Q4 2021 New York City Market Update

THE STEIN TEAM New York City Q4 2021 Market Update

1

1 JOHN STREET, 9A

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

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; Sales Associate, Karen Moreau; and Marketing Coordinator, Amanda Sapio. 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 apa rtme 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

490 WEST END AVENUE, 10D

“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

32 West 76th Street

Market Overview {Q4 | 2021}

manhattan

The fourth quarter brought to a close Manhattan’s most active year in real estate sales ever. Driven by renewed confidence, realistic pricing and strong liquidity the number of closed sales has increased 89% compared to Q4 2020. Average sales prices market-wide have increased 6% year-over-year, showing signs of improvement after five years of decline.

Inventory levels sit at historic lows,

4,047 Closed Sales

89

%

Change in Closed Sales {2021 v 2020}

2.01M

$

which indicates a moment for increasing

Average Sales Price

pressure on prices, the stability of which

6

propelled the market in 2021.

%

Change in Average Sales Price {2021 v 2020}

Number of Closed Sales vs. Inventory

Average / Median Sales Price

12,000

10,000

$2,500,000

8,000

$2,000,000

6,000

$1,500,000

4,000

$1,000,000

2,000

$500,000

-

$-

# of Closed Sales

Inventory

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2021 v 2020}

88%

6%

9%

4Q:21

3,412

$1.19M

$980K

4Q:20

1,813

$1.12M

$900K

{2021 v 2020}

94%

-1%

-1%

4Q:21

573

$4.86M

$4.3M

4Q:20

295

$4.89M

$4.35M

{2021 v 2020}

107%

12%

-2%

4Q:21

62

$20.73M

$15.25M

4Q:20

30

$18.58M

$15.50M

{2021 v 2020}

89%

6%

9%

4Q:21

4,047

$2.01M

$1.20M

4Q:20

2,138

$1.89M

$1.10M

UNDER

$3 Million

BETWEEN

$3 - 10 Million

OVER

$10 Million

ALL

Price Points

Overview

/ New York City Q4 Market Update

5

Inventory All New York City

3.4% 1.8%

Number of Active Listings

6.3%

7.6% 38.5%

19.5%

111 214 394 475 1,225 1,439 2,412 6,270

$20 Million and Above $10 - 20 Million $6 - 10 Million $4 - 6 Million $2 - 4 Million $1 - 2 Million Under $1 Million TOTAL

23.0%

CONDOS & CO-OPS The historic absorption range of equilibrium for the New York City market area is 6-8 months. We ended Q4 2021 with 6,270 active units on the market. The absorption rate of active inventory was 4.3 months in Q4 2021. This statistic means that it would take 4.3 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, about one year for inventory priced between $4-20M, and just over one year to absorb properties priced above $20M given the current inventory in Manhattan.

16 14

Absorption Rate

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

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

127

138

152

154

139

152

159

123

112

-5.2%

-5.7%

-5.8%

-6.8%

-7.3%

-7.1%

-6.2%

-5.4%

-3.5%

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%

Q4:19

Q1:20

Q2:20

Q3:20

Listing Discount

Q4:20

Q1:21

Q2:21

Q3:21

Q4:21

Average Days on Market

Overview

/ New York City Q4 Market Update

7

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 along the park 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

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

28

39

34

28

30

28

77

87

62

Average Sales Price

$32.76M

$18.01M

$30.02M

$32.62M

$18.58M

$16.80M

$17.50M

$18.38M

20.73M

Highest Sales Price

$92.74M

$52.19M

$99.90M

$99.90M

$65.59M

$41.00M

$82.50

$66.00M

49.50M

# of Closed Sales

Sales in the luxury price sector, above $10M,dropped by 29% compared to last quarter. However, in comparison to New York City pre-COVID, more than twice as many units in this segment traded as compared to Q4 2019, showing increased optimism 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 Q4:19

Q1:20

Q2:20

Q3:20

# of Closed Sales

Q4:20

Q1:21

Q2:21

Q3:21

Q4:21

Average Sales Price The Luxury Market

/ New York City Q4 Market Update

9

Condos {Q4 | 2021}

manhattan

2,009 condominium transactions closed in Q4 2021 representing a 98% increase from 2020. Both the average and median sales prices in the sector increased 3% from Q4 2020. Price per square foot sits at $1,995, which is 6% below 2019 levels. The story in the condo market is the luxury segment above $10M where the number of closed sales have increased 137% as compared to Q4 2020.

2,009 Closed Sales

98

%

Change in Closed Sales {2021 vs. 2020}

2.74M

$

Average Sales Price

3

%

Change in Average Sale Price {2021 vs. 2020}

157 West 57th Street, 35F

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

-

Q4:19 Q1:20 Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

Average Price/Sq. Ft.

{2021 v 2020}

100%

3%

7%

7%

4Q:21

1,514

$1.46M

$1.33M

$1,461

4Q:20

758

$1.41M

$1.25M

$1,367

{2021 v 2020}

87%

-2%

-4%

-1%

4Q:21

440

$4.83M

$4.35M

$2,163

4Q:20

235

$4.92M

$4.52M

$2,184

{2021 v 2020}

137%

6%

4%

5%

4Q:21

54

$21.44M

$17.38M

$4,431

4Q:20

23

$20.20M

$16.75M

$4,217

{2021 v 2020}

98%

3%

3%

5%

4Q:21

2,009

$2.74M

$1.71M

$1,995

4Q:20

1,016

$2.65M

$1.66M

$1,893

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Condos

/ New York City Q4 Market Update

11

Co-Ops {Q4 | 2021}

manhattan

The 2,038 closed co-op transactions in Q4 2021 represented an 82% increase in number of sales.

