THE STEIN TEAM New York City Q3 2021 Market Update
1
147 WEST 15TH STREET, PENTHOUSE
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
14 EAST 4TH STREET, PH1126
“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
15 Willow Street
Market Overview {Q3 | 2021}
MANHATTAN New York real estate is back in force. The number of closed sales has increased 195% year-over-year, driven by renewed confidence and aggressive pricing. Despite shrinking supply and increased activity, average sales prices market-wide have shrunk 8% year-over-year and 4% as compared to last quarter.
4,989 Closed Sales
195
%
Change in Closed Sales {2021 v 2020}
1.91M
$
Average Sales Price
-8
%
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
12,000
$3,000,000
10,000
$2,500,000
8,000
$2,000,000
6,000
$1,500,000
4,000
$1,000,000
2,000
$500,000
-
$-
# #ofofClosed ClosedSales Sales
Inventory Inventory
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2021 v 2020}
193%
9%
13%
3Q:21
4,245
$1.19M
$980K
3Q:20
1,448
$1.09M
$870K
{2021 v 2020}
202%
-1%
-3%
3Q:21
658
$4.72M
$4.13M
3Q:20
218
$4.77M
$4.25M
{2021 v 2020}
207%
-50%
-38%
3Q:21
86
$16.21M
$13.11M
3Q:20
28
$32.62M
$21.08M
{2021 v 2020}
195%
-8%
19%
3Q:21
4,989
$1.91M
$1.19M
3Q:20
1,694
$2.09M
$1.00M
UNDER
$3 Million
BETWEEN
$3 - 10 Million
OVER
$10 Million
ALL
Price Points
Overview
/ New York City Q3 Market Update
5
Inventory All New York City
5.2%
Number of Active Listings
3.5% 1.5%
7.4%
39.7%
19.5%
101 238 357 504 1,335 1,595 2,720 6,850
$20 Million and Above $10 - 20 Million $6 - 10 Million $4 - 6 Million $2 - 4 Million $1 - 2 Million Under $1 Million TOTAL
23.3%
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, we ended Q3 2021 with 6,850 active units on the market. Due to an increase in the number of sales occurring, the absorption rate of active inventory was 4.5 months in Q3 2021. This statistic means that it would take 4.5 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 less than two years to absorb properties priced above $20M given the current inventory in Manhattan.
25
Absorption Rate
20
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
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
112
127
138
152
154
139
152
159
125
-4.9%
-5.2%
-5.7%
-5.8%
-6.8%
-7.3%
-7.1%
-6.2%
-5.4%
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
Q3:19
Q4:19
Q1:20
Q2:20
Listing Discount
Q3:20
Q4:20
Q1:21
Q2:21
Q3:21
Average Days on Market
Overview
/ New York City Q3 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
© 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. All offerings are subject to errors, omissions, changes including price or withdrawal without notice.
MANHATTAN BROKERAGES
Expertise along the avenues 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
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
43
28
39
34
28
30
28
77
86
Average Sales Price
$24.01M
$32.76M
$18.01M
$30.02M
$32.62M
$18.58M
$16.80M
$17.50M
$16.21M
Highest Sales Price
$65.75M
$92.74M
$52.19M
$99.90M
$99.90M
$65.59M
$41.00M
$82.50
$40.10M
# of Closed Sales
Sales in the luxury price sector, above $10M, continued to rise by 12% compared to last quarter. In comparison to New York City pre-COVID, twice as many units in this segment traded as compared to Q3 2019, showing a significant increase in consumer sentiment in this area. Notably, as is the case in the market as a whole, prices have driven the increased activity in the luxury market with the average sale price falling 7.4% as compared to last quarter. The highest recorded sale in Q3 2021 was a triplex penthouse at 2 East 88th Street, an off-market co-op brokered by Nikki Field at Sotheby’s International Realty. This was the highest paid for any Manhattan co-op since 2015. S OT H EBYS R EA LTY.C O M
Average Sales Price vs. # of Closed Sales $40,000,000
120
$35,000,000
100
$30,000,000 80
$25,000,000 $20,000,000
60
$15,000,000
40
$10,000,000 20
$5,000,000 $0
Q2:19
Q3:19
Q4:19
Q1:20
# of Closed Sales
Q2:20
Q3:20
Q4:20
Q1:21
Q2:21
Q3:21
Average Sales Price The Luxury Market
/ New York City Q3 Market Update
9
Condos {Q3 | 2021}
MANHATTAN
2,372 condominium transactions closed in Q3 2021 representing a 221% increase from 2020 and 47.5% of all transactions marketwide. Both the average and median sales prices in the sector dropped 23% and 2% respectively. Price per square foot sits at $1,873, which is 7% below 2019 levels.
