020}
-17%
-1%
-3%
1Q:21
263
$4.68M
$4.13M
1Q:20
315
$4.71M
$4.25M
{2021 v 2020}
-28%
-3%
16%
1Q:21
28
$17.42M
$17M
1Q:20
39
$18.01M
$14.7M
{2021 v 2020}
7%
-12%
-3%
1Q:21
2,633
$1.65M
$1.05M
1Q:20
2,459
$1.86M
$1.08M
UNDER
$3 Million
BETWEEN
$3 - 10 Million
OVER
$10 Million
ALL
Price Points
Overview
/ New York City Q1 Market Update
5
Inventory All New York City
Number of Active Listings
6% 15.9% 10%
420 703 1,633 1,676 1,469 1,117
20.9%
23.3%
7,018
$10 Million and Above $5 - 10 Million $2 - 5 Million $1 - 2 Million $600k - 1 Million Under $600k TOTAL
23.9%
CONDOS & CO-OPS The historic absorption range of equilibrium for the New York City market area is 6-8 months. As the market begins to show signs of normalizing, the uptick in pent-up inventory experienced in Q4 2020 declined by 5.87% as we ended Q1 2021 with 7,018 active units on the market. Based upon sold data from UrbanDigs, the absorption rate of active inventory was 12.6 months in Q1 2020. This statistic means that it would take 12.6 months to absorb the active inventory that is currently on the market based upon the rate of sales over the last 3-months. Based upon the sales in the last three months of 2021, it will take more than a year to absorb the current inventory priced above $1M, and roughly four years to absorb properties priced above $10M given the current inventory in Manhattan.
60 50
Absorption Rate
40
Line of Equilibrium
30
Absorption 20 10 0
Under $600k $600k - $1M
$1M - $2M
$2M - $5M
$5M - $10M
$10M+
TOTAL
The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 3-month period. The active inventory is based upon UrbanDigs data as of 3/31/2021.
Average Days on Market Listing Discount
All New York City
Average Days on Market Listing Discount
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
131
113
112
127
138
152
154
139
153
-5.3%
-5.4%
-4.9%
-5.2%
-5.7%
-5.8%
-6.8%
-7.3%
-7.2%
Average Days on Market vs. Listing Discount 0.0%
180
-1.0%
160 140
-2.0%
120
-3.0%
100 -4.0% 80 -5.0%
60
-6.0%
40
-7.0%
20
-8.0%
0
Q4:18
Q1:19
Q2:19
Q3:19
Listing Discount
Q4:19
Q1:20
Q2:20
Q3:20
Q4:20
Q1:21
Average Days on Market
Overview
/ New York City Q1 Market Update
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NEW YORK. HERE FOR YOU.
I see galleries unveiling emotions etched on canvas. I see storefronts gleaming with golden promises of eternal love, reminding you that the city is here for you. New York. Here for you.
#NYHereForYou sothebysrealty.com/nyc
The Luxury Market All New York City Co-Ops & Condos Over $10M
Closed Sales Count, Average Sales Price & Highest Sales Price
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
48
109
43
28
39
34
28
30
28
Average Sales Price
$24.32M
$16.94M
$24.01M
$32.76M
$18.02M
$30.02M
$32.62M
$18.58M
$17.42M
Highest Sales Price
$239.9M
$51.55M
$65.75M
$92.74M
$52.19M
$99.90M
$99.90M
$65.59M
$41.00M
# of Closed Sales
The luxury market above $10M continued to remain steady in the number of properties sold with 28 in Q1 2021. However, the average price in this segment of the market fell for a second straight quarter by 6% from $18.58M to $17.42M. The highest recorded sale in Q1 2021 was $41.00M.
S OT H EBYS R EA LTY.C O M
Average Sales Price vs. # of Closed Sales 120
$40,000,000 $35,000,000
100
$30,000,000 80
$25,000,000
60
$20,000,000 $15,000,000
40
$10,000,000 20
$5,000,000
-
$0
Q4:18
Q1:19
Q2:19
Q3:19
Q4:19
# of Closed Sales
Q1:20
Q2:20
Q2:20
Q4:20
Q1 :21
Average Sales Price The Luxury Market
/ New York City Q1 Market Update
9
Condos {Q1 | 2021}
MANHATTAN
The 1,093 closed condo sales this quarter reflected a 3% increase in the number of sold units compared to the 1,066 condo sales in Q1 2020. The average sales price decreased 10% year-over-year to $2.36M this quarter. The median sales price decreased by 7% to $1.53M compared to $1.65M in Q1 2020. The average price per square foot decreased by 11% to $1,735/sf compared to $1,940/sf in Q1 2020.
