THE STEIN TEAM New York City Q1 2022 Market Update
1
435 EAST 52ND STREET, 8/9C
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
79 LAIGHT STREET, 5D
“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
350 West Broadway, 8
Market Overview {Q1 | 2022}
manhattan
In comparison to Q1 2021, the market in Q1 2022, soared, with the number of transactions up 36% market-wide, driven largely by an 86% increase in the $3M-$10M market and a whopping 172% increase in the luxury sector, over $10M. Average sales prices increased 17% yearover-year, after a steady five year decline. The $2.01M average sales price is down 4% as compared to Q4 2021 and the number of transactions are down almost 10% from 4,047 compared to last quarter.
3,664 Closed Sales
36
%
Change in Closed Sales {2022 v 2021}
2.01M
$
Average Sales Price
17
%
Change in Average Sales Price {2022 v 2021}
Number of Closed Sales vs. Inventory
Average / Median Sales Price
12,000
$2,500,000
10,000
$2,000,000
8,000
6,000
$1,500,000
4,000
$1,000,000
2,000
$500,000
$-
-
# of Closed Sales
Inventory
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2022 v 2021}
28%
2%
-2%
1Q:22
3,024
$1.17M
$944K
1Q:21
2,363
$1.15M
$965K
{2022 v 2021}
86%
3%
4%
1Q:22
564
$4.83M
$4.30M
1Q:21
303
$4.70M
$4.15M
{2022 v 2021}
172%
-14%
-24%
1Q:22
76
$14.40M
$12.75M
1Q:21
28
$16.80M
$16.86M
{2022 v 2021}
36%
17%
9%
1Q:22
3,664
$2.01M
$1.20M
1Q:21
2,694
$1.71M
$1.10M
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
3.4% 1.7%
Number of Active Listings
6.0%
7.7% 38.5%
19.1%
101 202 356 458 1,136 1,413 2,295 5,961
$20 Million and Above $10 - 20 Million $6 - 10 Million $4 - 6 Million $2 - 4 Million $1 - 2 Million Under $1 Million TOTAL
23.7%
CONDOS & CO-OPS The historic absorption range of equilibrium for the New York City market area is 6-8 months. We ended Q1 2022 with 5,961 active units on the market. The absorption rate of active inventory was 7.5 months in Q1 2022. This statistic means that it would take 7.5 months to absorb the active inventory that is currently on the market based upon the rate of sales over the last 6 months. Based on the same calculation, it would take less than 6 months to absorb the current inventory priced below $4M, less than one year for inventory priced between $4-20M, and about 18 months to absorb properties priced above $20M given the current inventory in Manhattan.
20 18
Absorption Rate
16 14 12
Absorption
10
Line of Equilibrium
8 6 4 2 0
Under $1M
$1-2M
$2-4M
4-6M
6-10M
10-20M
$20M+
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 6-month period.
Average Days on Market Listing Discount
All New York City
Average Days on Market Listing Discount
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
138
152
154
139
152
159
123
117
107
-5.7%
-5.8%
-6.8%
-7.3%
-7.1%
-6.2%
-5.4%
-5.3%
-5.0%
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 0
-8.0%
Q1:20
Q2:20
Q4:20
Q4:20
Listing Discount
Q1:21
Q2:21
Q3:21
Q4:21
1Q:22
Average Days on Market
Overview
/ New York City Q1 Market Update
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N E W YO R K , N E W YO R K
Nothing compares. S OT H E B YS R E A LT Y.C O M / N YC
© 2022 Sotheby’s International Realty. All Rights Reserved. Sotheby’s International Realty® is a registered trademark 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.
MANHATTAN BROKERAGES
Expertise among the bright lights and around the world.