2,372 Closed Sales
221
%
Change in Closed Sales {2021 vs. 2020}
2.58M
$
Average Sales Price
-23
%
Change in Average Sale Price {2021 vs. 2020}
35 East 76th Street, 3201-05
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
$500,000 $0
-
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
Average Price/Sq. Ft.
{2021 v 2020}
235%
3%
4%
3%
3Q:21
1,827
$1.45M
$1.34M
$1,415
3Q:20
545
$1.41M
$1.29M
$1,373
{2021 v 2020}
185%
0%
1%
-3%
3Q:21
474
$4.77M
$4.29M
$2,093
3Q:20
166
$4.78M
$4.24M
$2,159
{2021 v 2020}
156%
-49%
-36%
-40%
3Q:21
72
$16.77M
$13.50M
$3,898
3Q:20
28
$32.62M
$21.08M
$6,540
{2021 v 2020}
221%
-23%
-2%
-19%
3Q:21
2,372
$2.58M
$1.66M
$1,873
3Q:20
739
$3.35M
$1.70M
$2,321
UNDER
$3 Million
BETWEEN
$3 - 10 Million
ABOVE
$10 Million
ALL
Price Points
Condos
/ New York City Q3 Market Update
11
Co-Ops {Q3 | 2021}
MANHATTAN
The 2,617 closed co-op transactions in Q3 2021 represented an increase in both the average and median sales price compared to Q3 2020. The co-op market segment also did see a rise in average and median sales price compared to Q2 2021, the latter increasing by 9.94% quarter-over-quarter.
2,617 Closed Sales
174
%
Change in Closed Sales {2021 v 202o}
1.31M
151 East 58th Street, PH55W
$
Average Sales Price 151 East 58th Street, PH55W
18
%
Change in Average Sales Price {2021 v 202o}
65 West 13th Street, 2G
Number of Closed Sales
Average / Median Sales Price
3,000
$1,600,000 $1,400,000
2,500
$1,200,000 2,000
$1,000,000 $800,000
1,500
$600,000 1,000 $400,000 500
$200,000 $0
-
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2021 v 2020}
168%
10%
8%
3Q:21
2,418
$989K
$780K
3Q:20
903
$901K
$725K
{2021 v 2020}
255%
-4%
-12%
3Q:21
185
$4.57M
$3.85M
3Q:20
52
$4.78M
$4.38M
{2021 v 2020}
NA
NA
NA
3Q:21
14
$13.43M
$12.40M
3Q:20
0
NA
NA
{2021 v 2020}
174%
18%
11%
3Q:21
2,617
$1.31M
$835K
3Q:20
955
$1.11M
$750K
UNDER
$3 Million
BETWEEN
$3 - 10 Million
ABOVE
$10 Million
ALL
Price Points
Co-Ops
/ New York City Q3 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
Q3 2021
Q3 2020
% Change
Closed Sales
332
103
222%
Average Sales Price
$2.80M
$2.05M
36%
Median Sales Price
$1.79M
$1.44M
24%
Q3 2021
Q3 2020
% Change
810
296
174%
Average Sales Price
$1.58M
$1.45M
9%
Median Sales Price
$973K
$906K
7%
COOPS Closed Sales
Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS) CONDOS
Q3 2021
Q3 2020
% Change
Closed Sales
363
182
100%
Average Sales Price
$3.33M
$6.03M
-45%
Median Sales Price
$1.82M
$2.06M
-12%
Q3 2021
Q3 2020
% Change
512
176
191%
Average Sales Price
