Q2 2022 Report

Q2 | 2022

New York City

Market Update

49 Chambers Street, PHB

1

All New York City

Luxury Market

04 Market Overview

09 Luxury Market

05 Market Snapshot | All Areas 06 Inventory | Absorption Rate 07 Days on Market | Listing Discount

Ownership Type Analysis

Neighborhood Analysis

10 Condos

14 Upper East Side

12 Co-ops

14 Upper West Side 15 Midtown 15 Uptown 16 Downtown 16 FiDi | Battery Park 17 Total Sales 17 Average Sales Price

3

150 Waverly Place

Market Overview {Q2 | 2022}

manhattan

In comparison to Q2 2021, in Q2 2022, the number of transactions rose 9% market-wide, with the $3M-$10M market having the most sizeable jump, up 16%.

The growth pace of market-wide average sales prices is stabilizing, showing a 3% increase year-over-year, driven by the over $10M market. The $2.07M average sales price is similarly paced as compared to Q1 2022, which had an increase just under 3%. The number of transactions are up over 13% from 4,033 last quarter.

4,585 Closed Sales

9

%

Change in Closed Sales {2022 v 2021}

2.07M

$

Average Sales Price

3

%

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 $1,500,000 6,000 $1,000,000 4,000 $500,000 2,000 $-

# of of Closed ClosedSales Sales

Inventory Inventory

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2022 v 2021}

8%

1%

-1%

2Q:22

3,824

$1.20M

$985K

2Q:21

3,541

$1.18M

$990K

{2022 v 2021}

16%

-2%

-4%

2Q:22

674

$4.84M

$4.21M

2Q:21

579

$4.95M

$4.40M

{2022 v 2021}

12%

8%

3%

2Q:22

87

$18.97M

$14.35M

2Q:21

77

$17.50M

$14.00M

{2022 v 2021}

9%

3%

4%

2Q:22

4,585

$2.07M

$1.25M

2Q:21

4,197

$2.00M

$1.20M

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

3.1% 1.6%

Number of Active Listings

5.9%

7.5% 36.8%

19.4%

120 232 441 565 1,459 1,933 2,764 7,514

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

25.7%

CONDOS & CO-OPS The historic absorption range of equilibrium for the New York City market area is 6-8 months. We ended Q2 2022 with 7,514 active units on the market. The absorption rate of active inventory was 5.2 months in Q2 2022. This statistic means that it would take 5.2 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.

25

20

Absorption Rate Absorption

15

Line of Equilibrium 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 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

152

154

139

152

159

123

117

112

109

-5.8%

-6.8%

-7.3%

-7.1%

-6.2%

-5.4%

-5.3%

-5.0%

-5.1%

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%

Q2:20

Q4:20

Q4:20

Q1:21

Listing Discount

Q2:21

Q3:21

Q4:21

1Q:22

2Q:22

Average Days on Market

Overview

/ New York City Q2 Market Update

7

2 8 8 W E STST P H .C O M

Nothing compares.

S OT H E B YS R E A LT Y.C O M / N YC

Feature Property: 288 West Street, PH, New York, NY © 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 along the water 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

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

34

28

30

28

77

87

72

85

87

Average Sales Price

30.02M

$32.62M

$18.58M

$16.80M

$17.50M

$18.38M

$22.57M

$14.40M

$18.97M

Highest Sales Price

$99.90M

$99.90M

$65.59M

$41.00M

$82.50M

$66.00M $188.00M

$46.96M

$70.50M

# of Closed Sales

Sales in the luxury price sector, above $10M, increased by 2.4% compared to last quarter. However, in comparison to Q2 2021, sales are up 13%, indicating a continued uptick in confidence in this sector.

s ot h ebys r ea lty.c o m

Average Sales Price vs. # of Closed Sales $35,000,000

100 90

$30,000,000

80

$25,000,000

70 60

$20,000,000

50 $15,000,000

40 30

$10,000,000

20

$5,000,000

10 -

$0

Q2:20

Q3:20

Q4:20

Q1:21

# of Closed Sales

Q2:21

Q3:21

Q4:21

1Q:22

2Q:22

Average Sales Price The Luxury Market

/ New York City Q2 Market Update

9

Condos {Q2 | 2022}

manhattan

2,123 condominium transactions closed in Q2 2022 representing a 1% increase from 2021. As compared to Q2 2021, the average and median sales prices in the condominium sector increased 8% and 10% respectively. Price per square foot rose 8% above 2021 levels to $2,086.

2,123 Closed Sales

1

%

Change in Closed Sales {2022 vs. 2021}

2.91M

$

Average Sales Price

8

%

Change in Average Sale Price {2022 vs. 2021}

51 Warren Street, 3W

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 $500,000

500

$0

-

Average Sales Price

Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 1Q:22 2Q:22

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

Average Price/Sq. Ft.