The Luxury Market All New York City Co-Ops & Condos Over $10M
Closed Sales Count, Average Sales Price & Highest Sales Price
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
39
34
28
30
28
77
87
72
76
Average Sales Price
$18.01M
$30.02M
$32.62M
$18.58M
$16.80M
$17.50M
$18.38M
$22.57M
$14.40M
Highest Sales Price
$52.19M
$99.90M
$99.90M
$65.59M
$41.00M
$82.50M
$66.00M $188.00M $46.96M
# of Closed Sales
Sales in the luxury price sector, above $10M, increased by 5.5% compared to last quarter. However, in comparison to Q1 2020 and Q1 2021, sales are up 95% and 172% respectively, indicating a significant uptick in confidence in this sector.
s ot h ebys r ea lty.c o m
Average Sales Price vs. # of Closed Sales $40,000,000
100
$35,000,000
90 80
$30,000,000
70
$25,000,000
60
$20,000,000
50
$15,000,000
40 30
$10,000,000
20
$5,000,000
10
$0
Q1:20
Q2:20
Q3:20
Q4:20
# of Closed Sales
Q1:21
Q2:21
Q3:21
Q4:21
1Q:22
Average Sales Price The Luxury Market
/ New York City Q1 Market Update
9
Condos {Q1 | 2022}
manhattan
1,665 condominium transactions closed in Q1 2022 representing a 32% increase from 2021. As compared to Q1 2021, the average and median sales prices in the condominium sector increased 21% and 20% respectively. Price per square foot rose 17% above 2021 levels to $1,989.
1,665 Closed Sales
32
%
Change in Closed Sales {2022 vs. 2021}
2.80M
$
Average Sales Price
21
%
Change in Average Sale Price {2022 vs. 2021}
235 West 75th Street, 305
Number of Closed Sales
Average / Median Sales Price
2,500
$4,000,000 2,000 $3,500,000 $3,000,000 1,500 $2,500,000 $2,000,000
1,000
$1,500,000 $1,000,000
500
$500,000 $0
-
Q1:20 Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 1Q:22
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
Average Price/Sq. Ft.
{2022 v 2021}
19%
5%
6%
12%
1Q:22
1,197
$1.45M
$1.31M
$1,490
1Q:21
1,002
$1.38M
$1.24M
$1,332
{2022 v 2021}
73%
2%
4%
5%
1Q:22
404
$4.88M
$4.40M
$2,142
1Q:21
233
$4.78M
$4.23M
$2,049
{2022 v 2021}
167%
-14%
-24%
13%
1Q:22
64
$14.72M
$12.83M
$3,731
1Q:21
24
$17.21M
$16.92M
$3,312
{2022 v 2021}
32%
21%
20%
17%
1Q:22
1,665
$2.80M
$1.83M
$1,989
1Q:21
1,259
$2.31M
$1.53M
$1,704
UNDER
$3 Million
BETWEEN
$3 - 10 Million
ABOVE
$10 Million
ALL
Price Points
Condos
/ New York City Q1 Market Update
11
Co-Ops {Q1 | 2022}
manhattan
The 1,999 closed co-op transactions in Q1 2022 represented a 39% increase in number of sales from Q1 2021. The average and median sales prices ticked up at 14% and 3% respectively. For co-ops above $10M, average and median prices dropped 12% and 15% respectively, and the $3M-$10M segment was the most active with 129% growth year-over-year.
1,999 Closed Sales
39
%
Change in Closed Sales {2022 v 2021}
1.36M
151 East 58th Street, PH55W
$
Average Sales Price 151 East 58th Street, PH55W
14
%
Change in Average Sales Price {2022 v 2021}
2109 Broadway, 1718
Number of Closed Sales
Average / Median Sales Price
3,000 $1,600,000 2,500
$1,400,000 $1,200,000
2,000
$1,000,000 1,500 $800,000 $600,000
1,000
$400,000 500 $200,000 -
$0
Q1:20 Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 1Q:22
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2022 v 2021}
34%
1%
-1%
1Q:22
1,827
$990K
$765K
1Q:21
1,361
$984K
$770K
{2022 v 2021}
129%
6%
9%
1Q:22
160
$4.71M
$4.11M
1Q:21
70
$4.43M
$3.78M
{2022 v 2021}
201%
-12%
-15%
