THE STEIN TEAM New York City Q2 2022 Market Update
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139 LEXINGTON AVENUE
MARKET OVERVIEW Please find our Q2 Market Report attached. The story it paints is a rosy one, as we are looking backwards at a market that has now shifted. What we experienced in NYC from Q1 2021 through Q2 2022 was unprecedented. The new market we are in and headed towards will look different, but it remains to be seen exactly how different. The summer is always slow and there is no question the financial markets are affecting the real estate market negatively, but until we reach the Fall when activity typically picks up, we just won’t know what we are in for. What I can say is that we have slowed down. We are likely headed into a neutral market that favors neither buyer nor seller. It will take longer to sell property, yet buyers should not expect the sky to fall.
Jeremy & Robin Stein Senior Global Real Estate Advisors JEREMY STEIN Associate Broker 917.854.4411 Jeremy.Stein@sothebys.realty ROBIN STEIN Associate Broker 917.570.8386 Robin.Stein@sothebys.realty
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[Q2 | 2022]
At a Glance manhattan
4,585 Closed Sales
9
%
Change in Closed Sales {2022 v 2021}
2.07M
$
Average Sales Price
3
%
Change in Average Sales Price {2022 v 2021}
147 West 15th Street, PH
Number of Closed Sales vs. Inventory
Average / Median Sales Price
12,000
$2,500,000
10,000
$2,000,000
8,000 $1,500,000 6,000 $1,000,000 4,000 $500,000 2,000 $-
# of of Closed ClosedSales Sales
Inventory Inventory
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2022 v 2021}
8%
1%
-1%
2Q:22
3,824
$1.20M
$985K
2Q:21
3,541
$1.18M
$990K
{2022 v 2021}
16%
-2%
-4%
2Q:22
674
$4.84M
$4.21M
2Q:21
579
$4.95M
$4.40M
{2022 v 2021}
12%
8%
3%
2Q:22
87
$18.97M
$14.35M
2Q:21
77
$17.50M
$14.00M
{2022 v 2021}
9%
3%
4%
2Q:22
4,585
$2.07M
$1.25M
2Q:21
4,197
$2.00M
$1.20M
UNDER
$3 Million
BETWEEN
$3 - 10 Million
OVER
$10 Million
ALL
Price Points
Overview
/ New York City Q2 Market Update
5
Inventory All New York City
3.1% 1.6%
Number of Active Listings
5.9%
7.5% 36.8%
19.4%
120 232 441 565 1,459 1,933 2,764 7,514
$20 Million and Above $10 - 20 Million $6 - 10 Million $4 - 6 Million $2 - 4 Million $1 - 2 Million Under $1 Million TOTAL
25.7%
CONDOS & CO-OPS The historic absorption range of equilibrium for the New York City market area is 6-8 months. We ended Q2 2022 with 7,514 active units on the market. The absorption rate of active inventory was 5.2 months in Q2 2022. This statistic means that it would take 5.2 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.
25
20
Absorption Rate Absorption
15
Line of Equilibrium 10
5
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
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
152
154
139
152
159
123
117
112
109
-5.8%
-6.8%
-7.3%
-7.1%
-6.2%
-5.4%
-5.3%
-5.0%
-5.1%
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%
Q2:20
Q4:20
Q4:20
Q1:21
Listing Discount
Q2:21
Q3:21
Q4:21
1Q:22
2Q:22
Average Days on Market
Overview
/ New York City Q2 Market Update
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147 WEST 15TH STREET, PH
The Luxury Market All New York City Co-Ops & Condos Over $10M
Closed Sales Count, Average Sales Price & Highest Sales Price
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
34
28
30
28
77
87
72
85
87
Average Sales Price
30.02M
$32.62M
$18.58M
$16.80M
$17.50M
$18.38M
$22.57M
$14.40M
$18.97M
Highest Sales Price
$99.90M
$99.90M
$65.59M
$41.00M
$82.50M
$66.00M $188.00M
$46.96M
$70.50M
# of Closed Sales
Sales in the luxury price sector, above $10M, increased by 2.4% compared to last quarter. However, in comparison to Q2 2021, sales are up 13%, indicating a continued uptick in confidence in this sector.