{2022 v 2021}

-3%

5%

12%

7%

2Q:22

1,556

$1.50M

$1.43M

$1,493

2Q:21

1,603

$1.43M

$1.28M

$1,396

{2022 v 2021}

15%

-2%

-4%

3%

2Q:22

498

$4.93M

$4.28M

$2,240

2Q:21

434

$5.05M

$4.45M

$2,174

{2022 v 2021}

1%

14%

9%

12%

2Q:22

69

$20.30M

$15.10M

$4,561

2Q:21

68

$17.85M

$13.81M

$4,065

{2022 v 2021}

1%

8%

10%

8%

2Q:22

2,123

$2.91M

$1.85M

$2,086

2Q:21

2,105

$2.70M

$1.68M

$1,933

UNDER

$3 Million

BETWEEN

$3 - 10 Million

ABOVE

$10 Million

ALL

Price Points

Condos

/ New York City Q2 Market Update

11

Co-Ops {Q2 | 2022}

manhattan

The 2,463 closed co-op transactions in Q2 2022 represented an 18% increase in number of sales compared to Q2 2021. The average and median sales prices ticked up at 4% and 3% respectively. For co-ops above $10M, average and median prices dropped 7% and 22% respectively.

The price adjustment in the above $10M sector lead to a 99% increase in transactions, doubling the number of transactions year-over-year.

2,463 18% Closed Sales

Change in Closed Sales {2022 v 2021}

1.35M

151 East 58th Street, PH55W

$

Average Sales Price 151 East 58th Street, PH55W

4

%

Change in Average Sales Price {2022 v 2021}

105 Fifth Avenue, 5AB

Number of Closed Sales

Average / Median Sales Price $1,600,000

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 $200,000

500

$0 -

Q2:20 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 1Q:22 2Q:22

Average Sales Price

Median Sales Price

Number of Closed Sales

Average Sales Price

Median Sales Price

{2022 v 2021}

17%

1%

2%

2Q:22

2,269

$995K

$785K

2Q:21

1,938

$985K

$770K

{2022 v 2021}

21%

-1%

-5%

2Q:22

176

$4.61M

$3.95M

2Q:21

145

$4.64M

$4.18M

{2022 v 2021}

99%

-7%

-22%

2Q:22

18

$13.85M

$11.25M

2Q:21

9

$14.87M

$14.50M

{2022 v 2021}

18%

4%

3%

2Q:22

2,463

$1.35M

$850K

2Q:21

2,092

$1.30M

$825K

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 2022

Q2 2021

% Change

Closed Sales

282

315

-11%

Average Sales Price

$3.83M

$3.03M

26%

Median Sales Price

$1.95M

$1.68M

16%

Q2 2022

Q2 2021

% Change

685

588

16%

Average Sales Price

$1.77M

$1.53M

15%

Median Sales Price

$1.08M

$917K

17%

COOPS Closed Sales

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

Q2 2022

Q2 2021

% Change

Closed Sales

328

349

-6%

Average Sales Price

$3.70M

$3.72M

0%

Median Sales Price

$2.07M

$1.70M

22%

Q2 2022

Q2 2021

% Change

532

427

25%

Average Sales Price

$1.41M

$1.45M

-3%

Median Sales Price

$875K

$965K

-9%

COOPS Closed Sales

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

Q2 2022

Q2 2021

% Change

Closed Sales

307

253

21%

Average Sales Price

$2.44M

$1.33M

84%

Median Sales Price

$1.30M

$1.02M

27%

Q2 2022

Q2 2021

% Change

358

295

21%

Average Sales Price

$902K

$788K

14%

Median Sales Price

$660K

$615K

7%

COOPS Closed Sales

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

Q2 2022

Q2 2021

% Change

Closed Sales

219

166

32%

Average Sales Price

$1.29M

$1.14M

13%

Median Sales Price

$935K

$930K

1%

Q2 2022

Q2 2021

% Change

197

170

16%

Average Sales Price

$642K

$616K

4%

Median Sales Price

$540K

$532K

2%

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 2022

Q2 2021

% Change

Closed Sales

820

840

-2%

Average Sales Price

$3.12M

$3.13M

0%

Median Sales Price

$2.34M

$2.25M

4%

Q2 2022

Q2 2021

% Change

671

600

12%

Average Sales Price

$1.33M

$1.41M

-6%

Median Sales Price

$904K

$936K

-3%

COOPS Closed Sales

Financial District / Battery Park CONDOS

Q2 2022

Q2 2021

% Change

Closed Sales

166

182

-9%

Average Sales Price

$1.75M

$1.55M

13%

Median Sales Price

$1.21M

$1.17M

3%

Q2 2022

Q2 2021

% Change

19

12

62%

Average Sales Price

$913K

$1.03M

-11%

Median Sales Price

$710K

$951K

-25%

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

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Q3:21

Q4:21

1Q:22

2Q: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

Q2:20

Q3:20

Q4:20

Q1:21

Q2:21

Q3:21

Q4:21

Neighborhood Highlights

1Q:22

2Q:22

/ New York City Q2 Market Update

17

vannessakaufmanre.com

650 Madison Avenue New York, NY 10022 917-865-8065 | vannessa.kaufman@sothebys.realty

Back cover feature property: 33 West 95th Street © 2022 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.