Q1 2023 Report

Vannessa Kaufman RE Featured listing

444 East 57th Street, 12F NewYork,NY

This dignified home is in perfect condition offering classic amenities of upscale living. The entire apartment is perfectly appointed with hardwood floors, crown moldings, coffered ceilings, a thoughtful floor plan, and bright spacious rooms including four bedrooms and four and a half baths.

The foyer is grand and welcoming serving as an access point to all of the main rooms with public rooms to the left and bedrooms to the right.

The living room is especially large and sunny with south facing windows. The kitchen is arranged ideally for a bustling lifestyle. The six-burner range, stacked ovens, center island, and ample storage space make cooking a dream. The kitchen dining nook allowing for seating of six to eight is convenient and might become the favorite hangout spot! Located conveniently between the kitchen and formal dining room is a butler’s pantry equipped with an additional dish washer and a wine cooler, perfect for entertaining.

Each bedroom has an en-suite or Jack-and-Jill bathroom. Additional closets were added to most of the bedrooms for ample storage space. The primary bedroom is especially comfortable with a brand-new bathroom that includes a soaking tub, separate shower, and marble details.

444 E 57th is a prestigious pre-war condominium offering white glove service on one of the most picturesque blocks in Sutton Place. Some amenities include a 24-hour elevator operator, a full-time doorman, resident manager, a bike room, and a lovely terrace on the first floor. The building is pet friendly, allows rentals, pieds-a-terre, and flexible financing.

112W18PH6A.com

Market Overview {Q1 | 2023}

In comparison to Q1 2022, in Q1 2023, the number of transactions dropped 38% market-wide, with the $3M-$10M market having the most sizeable drop, being down 47%. The over $10M market had a significant drop in number of closed sales as well, falling 41%. However, the average sales price for the over $10M market increased by 35%.

2,492 Closed Sales

-38% Change in Closed Sales {2023 v 2022}

$1.94M Average Sales Price

Closed sales reflect market active 4-6 months prior due to the protracted closing period in NYC.

Comparing Y-O-Y may be misleading as the NYC real estate market was still very actively recovering from the Covid slow done in 1Q 2022.

-4% Change in Average Sales Price {2023 v 2022}

manhattan

Number of Closed Sales vs. Inventory

Average / Median Sales Price

Number of Closed Sales Average Sales Price Median Sales Price

Inventory

All New York City

109

216 419

$20 Million and Above

$10 - 20 Million

$6 - 10 Million

$4 - 6 Million

$2 - 4 Million

$1 - 2 Million

Under $1 Million TOTAL

CONDOS & CO-OPS

The historic absorption range of equilibrium for the New York City market area is 6-8 months. We ended Q1 2023 with 6,120 active units on the market. The absorption rate of active inventory was 6.8 months in Q1 2023. This statistic means that it would take 6.8 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 7 months to absorb the current inventory priced below $2M, less than 12 months for inventory priced between $2M-$6M, over 17 months for inventory priced between $6M-20M, and nearly 2 years to absorb properties priced above $20M given the current inventory in Manhattan.

Absorption Line of Equilibrium 32.6% 24.9% 21.7% 8.6% 6.8% 3.5% 1.8% 0 5 10 15 20 25 Under $1M $1-2M $2-4M 4-6M 6-10M 10-20M $20M+

Average Days on Market vs. Listing Discount

The Luxury Market

Closed Sales Count, Average Sales Price & Highest Sales Price

Average Sales Price vs. # of Closed Sales

Condos

In Q1 2023, 1,058 condominium transactions closed representing a 44% decrease from 2022. Condominiums priced between $3M-$10M saw the biggest decrease in number of closed sales at 49%. As compared to Q1 2022, the average sales price of condominiums increased 7%, and the average price per square foot increased 10%.

1,058 Closed Sales

-44% Change in Closed Sales {2023 vs. 2022}

$2.95M Average Sales Price

7% Change in Average Sale Price {2023 vs. 2022}

Number of Closed Sales

Average / Median Sales Price

Number of Closed Sales Average Sales Price Median Sales Price Average Price/Sq. Ft.

Co-Ops

The 1,434 closed co-op transactions in Q1 2023 represented a 33% decrease in number of sales compared to Q1 2022. The most significant drop was seen for co-ops priced above $10M, with the number of sales decreasing 69% compared to Q1 2022. However, the average and median prices in this sector each increased by 27% and 15% respectively, versus the entire co-op market, which saw average sales prices decline by 12%.

1,434 Closed Sales

-33%

Change in Closed Sales {2023 v 2022}

$1.19M

Average Sales Price

-12%

Change in Average Sales Price {2023 v 2022}

Number of Closed Sales

Average / Median Sales Price

Number of Closed Sales Average Sales Price Median Sales Price

Neighborhood Highlights

Upper East Side | north of 58th street and south of 96th Street, Fifth Avenue to East End Avenue

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

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

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

Neighborhood Highlights

Downtown | South of 34th Street through TriBeCa

Financial District / Battery Park

Total Number of Sales by Neighborhood

Average Sales Price by Neighborhood