1,093 Closed Sales
3
%
Change in Closed Sales {2021 vs. 2020}
2.36M
$
Average Sales Price
-10
%
Change in Average Sale Price {2021 vs. 2020}
151 West 17th Street, 10G
Number of Closed Sales 2,000
Average / Median Sales Price $4,000,000
1,800
$3,500,000
1,600
$3,000,000
1,400 $2,500,000 1,200 $2,000,000
1,000 800
$1,500,000
600
$1,000,000
400
$500,000
200
$0
-
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
Average Price/Sq. Ft.
{2021 v 2020}
9%
0.3%
0%
-5%
1Q:21
879
$1,39M
$1.25M
$1,324
1Q:20
805
$1,38M
$1.25M
$1,398
{2021 v 2020}
-18%
3%
2%
0%
1Q:21
187
$4.78M
$4.25M
$2,112
1Q:20
227
$4.62M
$4.15M
$2,114
{2021 v 2020}
-21%
-6%
8%
-25%
1Q:21
27
$17.19M
$16.25
$3,288
1Q:20
34
$18.27M
$14.98M
$4,364
{2021 v 2020}
3%
-10%
-7%
-11%
1Q:21
1,093
$2.36M
$1.53M
$1,735
1Q:20
1,066
$2.61M
$1.65M
$1,940
UNDER
$3 Million
BETWEEN
$3 - 10 Million
ABOVE
$10 Million
ALL
Price Points
Condos
/ New York City Q1 Market Update
11
Co-Ops {Q1 | 2021}
MANHATTAN
The 1,540 closed Co-Op sales this quarter reflected a 11% increase in the number of sold units compared to the 1,393 Co-Op sales in Q1 2020. The average sales price decreased by 11% year-overyear to $1.15M in Q1 2021 from $1.29M in Q1 2020. The median sales price also fell 11% to $760K compared to $850K in Q1 2020.
1,540 Closed Sales
11
%
Change in Closed Sales {2021 v 202o}
1.15M
$
Average Sales Price
-11
%
Change in Average Sales Price {2021 v 202o}
24 East 20th Street, #3
Number of Closed Sales
Average / Median Sales Price
2,000
$1,600,000
1,800
$1,400,000
1,600
$1,200,000
1,400 $1,000,000 1,200 $800,000
1,000 800
$600,000
600
$400,000
400
$200,000
200
$0
-
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2021 v 2020}
13%
-3%
-3%
1Q:21
1,464
$957K
$749K
1Q:20
1,300
$988K
$775K
{2021 v 2020}
-14%
-10%
-15%
1Q:21
75
$4.44M
$3.80M
1Q:20
88
$4.94M
$4.48M
{2021 v 2020}
-73%
35%
73%
1Q:21
1
$22.00M
$22.00M
1Q:20
5
$16.30M
$12.70M
{2021 v 2020}
11%
-11%
-11%
1Q:21
1,540
$1.15M
$760K
1Q:20
1,393
$1.29M
$850K
UNDER
$3 Million
BETWEEN
$3 - 10 Million
ABOVE
$10 Million
ALL
Price Points
Co-Ops
/ New York City Q1 Market Update
13
NEW YORK CITY
Neighborhood Highlights Upper East Side | north of 58th street and south of 96th Street, Fifth Avenue to East End Avenue CONDOS
Q1 2021
Q1 2020
% Change
Closed Sales
144
128
13%
Average Sales Price
$2,31M
$2.43M
-5%
Median Sales Price
$1.55M
$1.56M
0%
Q1 2021
Q1 2020
% Change
415
379
9%
Average Sales Price
$1.39M
$1.60M
-13%
Median Sales Price
$885K
$995K
-11%
COOPS Closed Sales
Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS) CONDOS
Q1 2021
Q1 2020
% Change
Closed Sales
206
199
4%
Average Sales Price
$2.05M
$3.55M
-42%
Median Sales Price
$1.33M
$1.95M
-32%
Q1 2021
Q1 2020
% Change
357
292
22%
Average Sales Price
$1.23M
$1.58M
-22%
Median Sales Price
$920K
$1.02M
-10%
COOPS Closed Sales
Midtown | north of 34th Street and south of 57th Street CONDOS