$1.66M
$1.17M
41%
Median Sales Price
$1.10M
$755K
46%
COOPS Closed Sales
Midtown | north of 34th Street and south of 57th Street CONDOS
Q3 2021
Q3 2020
% Change
Closed Sales
393
98
302%
Average Sales Price
$1.60M
$2.10M
-24%
Median Sales Price
$1.24M
$1.25M
-1%
Q3 2021
Q3 2020
% Change
371
140
165%
Average Sales Price
$758K
$651K
17%
Median Sales Price
$630K
$563K
12%
COOPS Closed Sales
Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side CONDOS
Q3 2021
Q3 2020
% Change
Closed Sales
223
62
260%
Average Sales Price
$1.22M
$1.00M
22%
Median Sales Price
$999K
$790K
27%
Q3 2021
Q3 2020
% Change
189
105
80%
Average Sales Price
$617K
$514K
20%
Median Sales Price
$543K
$408K
33%
COOPS Closed Sales
Neighborhood Highlights
/ New York City Q3 Market Update
15
NEW YORK CITY
Neighborhood Highlights Downtown | South of 34th Street through TriBeCa CONDOS
Q3 2021
Q3 2020
% Change
Closed Sales
850
213
299%
Average Sales Price
$3.19M
$3.49M
-9%
Median Sales Price
$2.20M
$2.39M
-8%
Q3 2021
Q3 2020
% Change
713
228
213%
Average Sales Price
$1.24M
$1.19M
4%
Median Sales Price
$875K
$829K
6%
COOPS Closed Sales
Financial District / Battery Park CONDOS
Q3 2021
Q3 2020
% Change
Closed Sales
210
81
160%
Average Sales Price
$1.73M
$1.87M
-7%
Median Sales Price
$1.35M
$1.82M
-26%
Q3 2021
Q3 2020
% Change
23
10
129%
Average Sales Price
$944K
$976K
-3%
Median Sales Price
$715K
$870K
-18%
COOPS Closed Sales
Total Number of Sales by Neighborhood 1,800
Uptown
1,600 1,400
Upper East Side
1,200
Midtown
1,000
FiDi / Battery Park
800 600
Upper West Side
400
Downtown
200 0
Q2:19
Q3:19
Q4:19
Q1:20
Q2:20
Q3:20
Q4:20
Q1:21
Q2:21
Q3:21
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
Q2:19
Q3:19
Q4:19
Q1:20
Q2:20
Q3:20
Q4:20
Q1:21
Neighborhood Highlights
Q2:21
Q3:21
/ New York City Q3 Market Update
17
Current Offerings 4 0 W E ST 1 1 t h ST R E E T Greenwich Village | Coming Soon
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
1 0 5 F I F T H AV E N U E , 5 A B Flatiron District | $5,995,000
1 3 2 D U A N E ST R E E T, 3 R D F LO O R TriBeCa | $3,750,000
4 2 5 W E ST 5 0 T H ST R E E T, P H C Theater District | $3,485,000
7
Select Sales 1 14 0 F I F T H AV E N U E , 7 A Carnegie Hill
THE STEIN TEAM Select Sales
1 6 5 D E A N ST R E E T Boerum Hill
4 3 5 E A ST 5 2 N D ST R E E T, 9 A Sutton Place
5 7 G A R F I E L D P L AC E , A P T. 3 Park Slope
2 6 1 W E ST 2 5 T H ST R E E T, 2 C Chelsea
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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.