In comparison to Q4 2021, in Q4 2022, the number of transactions dropped 24% market-wide, with the $3M-$10M market having the most sizeable drop, being down 32%. Although the $3M-$10M market had the largest drop in number of sales, the average sales price increased by 2%, versus the entire market, which saw average sales prices decline by 5%.
$2,500,000
10,000
8,000
6,000
4,000
2,000
-
UNDER $3 Million
BETWEEN $3 - 10 Million
OVER $10 Million
ALL Price Points
$1,500,000
$1,000,000
12,000 $-
$500,000
Average Sales Price Median Sales Price
Number of Closed Sales Average Sales Price Median Sales Price
{2022 v 2021} -23% -3% -3%
4Q:22 2,589 $1.14M $950K 4Q:21 3,377 $1.18M $983K
{2022 v 2021} -32% 2% 0%
4Q:22 396 $4.96M $4.40M 4Q:21 582 $4.88M $4.39M
{2022 v 2021} -18% -16% -22%
4Q:22 59 $18.89M $13.50M
4Q:21 72 $22.57M $17.32M
{2022 v 2021} -24% -5% -8%
4Q:22 3,044 $1.99M $1.11M 4Q:21 4,031 $2.10M $1.20M
$2,000,000 5
All New York City
117 241 455 566 1,327 1,594 2,205 6,505
$20 Million and Above $10 - 20 Million $6 - 10 Million $4 - 6 Million $2 - 4 Million $1 - 2 Million Under $1 Million TOTAL
The historic absorption range of equilibrium for the New York City market area is 6-8 months. We ended Q4 2022 with 6,505 active units on the market. The absorption rate of active inventory was 5.4 months in Q4 2022. This statistic means that it would take 5.4 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 $2M, less than 12 months for inventory priced between $2M-$6M, over 15 months for inventory priced between $6M-20M, and nearly 2 years to absorb properties priced above $20M given the current inventory in Manhattan.
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.
All New York City
All New York City Co-Ops & Condos Over $10M
#
Average Sales Price $18.58M $16.80M $17.50M $18.38M $22.57M $14.41M $19.51M $18.52M $18.89M
Highest Sales Price $65.59M $41.00M $82.50M $66.00M $188M $46.96M $101M $75.89M $72.00M
Sales in the luxury price sector, above $10M, decreased by 21% compared to last quarter. However, the average sales price in this sector is higher than Q3 2022.
{Q4 | 2022} manhattan
In Q4 2022, 1,370 condominium transactions closed representing a 32% decrease from 2021. As compared to Q4 2021, the average sales prices in the condominium sector decreased 2%.
2,500
$3,500,000
2,000
1,500
1,000
500
UNDER $3 Million
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
Average Sales Price Median Sales Price -
Number of Closed Sales Average Sales Price Median Sales Price Average Price/Sq. Ft.
{2022 v 2021} -32% -1% -3% 4% 4Q:22 1,040 $1.43M $1.28M $1,504 4Q:21 1,523 $1.44M $1.32M $1,453
BETWEEN $3 - 10 Million
{2022 v 2021} -36% 1% 1% 3% 4Q:22 282 $4.98M $4.47M $2,260 4Q:21 442 $4.91M $4.41M $2,205 ABOVE $10 Million
{2022 v 2021} -21% -15% -22% -9% 4Q:22 48 $19.93M $13.50M $4,526 4Q:21 61 $23.58M $17.36M $4,972
{2022 v 2021} -32% -2% -5% 1%
ALL Price Points
4Q:22 1,370 $2.81M $1.63M $2,114 4Q:21 2,026 $2.86M $1.70M $2,084
$3,000,000 11
The 1,674 closed coop transactions in Q4 2022 represented a 17% decrease in number of sales compared to Q4 2021. However, for co-ops priced specifically between $3M-$10M, average and median prices each increased by 3%, versus the entire co-op market, which saw average sales prices decline by 1%.