s ot h ebys r ea lty.c o m
Average Sales Price vs. # of Closed Sales $35,000,000
100 90
$30,000,000
80
$25,000,000
70 60
$20,000,000
50 $15,000,000
40 30
$10,000,000
20
$5,000,000
10 -
$0
Q2:20
Q3:20
Q4:20
Q1:21
# of Closed Sales
Q2:21
Q3:21
Q4:21
1Q:22
2Q:22
Average Sales Price The Luxury Market
/ New York City Q2 Market Update
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Condos {Q2 | 2022}
manhattan
2,123 condominium transactions closed in Q2 2022 representing a 1% increase from 2021. As compared to Q2 2021, the average and median sales prices in the condominium sector increased 8% and 10% respectively. Price per square foot rose 8% above 2021 levels to $2,086.
2,123 Closed Sales
1
%
Change in Closed Sales {2022 vs. 2021}
2.91M
$
Average Sales Price
8
%
Change in Average Sale Price {2022 vs. 2021}
51 Warren Street, 3W
Number of Closed Sales 2,500
Average / Median Sales Price $4,000,000 $3,500,000
2,000
$3,000,000 $2,500,000
1,500
$2,000,000 $1,500,000
1,000 $1,000,000 $500,000
500
$0
-
Average Sales Price
Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 1Q:22 2Q:22
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
Average Price/Sq. Ft.
{2022 v 2021}
-3%
5%
12%
7%
2Q:22
1,556
$1.50M
$1.43M
$1,493
2Q:21
1,603
$1.43M
$1.28M
$1,396
{2022 v 2021}
15%
-2%
-4%
3%
2Q:22
498
$4.93M
$4.28M
$2,240
2Q:21
434
$5.05M
$4.45M
$2,174
{2022 v 2021}
1%
14%
9%
12%
2Q:22
69
$20.30M
$15.10M
$4,561
2Q:21
68
$17.85M
$13.81M
$4,065
{2022 v 2021}
1%
8%
10%
8%
2Q:22
2,123
$2.91M
$1.85M
$2,086
2Q:21
2,105
$2.70M
$1.68M
$1,933
UNDER
$3 Million
BETWEEN
$3 - 10 Million
ABOVE
$10 Million
ALL
Price Points
Condos
/ New York City Q2 Market Update
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Co-Ops {Q2 | 2022}
manhattan
The 2,463 closed co-op transactions in Q2 2022 represented an 18% increase in number of sales compared to Q2 2021. The average and median sales prices ticked up at 4% and 3% respectively. For co-ops above $10M, average and median prices dropped 7% and 22% respectively. The price adjustment in the above $10M sector lead to a 99% increase in transactions, doubling the number of transactions year-over-year.
2,463 18% Closed Sales
Change in Closed Sales {2022 v 2021}
1.35M
151 East 58th Street, PH55W
$
Average Sales Price 151 East 58th Street, PH55W
4
%
Change in Average Sales Price {2022 v 2021}
105 Fifth Avenue, 5AB
Number of Closed Sales
Average / Median Sales Price $1,600,000
3,000
$1,400,000 2,500 $1,200,000 2,000
$1,000,000 $800,000
1,500 $600,000 1,000
$400,000 $200,000
500
$0 -
Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 1Q:22 2Q:22
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2022 v 2021}
17%
1%
2%
2Q:22
2,269
$995K
$785K
2Q:21
1,938
$985K
$770K
{2022 v 2021}
21%
-1%
-5%
2Q:22
176
$4.61M
$3.95M
2Q:21
145
$4.64M
$4.18M
{2022 v 2021}
99%
-7%
-22%
2Q:22
18
$13.85M
$11.25M
2Q:21
9
$14.87M
$14.50M
{2022 v 2021}
18%
4%
3%
2Q:22
2,463
$1.35M
$850K
2Q:21
2,092
$1.30M
$825K
UNDER
$3 Million
BETWEEN
$3 - 10 Million
ABOVE
$10 Million
ALL
Price Points
Co-Ops
/ New York City Q2 Market Update
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new york city
Neighborhood Highlights Upper East Side | north of 58th street and south of 96th Street, Fifth Avenue to East End Avenue CONDOS
Q2 2022
Q2 2021
% Change
Closed Sales
282
315
-11%