1Q:22
12
$12.68M
$12.25M
1Q:21
4
$14.33M
$14.49M
{2022 v 2021}
39%
14%
3%
1Q:22
1,999
$1.36M
$828K
1Q:21
1,435
$1.19M
$805K
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 2022
Q1 2021
% Change
Closed Sales
238
176
35%
Average Sales Price
$2.71M
$2.40M
13%
Median Sales Price
$1.65M
$1.55M
6%
Q1 2022
Q1 2021
% Change
537
403
33%
Average Sales Price
$1.73M
$1.41M
23%
Median Sales Price
$955K
$995K
-4%
COOPS Closed Sales
Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS) CONDOS
Q1 2022
Q1 2021
% Change
Closed Sales
270
227
19%
Average Sales Price
$3.57M
$1.98M
81%
Median Sales Price
$2.20M
$1.30M
69%
Q1 2022
Q1 2021
% Change
437
307
42%
Average Sales Price
$1.53M
$1.34M
14%
Median Sales Price
$950K
$970K
-2%
COOPS Closed Sales
Midtown | north of 34th Street and south of 57th Street CONDOS
Q1 2022
Q1 2021
% Change
Closed Sales
234
166
41%
Average Sales Price
$1.52M
$1.54M
-1%
Median Sales Price
$1.24M
$1.09M
13%
Q1 2022
Q1 2021
% Change
311
179
74%
Average Sales Price
$845K
$760K
11%
Median Sales Price
$619K
$599K
3%
COOPS Closed Sales
Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side CONDOS
Q1 2022
Q1 2021
% Change
Closed Sales
131
103
27%
Average Sales Price
$977K
$1.09M
-11%
Median Sales Price
$815K
$950K
-14%
Q1 2022
Q1 2021
% Change
150
116
29%
Average Sales Price
$661K
$630K
5%
Median Sales Price
$577K
$575K
0%
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 2022
Q1 2021
% Change
Closed Sales
653
448
46%
Average Sales Price
$3.57M
$3.26M
9%
Median Sales Price
$2.63M
$2.26M
16%
Q1 2022
Q1 2021
% Change
550
414
33%
Average Sales Price
$1.36M
$1.22M
11%
Median Sales Price
$908K
$877K
3%
COOPS Closed Sales
Financial District / Battery Park CONDOS
Q1 2022
Q1 2021
% Change
Closed Sales
139
139
0%
Average Sales Price
$1.63M
$1.54M
6%
Median Sales Price
$1.13M
$1.22M
-7%
Q1 2022
Q1 2021
% Change
13
16
-16%
Average Sales Price
$783K
$786K
0%
Median Sales Price
$704K
$768K
-8%
COOPS Closed Sales
Total Number of Sales by Neighborhood 1,600
Uptown
1,400
Upper East Side
1,200
Midtown
1,000 800
FiDi / Battery Park
600
Upper West Side
400
Downtown
200 0
Q1:20
Q2:20
Q3:20
Q4:20
Q1:21
Q2:21
Q3:21
Q4:21
1Q:22
Average Sales Price by Neighborhood $4,000,000 $3,500,000
Uptown
$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
Q1:20
Q2:20
Q3:20
Q4:20
Q1:21
Q2:21
Q3:21
Neighborhood Highlights
Q4:21
1Q:22
/ New York City Q1 Market Update
17
Current Offerings 4 0 W E ST 1 1 t h ST R E E T Greenwich Village | $11,495,000
THE STEIN TEAM Select Current Offerings
4 3 5 E A ST 5 2 N D ST R E E T, 8 / 9 C Sutton Place | $7,950,000
147 W E ST 1 5 t h ST R E E T, P H Chelsea | $6,600,000
7 E A ST 1 7 t h ST R E E T, 4 S Flatiron | $3,995,000
7 0 E A ST 9 6 t h ST R E E T, 14 C Carnegie Hill | $1,495,000
7
Select Sales 4 1 K I N G ST R E E T Hudson Square | Closed for $13,950,000
THE STEIN TEAM Select Sales
5 5 0 PA R K AV E N U E Lenox Hill | Closed for $8,750,000
147 W E ST 1 5 t h ST R E E T Chelsea | Closed for $8,100,000
47 5 B R OA D WAY SoHo | Closed for $3,550,000
4 2 5 W E ST 5 0 t h ST R E E T Midtown West | Closed for $3,339,000
9
THE STEIN TEAM ST E I N N E W YO R K .C O M © 2022 Sotheby’s International Realty. All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. 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. Equal Housing Opportunity.