Q1 2021
Q1 2020
% Change
Closed Sales
145
177
-18%
Average Sales Price
$1.65M
$2.54M
-35%
Median Sales Price
$1.16M
$1.45M
-18%
Q1 2021
Q1 2020
% Change
193
177
9%
Average Sales Price
$719K
$814K
-12%
Median Sales Price
$598K
$635K
-6%
COOPS Closed Sales
Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side CONDOS
Q1 2021
Q1 2020
% Change
Closed Sales
97
134
-28%
Average Sales Price
$1.13M
$952K
19%
Median Sales Price
$953K
$854K
12%
Q1 2021
Q1 2020
% Change
117
126
-7%
Average Sales Price
$600K
$620K
-3%
Median Sales Price
$530K
$497K
7%
COOPS Closed Sales
Neighborhood Highlights
/ New York City Q1 Market Update
15
NEW YORK CITY
Neighborhood Highlights Downtown | South of 34th Street through TriBeCa CONDOS
Q1 2021
Q1 2020
% Change
Closed Sales
374
357
5%
Average Sales Price
$3.38M
$3.06M
10%
Median Sales Price
$2.18M
$2.25M
-3%
Q1 2021
Q1 2020
% Change
438
401
9%
Average Sales Price
$1.20M
$1.24M
-3%
Median Sales Price
$850K
$870K
-2%
COOPS Closed Sales
Financial District / Battery Park CONDOS
Q1 2021
Q1 2020
% Change
Closed Sales
127
71
78%
Average Sales Price
$1.63M
$1.35M
21%
Median Sales Price
$1.41M
$1.05M
35%
Q1 2021
Q1 2020
% Change
20
18
12%
Average Sales Price
$755K
$903K
-16%
Median Sales Price
$708K
$879K
-19%
COOPS Closed Sales
Total Number of Sales by Neighborhood
1,600
Uptown
1,400 1,200
Upper East Side
1,000
Midtown
800
FiDi / Battery Park
600
Upper West Side
400
Downtown
200 0
Q4:18
Q1:19
Q2:19
Q3:19
Q4:19
Q1:20
Q2:20
Q3:20
Q4:20
Q1 :21
Average Sales Price by Neighborhood $4,000,000
Uptown
$3,500,000 $3,000,000
Upper East Side
$2,500,000
Midtown
$2,000,000
FiDi / Battery Park
$1,500,000
Upper West Side
$1,000,000
Downtown
$500,000 $0
Q4:18
Q1:19
Q2:19
Q3:19
Q4:19
Q1:20
Q2:20
Q3:20
Neighborhood Highlights
Q4:20
Q1 :21
/ New York City Q1 Market Update
17
Current Offerings 1 8 8 S U L L I VA N ST R E E T Greenwich Village | $8,950,000
THE STEIN TEAM Select Current Offerings
3 4 G R A M E R C Y PA R K E A ST, P H B Gramercy Park | $15,000,000
1 3 1 E A ST 9 2 N D ST R E E T Upper East Side | $8,995,000
4 3 5 E A ST 5 2 N D ST R E E T, A P T. 9 B Beekman | $4,995,000
1 3 6 E A ST 6 4 T H ST R E E T, A P T. 1 0 E Lenox Hill | $3,595,000
7
Select Sales 7 H U B E R T ST R E E T TriBeCa | Sold Price $20,000,000
THE STEIN TEAM Select Sales
9 S A I N T LU K E ’ S P L AC E Greenwich Village | $11,000,000
1 8 W E ST 74 T H ST R E E T, P H Upper West Side | $2,995,000
1 3 2 G R E E N E ST R E E T, 3 F SoHo | Contract Pending
1 7 0 E A ST 7 8 T H ST R E E T, 7 A / 6 B Upper East Side | Contract Pending
9
THE STEIN TEAM ST E I N N E W YO R K .C O M © 2021 Sotheby’s International Realty. All Rights Reserved. The Sotheby’s International Realty trademark is licensed and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. The Sotheby’s International Realty network fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.