Average Sales Price
$3.83M
$3.03M
26%
Median Sales Price
$1.95M
$1.68M
16%
Q2 2022
Q2 2021
% Change
685
588
16%
Average Sales Price
$1.77M
$1.53M
15%
Median Sales Price
$1.08M
$917K
17%
COOPS Closed Sales
Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS) CONDOS
Q2 2022
Q2 2021
% Change
Closed Sales
328
349
-6%
Average Sales Price
$3.70M
$3.72M
0%
Median Sales Price
$2.07M
$1.70M
22%
Q2 2022
Q2 2021
% Change
532
427
25%
Average Sales Price
$1.41M
$1.45M
-3%
Median Sales Price
$875K
$965K
-9%
COOPS Closed Sales
Midtown | north of 34th Street and south of 57th Street CONDOS
Q2 2022
Q2 2021
% Change
Closed Sales
307
253
21%
Average Sales Price
$2.44M
$1.33M
84%
Median Sales Price
$1.30M
$1.02M
27%
Q2 2022
Q2 2021
% Change
358
295
21%
Average Sales Price
$902K
$788K
14%
Median Sales Price
$660K
$615K
7%
COOPS Closed Sales
Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side CONDOS
Q2 2022
Q2 2021
% Change
Closed Sales
219
166
32%
Average Sales Price
$1.29M
$1.14M
13%
Median Sales Price
$935K
$930K
1%
Q2 2022
Q2 2021
% Change
197
170
16%
Average Sales Price
$642K
$616K
4%
Median Sales Price
$540K
$532K
2%
COOPS Closed Sales
Neighborhood Highlights
/ New York City Q2 Market Update
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new york city
Neighborhood Highlights Downtown | South of 34th Street through TriBeCa CONDOS
Q2 2022
Q2 2021
% Change
Closed Sales
820
840
-2%
Average Sales Price
$3.12M
$3.13M
0%
Median Sales Price
$2.34M
$2.25M
4%
Q2 2022
Q2 2021
% Change
671
600
12%
Average Sales Price
$1.33M
$1.41M
-6%
Median Sales Price
$904K
$936K
-3%
COOPS Closed Sales
Financial District / Battery Park CONDOS
Q2 2022
Q2 2021
% Change
Closed Sales
166
182
-9%
Average Sales Price
$1.75M
$1.55M
13%
Median Sales Price
$1.21M
$1.17M
3%
Q2 2022
Q2 2021
% Change
19
12
62%
Average Sales Price
$913K
$1.03M
-11%
Median Sales Price
$710K
$951K
-25%
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
Q2:20
Q3:20
Q4:20
Q1:21
Q2:21
Q3:21
Q4:21
1Q:22
2Q: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
Q2:20
Q3:20
Q4:20
Q1:21
Q2:21
Q3:21
Q4:21
Neighborhood Highlights
1Q:22
2Q:22
/ New York City Q2 Market Update
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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
10 SULLIVAN STREET, 7A
“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
Current Offerings C O M I N G S O O N : 2 9 3 L A FAY E T T E ST R E E T, P H I V NoLita | $36,500,000
THE STEIN TEAM Select Current Offerings
C O M I N G S O O N : 1 0 S U L L I VA N ST R E E T, 7 A SoHo | $9,500,000
147 W E ST 1 5 t h ST R E E T, P H Chelsea | $5,995,000
1 3 9 L E X I N GTO N AV E N U E Kip’s Bay | $4,995,000
9 E A ST 9 6 t h ST R E E T, 1 1 C Carnegie Hill | $1,495,000
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Select Sales 1 8 8 S U L L I VA N ST R E E T Greenwich Village | Closed for $8,500,000
THE STEIN TEAM Select Sales
4 J A N E ST R E E T Greenwich Village | Closed for $7,350,000
1 1 5 C E N T R A L PA R K W E ST Upper West Side | Closed for $5,245,000
1 J O H N ST R E E T DUMBO | Closed for $4,740,000
4 9 0 W E ST E N D AV E N U E Upper West Side | Closed for $3,775,000
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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.
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