Q1 2022 New York City Market Update

THE STEIN TEAM New York City Q1 2022 Market Update

1

435 EAST 52ND STREET, 8/9C

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

79 LAIGHT STREET, 5D

“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

350 West Broadway, 8

Market Overview {Q1 | 2022}

manhattan

In comparison to Q1 2021, the market in Q1 2022, soared, with the number of transactions up 36% market-wide, driven largely by an 86% increase in the $3M-$10M market and a whopping 172% increase in the luxury sector, over $10M. Average sales prices increased 17% yearover-year, after a steady five year decline.

The $2.01M average sales price is down 4% as compared to Q4 2021 and the number of transactions are down almost 10% from 4,047 compared to last quarter.

3,664 Closed Sales

36

%

Change in Closed Sales {2022 v 2021}

2.01M

$

Average Sales Price

17

%

Change in Average Sales Price {2022 v 2021}

Number of Closed Sales vs. Inventory

Average / Median Sales Price

12,000

$2,500,000

10,000

$2,000,000

8,000

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

{2022 v 2021}

28%

2%

-2%

1Q:22

3,024

$1.17M

$944K

1Q:21

2,363

$1.15M

$965K

{2022 v 2021}

86%

3%

4%

1Q:22

564

$4.83M

$4.30M

1Q:21

303

$4.70M

$4.15M

{2022 v 2021}

172%

-14%

-24%

1Q:22

76

$14.40M

$12.75M

1Q:21

28

$16.80M

$16.86M

{2022 v 2021}

36%

17%

9%

1Q:22

3,664

$2.01M

$1.20M

1Q:21

2,694

$1.71M

$1.10M

UNDER

$3 Million

BETWEEN

$3 - 10 Million

OVER

$10 Million

ALL

Price Points

Overview

/ New York City Q1 Market Update

5

Inventory All New York City

3.4% 1.7%

Number of Active Listings

6.0%

7.7% 38.5%

19.1%

101 202 356 458 1,136 1,413 2,295 5,961

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

23.7%

CONDOS & CO-OPS The historic absorption range of equilibrium for the New York City market area is 6-8 months. We ended Q1 2022 with 5,961 active units on the market. The absorption rate of active inventory was 7.5 months in Q1 2022. This statistic means that it would take 7.5 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 about 18 months to absorb properties priced above $20M given the current inventory in Manhattan.

20 18

Absorption Rate

16 14 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

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

138

152

154

139

152

159

123

117

107

-5.7%

-5.8%

-6.8%

-7.3%

-7.1%

-6.2%

-5.4%

-5.3%

-5.0%

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%

Q1:20

Q2:20

Q4:20

Q4:20

Listing Discount

Q1:21

Q2:21

Q3:21

Q4:21

1Q:22

Average Days on Market

Overview

/ New York City Q1 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 among the bright lights 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

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

39

34

28

30

28

77

87

72

76

Average Sales Price

$18.01M

$30.02M

$32.62M

$18.58M

$16.80M

$17.50M

$18.38M

$22.57M

$14.40M

Highest Sales Price

$52.19M

$99.90M

$99.90M

$65.59M

$41.00M

$82.50M

$66.00M $188.00M $46.96M

# of Closed Sales

Sales in the luxury price sector, above $10M, increased by 5.5% compared to last quarter. However, in comparison to Q1 2020 and Q1 2021, sales are up 95% and 172% respectively, indicating a significant uptick in confidence 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

Q1:20

Q2:20

Q3:20

Q4:20

# of Closed Sales

Q1:21

Q2:21

Q3:21

Q4:21

1Q:22

Average Sales Price The Luxury Market

/ New York City Q1 Market Update

9

Condos {Q1 | 2022}

manhattan

1,665 condominium transactions closed in Q1 2022 representing a 32% increase from 2021. As compared to Q1 2021, the average and median sales prices in the condominium sector increased 21% and 20% respectively.

Price per square foot rose 17% above 2021 levels to $1,989.

1,665 Closed Sales

32

%

Change in Closed Sales {2022 vs. 2021}

2.80M

$

Average Sales Price

21

%

Change in Average Sale Price {2022 vs. 2021}

235 West 75th Street, 305

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

-

Q1:20 Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 1Q:22

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

Average Price/Sq. Ft.

{2022 v 2021}

19%

5%

6%

12%

1Q:22

1,197

$1.45M

$1.31M

$1,490

1Q:21

1,002

$1.38M

$1.24M

$1,332

{2022 v 2021}

73%

2%

4%

5%

1Q:22

404

$4.88M

$4.40M

$2,142

1Q:21

233

$4.78M

$4.23M

$2,049

{2022 v 2021}

167%

-14%

-24%

13%

1Q:22

64

$14.72M

$12.83M

$3,731

1Q:21

24

$17.21M

$16.92M

$3,312

{2022 v 2021}

32%

21%

20%

17%

1Q:22

1,665

$2.80M

$1.83M

$1,989

1Q:21

1,259

$2.31M

$1.53M

$1,704

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Condos

/ New York City Q1 Market Update

11

Co-Ops {Q1 | 2022}

manhattan

The 1,999 closed co-op transactions in Q1 2022 represented a 39% increase in number of sales from Q1 2021. The average and median sales prices ticked up at 14% and 3% respectively. For co-ops above $10M, average and median prices dropped 12% and 15% respectively, and the $3M-$10M segment was the most active with 129% growth year-over-year.