3,000
$1,600,000
2,500
2,000
1,500
1,000
500
UNDER $3 Million
BETWEEN $3 - 10 Million
ABOVE $10 Million
ALL Price Points
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
Average Sales Price Median Sales Price -
Number of Closed Sales Average Sales Price Median Sales Price
{2022 v 2021} -16% -2% 0%
4Q:22 1,549 $953K $750K 4Q:21 1,854 $970K $751K
{2022 v 2021} -19% 3% 3%
4Q:22 114 $4.93M $4.33M 4Q:21 140 $4.80M $4.20M
{2022 v 2021} 0% -16% -18%
4Q:22 11 $14.33M $12.38M 4Q:21 11 $16.98M $15.00M
{2022 v 2021} -17% -1% -2%
4Q:22 1,674 $1.31M $803K 4Q:21 2,005 $1.33M $820K
$1,400,000 13
Upper East Side | north of 58th street and south of 96th Street, Fifth Avenue to East End Avenue
CONDOS Q4 2022 Q4 2021 % Change
Closed Sales 199 265 -25%
Average Sales Price $3.50M $2.64M 33% Median Sales Price $2.00M $1.70M 18%
COOPS Q4 2022 Q4 2021 % Change
Closed Sales 461 618 -25%
Average Sales Price $1.70M $1.68M 1% Median Sales Price $950K $961K -1%
Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS)
CONDOS Q4 2022 Q4 2021 % Change
Closed Sales 222 340 -35%
Average Sales Price $4.79M $3.78M 26%
Median Sales Price $1.95M $1.95M 0%
COOPS Q4 2022 Q4 2021 % Change
Closed Sales 294 356 -18%
Average Sales Price $1.30M $1.60M -19%
Median Sales Price $900K $992K -9%
| north of 34th Street and south of 57th Street
CONDOS Q4 2022 Q4 2021 % Change
Closed Sales 265 275 -4%
Average Sales Price $1.47M $1.61M -9% Median Sales Price $1.22M $1.19M 2%
COOPS Q4 2022 Q4 2021 % Change
Closed Sales 214 280 -24%
Average Sales Price $688K $818K -16% Median Sales Price $538K $615K -13%
Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side
CONDOS Q4 2022 Q4 2021 % Change
Closed Sales 97 153 -36%
Average Sales Price $972K $1.23M -21%
Median Sales Price $840K $999K -16%
COOPS Q4 2022 Q4 2021 % Change
Closed Sales 163 174 -6%
Average Sales Price $587K $547K 7% Median Sales Price $499K $452K 10%
Downtown | South of 34th Street through TriBeCa
CONDOS Q4 2022 Q4 2021 % Change
Closed Sales 490 787 -38%
Average Sales Price $2.85M $3.61M -21%
Median Sales Price $2.13M $2.30M -8%
COOPS Q4 2022 Q4 2021 % Change
Closed Sales 507 550 -8%
Average Sales Price $1.44M $1.27M 14%
Median Sales Price $925K $870K 6%
CONDOS Q4 2022 Q4 2021 % Change
Closed Sales 97 206 -53%
Average Sales Price $2.12M $1.69M 26%
Median Sales Price $1.39M $1.29M 7%
COOPS Q4 2022 Q4 2021 % Change
Closed Sales 35 27 31%
Average Sales Price $1.59M $928K 72%
Median Sales Price $1.29M $850K 51%
800 1,000 1,200 1,400 1,600
600
400
200
0
Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 Q4:22
Uptown Upper East Side Midtown FiDi / Battery Park Upper West Side Downtown
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 Q4:22
Uptown Upper East Side Midtown FiDi / Battery Park Upper West Side Downtown
DOWNTOWN
Diane Levine, Executive Vice President of Sales - NYC
149 Fifth Avenue, 4th Floor | New York, NY 10010 | 212.431.2440
EAST SIDE MANHATTAN BROKERAGE
Marissa Ghesquiere, Executive Vice President of Sales - NYC 650 Madison Avenue | New York, NY 10022 | 212.606.7660
Back cover feature property: 1 Central Park South, PH2011 © 2023 Sotheby’s International Realty. All Rights Reserved. Figures in this report are based on publicly reported closed sales information via the Automated City Register Information System (ACRIS) and Property Shark, an independent research firm. 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. Since all final closed data for the current quarter had not been reported at the time this report was compiled, the available closed data was extrapolated i0n an attempt to approximate full results for the current quarter. Actual results may materially vary from the approximated results. 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.