THE STEIN TEAM New York City Q2 2021 Market Update
1
112 GREENE STREET, 4TH FL
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
30 Crosby Street, 2B
Market Overview {Q2 | 2021}
manhattan Significant pricing discounts due to COVID are no more. This is due to increased confidence in New York City, contracting absorption rate and tight pricing marketwide. 3,828 sales closed in the second quarter of 2021, 126% above 2020 (at the height of COVID) and 14% over 2019. Prices began to inch closer to 2019 levels with an average sales price of $2.02M and a median sales price of $1.19M, less than 5% below 2019 levels.
3,828 Closed Sales
126
%
Change in Closed Sales {2021 v 2020}
2.02M
$
Average Sales Price
14
%
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
-
$-
# of Closed Sales
# of Closed Sales
Inventory
Inventory
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2021 v 2020}
118%
5%
10%
2Q:21
3,246
$1.18M
$981K
2Q:20
1,489
$1.13M
$890K
{2021 v 2020}
175%
2%
2%
2Q:21
514
$4.86M
$4.22M
2Q:20
187
$4.78M
$4.14M
{2021 v 2020}
278%
-11%
-15%
2Q:21
68
$20.30M
$13.63M
2Q:20
18
$22.86M
$16.07M
{2021 v 2020}
126%
14%
19%
2Q:21
3,828
$2.02M
$1.19M
2Q:20
1,694
$1.76M
$999K
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
Number of Active Listings
2.8% 1.5% 5.7% 6.9%
116 221 456 545 1,537 1,859 3,205
40.4%
19.4%
7,939
$20 Million and Above $10 - 20 Million $6 - 10 Million $4 - 6 Million $2 - 4 Million $1 - 2 Million Under $1 Million TOTAL
23.4%
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 Q2 2021 with 7,939 active units on the market. Due to an increase in the number of sales occuring, the absorption rate of active inventory was 7.3 months in Q2 2021. This statistic means that it would take 7.3 months to absorb the active inventory that is currently on the market based upon the rate of sales over the last 6-months. Based upon the sales in the last three months of 2021, it will take less than one year to absorb the current inventory priced below $6M, less than two years for inventory priced between $6-20M, and roughly three years to absorb properties priced above $20M given the current inventory in Manhattan.
40 35 30
Absorption Rate
25
Line of Equilibrium
20
Absorption
15 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 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
113
112
127
138
152
154
139
152
161
-5.4%
-4.9%
-5.2%
-5.7%
-5.8%
-6.8%
-7.3%
-7.1%
-6.6%
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
Q1:19
Q2:19
Q3:19
Q4:19
Listing Discount
Q1:20
Q2:20
Q3:20
Q4:20
Q1:21
Q2:21
Average Days on Market
Overview
/ New York City Q2 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
© 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
Seeing is can’t believe-ing.
The Luxury Market All New York City Co-Ops & Condos Over $10M
Closed Sales Count, Average Sales Price & Highest Sales Price
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
109
43
28
39
34
28
30
28
68
Average Sales Price
$16.94M
$24.01M
$32.76M
$18.01M
$30.02M
$32.62M
$18.58M
$16.80M
$20.30M
Highest Sales Price
$51.55M
$65.75M
$92.74M
$52.19M
$99.90M
$99.90M
$65.59M
$41.00M
$82.50M
# of Closed Sales
The luxury market above $10M more than doubled in the number of properties sold from the previous quarter, with 28 in Q1 2021 and 68 in Q2 2021, but is still 37% less than Q2 2019. Additionally, the average price in this segment of the market rose by 21% from $16.80M to $20.30M over prior quarter. The highest recorded sale in Q2 2021 was $82.50M.
