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
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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.