The average and median sales prices ticked up at 7% and 6% respectively. For co-ops above $10M, average and median prices grew 18% and 17% respectively, and the $3M-$10M segment was the most active with 122% growth year-over-year.

2,038 Closed Sales

82

%

Change in Closed Sales {2021 v 202o}

1.29M

151 East 58th Street, PH55W

$

Average Sales Price 151 East 58th Street, PH55W

7

%

Change in Average Sales Price {2021 v 202o}

1 West 72nd Street, PHC

Number of Closed Sales

Average / Median Sales Price

3,000 $1,400,000 2,500 $1,200,000 2,000

$1,000,000

$800,000

1,500

$600,000 1,000 $400,000 500

$200,000

$0

-

Q4:19 Q1:20 Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2021 v 2020}

80%

6%

1%

4Q:21

1,897

$971K

$754K

4Q:20

1,055

$919K

$744K

{2021 v 2020}

122%

4%

4%

4Q:21

133

$4.95M

$4.30M

4Q:20

60

$4.76M

$4.13M

{2021 v 2020}

8%

18%

17%

4Q:21

8

$15.65M

$15.00M

4Q:20

7

$13.26M

$12.80M

{2021 v 2020}

82%

7%

6%

4Q:21

2,038

$1.29M

$825K

4Q:20

1,122

$1.20M

$775K

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Co-Ops

/ New York City Q4 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

Q4 2021

Q4 2020

% Change

Closed Sales

268

165

62%

Average Sales Price

$2.66M

$2.18M

22%

Median Sales Price

$1.75M

$1.50M

17%

Q4 2021

Q4 2020

% Change

643

328

96%

Average Sales Price

$1.62M

$1.55M

5%

Median Sales Price

$958K

$785K

22%

COOPS Closed Sales

Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS) CONDOS

Q4 2021

Q4 2020

% Change

Closed Sales

316

200

58%

Average Sales Price

$2.86M

$3.25M

-12%

Median Sales Price

$1.89M

$1.92M

-2%

Q4 2021

Q4 2020

% Change

360

210

71%

Average Sales Price

$1.45M

$1.30M

12%

Median Sales Price

$955K

$931K

2%

COOPS Closed Sales

Midtown | north of 34th Street and south of 57th Street CONDOS

Q4 2021

Q4 2020

% Change

Closed Sales

294

125

135%

Average Sales Price

$1.62M

$1.86M

-13%

Median Sales Price

$1.20M

$1.20M

0%

Q4 2021

Q4 2020

% Change

304

125

143%

Average Sales Price

$787K

$729K

8%

Median Sales Price

$635K

$570K

11%

COOPS Closed Sales

Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side CONDOS

Q4 2021

Q4 2020

% Change

Closed Sales

163

93

76%

Average Sales Price

$1.27M

$948K

34%

Median Sales Price

$999K

$794K

26%

Q4 2021

Q4 2020

% Change

159

85

87%

Average Sales Price

$540K

$564K

-4%

Median Sales Price

$475K

$470K

1%

COOPS Closed Sales

Neighborhood Highlights

/ New York City Q4 Market Update

15

new york city

Neighborhood Highlights Downtown | South of 34th Street through TriBeCa CONDOS

Q4 2021

Q4 2020

% Change

Closed Sales

764

351

118%

Average Sales Price

$3.71M

$3.44M

8%

Median Sales Price

$2.40M

$2.46M

-2%

Q4 2021

Q4 2020

% Change

546

363

50%

Average Sales Price

$1.30M

$1.15M

14%

Median Sales Price

$875K

$810K

8%

COOPS Closed Sales

Financial District / Battery Park CONDOS

Q4 2021

Q4 2020

% Change

Closed Sales

204

82

149%

Average Sales Price

$1.79M

$1.85M

-4%

Median Sales Price

$1.33M

$1.29M

3%

Q4 2021

Q4 2020

% Change

26

11

134%

Average Sales Price

$800K

$1.12M

-28%

Median Sales Price

$750K

$785K

-4%

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

Q4:19

Q1:20

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Q3:21

Q4:21

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

Q4:19

Q1:20

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Neighborhood Highlights

Q3:21

Q4:21

/ New York City Q4 Market Update

17

Current Offerings 4 0 W E ST 1 1 t h ST R E E T Greenwich Village | $12,000,000

THE STEIN TEAM Select Current Offerings

7 3 0 PA R K AV E N U E , 7/ 8 B Upper East Side | $15,250,000

4 3 5 E A ST 5 2 N D ST R E E T, 8 / 9 C Sutton Place | $7,950,000

1 J O H N ST R E E T, 9 A DUMBO | $4,600,000

4 8 7 G R E E N W I C H ST R E E T, 1 A Hudson Square | $4,395,000

7

Select Sales 4 1 K I N G ST R E E T Hudson Square | Last Asking $13,950,000

THE STEIN TEAM Select Sales

2 7 G R E AT J O N E S ST R E E T NoHo | Last Asking $3,995,000

47 5 B R OA D WAY SoHo | Last Asking $3,550,000

1 7 6 W E ST 8 7 T H ST R E E T Upper West Side | Last Asking $2,850,000

14 E A ST 4 T H ST R E E T NoHo | Last Asking $2,795,000

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.