s ot h ebys r ea lty.c o m
Average Sales Price vs. # of Closed Sales 120
$40,000,000 $35,000,000
100
$30,000,000 80
$25,000,000
60
$20,000,000 $15,000,000
40
$10,000,000 20
$5,000,000 $0
-
Q1:19
Q2:19
Q3:19
Q4:19
Q1:20
# of Closed Sales
Q2:20
Q3:20
Q4:20
Q1:21
Q2:21
Average Sales Price The Luxury Market
/ New York City Q2 Market Update
9
Condos {Q2 | 2021}
manhattan
The 1,947 closed condo sales this quarter reflected a 175% increase in the number of sold units compared to the 709 condo sales in Q2 2020 and a 17% increase as compared to Q2 2019. The average sales price increased 7% year-overyear to $2.73M this quarter. The median sales price increased by 1% to $1.67M compared to $1.65M in Q2 2020. The average price per square foot increased slightly to $1,939/sf compared to $1,935/sf in Q2 2020 but is still almost 8% below 2019 levels.
1,947 Closed Sales
175
%
Change in Closed Sales {2021 vs. 2020}
2.73M
$
Average Sales Price
7
%
Change in Average Sale Price {2021 vs. 2020}
14 East 4th Street, PH1126
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}
170%
1%
-2%
-3%
2Q:21
1,490
$1.42M
$1.26M
$1,376
2Q:20
552
$1.41M
$1.29M
$1,422
{2021 v 2020}
178%
2%
0%
-2%
2Q:21
398
$4.97M
$4.35M
$2,123
2Q:20
143
$4.86M
$4.35M
$2,169
{2021 v 2020}
324%
-14%
-18%
-10%
2Q:21
59
$20.37M
$13.63M
$4,562
2Q:20
14
$23.62M
$16.68M
$5,089
{2021 v 2020}
175%
7%
1%
0%
2Q:21
1,947
$2.73M
$1.67M
$1,939
2Q:20
709
$2.54M
$1.65M
$1,935
UNDER
$3 Million
BETWEEN
$3 - 10 Million
ABOVE
$10 Million
ALL
Price Points
Condos
/ New York City Q2 Market Update
11
Co-Ops {Q2 | 2021}
manhattan
The 1,881 closed Co-Op sales this quarter reflected a 91% increase in the number of sold units compared to the 985 Co-Op sales in Q2 2020 and a 10% increase as compared to Q2 2019. The average sales price increased by 7% year-over-year to $1.28M in Q2 2021 from $1.20M in Q2 2020. However, the median sales price fell 11% to $760K compared to $850K in Q2 2020 and $840K in Q2 2019.
1,881 Closed Sales
91
%
Change in Closed Sales {2021 v 202o}
1.28M
$
Average Sales Price
7
%
Change in Average Sales Price {2021 v 202o}
930 Fifth Avenue, 6D
Number of Closed Sales
Average / Median Sales Price
2,000
$1,600,000
1,800
$1,400,000
1,600
$1,200,000
1,400 $1,000,000 1,200 $800,000
1,000 800
$600,000
600
$400,000
400
$200,000
200
$0
-
Average Sales Price
Median Sales Price
Number of Closed Sales
Average Sales Price
Median Sales Price
{2021 v 2020}
87%
2%
3%
2Q:21
1,756
$982K
$769K
2Q:20
937
$965K
$745K
{2021 v 2020}
163%
0.2%
7%
2Q:21
116
$4.48M
$4.06M
2Q:20
44
$4.49M
$3.79M
{2021 v 2020}
117%
-2%
8%
2Q:21
9
$19.81M
$14.50M
2Q:20
4
$20.20M
$13.41M
{2021 v 2020}
91%
7%
-11%
2Q:21
1,881
$1.28M
$760K
2Q:20
985
$1.20M
$850K
UNDER
$3 Million
BETWEEN
$3 - 10 Million
ABOVE
$10 Million
ALL
Price Points
Co-Ops
/ New York City Q2 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
Q2 2021
Q2 2020
% Change
Closed Sales
302
90
236%
Average Sales Price
$2.78M
$1.83M
52%
Median Sales Price
$1.60M
$1.47M
9%
Q2 2021
Q2 2020
% Change