1,999 Closed Sales

39

%

Change in Closed Sales {2022 v 2021}

1.36M

151 East 58th Street, PH55W

$

Average Sales Price 151 East 58th Street, PH55W

14

%

Change in Average Sales Price {2022 v 2021}

2109 Broadway, 1718

Number of Closed Sales

Average / Median Sales Price

3,000 $1,600,000 2,500

$1,400,000 $1,200,000

2,000

$1,000,000 1,500 $800,000 $600,000

1,000

$400,000 500 $200,000 -

$0

Q1:20 Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 1Q:22

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2022 v 2021}

34%

1%

-1%

1Q:22

1,827

$990K

$765K

1Q:21

1,361

$984K

$770K

{2022 v 2021}

129%

6%

9%

1Q:22

160

$4.71M

$4.11M

1Q:21

70

$4.43M

$3.78M

{2022 v 2021}

201%

-12%

-15%

1Q:22

12

$12.68M

$12.25M

1Q:21

4

$14.33M

$14.49M

{2022 v 2021}

39%

14%

3%

1Q:22

1,999

$1.36M

$828K

1Q:21

1,435

$1.19M

$805K

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Co-Ops

/ New York City Q1 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

Q1 2022

Q1 2021

% Change

Closed Sales

238

176

35%

Average Sales Price

$2.71M

$2.40M

13%

Median Sales Price

$1.65M

$1.55M

6%

Q1 2022

Q1 2021

% Change

537

403

33%

Average Sales Price

$1.73M

$1.41M

23%

Median Sales Price

$955K

$995K

-4%

COOPS Closed Sales

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

Q1 2022

Q1 2021

% Change

Closed Sales

270

227

19%

Average Sales Price

$3.57M

$1.98M

81%

Median Sales Price

$2.20M

$1.30M

69%

Q1 2022

Q1 2021

% Change

437

307

42%

Average Sales Price

$1.53M

$1.34M

14%

Median Sales Price

$950K

$970K

-2%

COOPS Closed Sales

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

Q1 2022

Q1 2021

% Change

Closed Sales

234

166

41%

Average Sales Price

$1.52M

$1.54M

-1%

Median Sales Price

$1.24M

$1.09M

13%

Q1 2022

Q1 2021

% Change

311

179

74%

Average Sales Price

$845K

$760K

11%

Median Sales Price

$619K

$599K

3%

COOPS Closed Sales

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

Q1 2022

Q1 2021

% Change

Closed Sales

131

103

27%

Average Sales Price

$977K

$1.09M

-11%

Median Sales Price

$815K

$950K

-14%

Q1 2022

Q1 2021

% Change

150

116

29%

Average Sales Price

$661K

$630K

5%

Median Sales Price

$577K

$575K

0%

COOPS Closed Sales

Neighborhood Highlights

/ New York City Q1 Market Update

15

new york city

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

Q1 2022

Q1 2021

% Change

Closed Sales

653

448

46%

Average Sales Price

$3.57M

$3.26M

9%

Median Sales Price

$2.63M

$2.26M

16%

Q1 2022

Q1 2021

% Change

550

414

33%

Average Sales Price

$1.36M

$1.22M

11%

Median Sales Price

$908K

$877K

3%

COOPS Closed Sales

Financial District / Battery Park CONDOS

Q1 2022

Q1 2021

% Change

Closed Sales

139

139

0%

Average Sales Price

$1.63M

$1.54M

6%

Median Sales Price

$1.13M

$1.22M

-7%

Q1 2022

Q1 2021

% Change

13

16

-16%

Average Sales Price

$783K

$786K

0%

Median Sales Price

$704K

$768K

-8%

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

Q1:20

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Q3:21

Q4:21

1Q:22

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

Q1:20

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Q3:21

Neighborhood Highlights

Q4:21

1Q:22

/ New York City Q1 Market Update

17

Current Offerings 4 0 W E ST 1 1 t h ST R E E T Greenwich Village | $11,495,000

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

147 W E ST 1 5 t h ST R E E T, P H Chelsea | $6,600,000

7 E A ST 1 7 t h ST R E E T, 4 S Flatiron | $3,995,000

7 0 E A ST 9 6 t h ST R E E T, 14 C Carnegie Hill | $1,495,000

7

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

THE STEIN TEAM Select Sales

5 5 0 PA R K AV E N U E Lenox Hill | Closed for $8,750,000

147 W E ST 1 5 t h ST R E E T Chelsea | Closed for $8,100,000

47 5 B R OA D WAY SoHo | Closed for $3,550,000

4 2 5 W E ST 5 0 t h ST R E E T Midtown West | Closed for $3,339,000

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.