521
280
86%
Average Sales Price
$1.60M
$1.50M
7%
Median Sales Price
$970K
$900K
8%
COOPS Closed Sales
Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS) CONDOS
Q2 2021
Q2 2020
% Change
Closed Sales
328
169
94%
Average Sales Price
$4.29M
$3.78M
13%
Median Sales Price
$1.78M
$2.35M
-24%
Q2 2021
Q2 2020
% Change
404
208
94%
Average Sales Price
$1.43M
$1.42M
1%
Median Sales Price
$900K
$897K
0.3%
COOPS Closed Sales
Midtown | north of 34th Street and south of 57th Street CONDOS
Q2 2021
Q2 2020
% Change
Closed Sales
230
119
93%
Average Sales Price
$1.32M
$1.43M
-8%
Median Sales Price
$999K
$1.11M
-10%
Q2 2021
Q2 2020
% Change
252
128
97%
Average Sales Price
$808K
$753K
7%
Median Sales Price
$635K
$631K
1%
COOPS Closed Sales
Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side CONDOS
Q2 2021
Q2 2020
% Change
Closed Sales
145
64
126%
Average Sales Price
$1.17M
$852K
37%
Median Sales Price
$958K
$746K
28%
Q2 2021
Q2 2020
% Change
162
85
91%
Average Sales Price
$604K
$566K
7%
Median Sales Price
$538K
$500K
8%
COOPS Closed Sales
Neighborhood Highlights
/ New York City Q2 Market Update
15
new york city
Neighborhood Highlights Downtown | South of 34th Street through TriBeCa CONDOS
Q2 2021
Q2 2020
% Change
Closed Sales
748
225
232%
Average Sales Price
$3.06M
$3.24M
-5%
Median Sales Price
$2.29M
$2.22M
3%
Q2 2021
Q2 2020
% Change
531
269
97%
Average Sales Price
$1.30M
$1.14M
14%
Median Sales Price
$935K
$820K
14%
COOPS Closed Sales
Financial District / Battery Park CONDOS
Q2 2021
Q2 2020
% Change
Closed Sales
194
42
362%
Average Sales Price
$1.51M
$1.13M
34%
Median Sales Price
$1.09M
$899K
21%
Q2 2021
Q2 2020
% Change
12
15
-23%
Average Sales Price
$881K
$1.00M
-12%
Median Sales Price
$800K
$720K
11%
COOPS Closed Sales
Total Number of Sales by Neighborhood 1,600
Uptown
1,400 1,200
Upper East Side
1,000
Midtown
800
FiDi / Battery Park
600
Upper West Side
400
Downtown
200 0
Q1:19
Q2:19
Q3:19
Q4:19
Q1:20
Q2:20
Q3:20
Q4:20
Q1:21
Q2:21
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 $1,500,000
FiDi / Battery Park
$1,000,000
Upper West Side
$500,000
Downtown
$0
Q1:19
Q2:19
Q3:19
Q4:19
Q1:20
Q2:20
Q3:20
Q4:20
Neighborhood Highlights
Q1:21
Q2:21
/ New York City Q2 Market Update
17
Current Offerings 4 1 K I N G ST R E E T Hudson Square | Coming Soon
THE STEIN TEAM Select Current Offerings
7 3 0 PA R K AV E N U E , 7/ 8 B Lenox Hill | $15,250,000
1 8 8 S U L L I VA N ST R E E T Greenwich Village | $8,950,000
8 2 5 F I F T H AV E N U E , 9 B C Lenox Hill | $7,995,000
1 1 2 G R E E N E ST R E E T, 4 T H F LO O R SoHo | $4,300,000
7
Select Sales 1 7 0 E A ST 7 8 T H ST R E E T, 7 A / 6 B Lenox Hill | Sold Price $2,075,000
THE STEIN TEAM Select Sales
1 2 2 0 PA R K AV E N U E , 1 0 C / 1 1 C Carnegie Hill | Sold Price $5,137,500
1 3 2 G R E E N E ST R E E T, 3 F SoHo | Sold Price $2,700,000
5 6 5 B R OA D WAY, 5 E SoHo | Sold Price: $2,350,000
5 2 1 PA R K AV E N U E , 1 2 A Lenox Hill | Sold Price $1,995,000
9
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.