Market Report: Q3 2022

New York City

Market Update

Vannessa Kaufman RE

Featured listing

Behind the wrought-iron gate sits a stately home of grand scale proportion. From the first step into the foyer the home is immediately inviting. Soaring 11.5 feet tall ceilings allow for an abundance of natural light, meticulously maintained original details offer and old-world charm, 7 fireplaces evoke a warm atmosphere, and two private outdoor spaces lend to lavish modern living. The home is 20 feet wide and measures over 5,700 sf, offering seven bedrooms, four full baths, three half baths, and two laundry rooms.

The state-of-the-art kitchen is found on the garden level. With two center islands, two sinks, double ovens, and a separate yet open dining area, this level is perfect for everyday living and entertaining alike. There is direct access to the garden patio for al-fresco dining.

The parlor level is dedicated to the formal living space. The south facing great room is grand and the living room is warm, adorned with bespoke oak built-ins. The intricately designed hard wood floors connect the two rooms to become one cohesive living space.

The three remaining floors house the seven bedrooms of the home. Each offer ample living and storage space. The primary bedroom is exceptionally large with its own fire place and an en-suite marble bathroom with double sinks.

The home, built in 1860, is situated on a coveted tree-lined block. It’s location in Murray Hill Historic District gives easy access to many world-class restaurants and shopping as well as public transportation & Grand Central Station. The homes systems were recently updated including heating, Central A/C, and a new roof.

Market Overview

manhattan

In comparison to Q3 2021, in Q3 2022, the number of transactions dropped 4% marketwide, with the over $10M market having the most sizeable drop, being down 11%. Although the over $10M market had the largest drop in number of sales, the average sales price increased by 5%.

4,485

Closed Sales -4%

Change in Closed Sales

Average Sales Price

Change in Average Sales Price

Number of Closed Sales vs. Inventory Average / Median Sales Price

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$-

Sales Inventory

Average Sales Price Median Sales Price

{2022 v 2021}

-1% -1%

Number of Closed Sales Average Sales Price Median Sales Price UNDER $3 Million

3Q:22 3,830 $1.18M $975K 3Q:21 3,972 $1.19M $985K

{2022 v 2021}

BETWEEN $3 - 10 Million

$10 Million

3Q:22

3Q:21

3Q:22

Price Points

4% 6%

$4.88M $4.37M

$4.71M $4.10M

5%

$19.32M $15.25M

$18.38M $14.08M

-0.2% -1%

$1.97M $1.18M

$1.98M $1.20M

Inventory

CONDOS & CO-OPS

Number of Active Listings

The historic absorption range of equilibrium for the New York City market area is 6-8 months. We ended Q3 2022 with 6,681 active units on the market. The absorption rate of active inventory was 4.4 months in Q3 2022. This statistic means that it would take 4.4 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 5 months to absorb the current inventory priced below $4M, about 9 months for inventory priced between $4M-$10M, just over one year for inventory priced between $10-20M, and about 14 months to absorb properties priced above $20M given the current inventory in Manhattan.

Absorption Rate

Line of Equilibrium

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

Listing

Average Days on Market vs. Listing Discount

Days on

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MANHATTAN BROKERAGES

The

Market

City

Condos Over

Closed Sales Count,

Average Sales Price & Highest Sales Price

Average Sales Price $32.62M $18.58M $16.80M $17.50M $18.38M $22.57M $14.41M $19.51M $19.32M

Highest Sales Price $99.90M $65.59M $41.00M $82.50M $66.00M $188.00M $46.96M $101M $75.89M

Sales in the luxury price sector, above $10M, decreased by 14% compared to last quarter. However, the average sales price in this sector is still higher than Q3 2021.

Average Sales Price vs. # of Closed Sales

Condos

| 2022} manhattan

In Q3 2022, 1,922 condominium transactions closed representing a 16% decrease from 2021.

As compared to Q3 2021, the average sales prices in the condominium sector increased 6%. Price per square foot for all price points rose 9% above 2021 levels to $2,117.

1,922

Closed Sales -16%

Change in Closed Sales {2022 vs. 2021}

$2.83M

Average Sales Price 6%

Change in Average Sale Price {2022 vs. 2021}

Number of Closed Sales

Average / Median Sales Price

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0

UNDER $3 Million

Average Sales Price Median Sales Price

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

1%

1,460 $1.44M $1.33M $1,494 3Q:21 1,756 $1.45M $1.32M $1,428

v

BETWEEN $3 - 10 Million

ABOVE $10 Million

$5.04M $4.70M $2,338

$4.78M $4.30M $2,115

$20.18M $15.75M $4,301

$18.81M $14.60M $4,184

-0.3%

$2.83M $1.64M $2,117

2,287 $2.67M $1.65M $1,946

Co-Ops

The 2,563 closed coop transactions in Q3 2022 represented an 7% increase in number of sales compared to Q3 2021. The average and median sales prices ticked up at 1% and 4% respectively. For co-ops above $10M, average and median prices dropped 12% and 7% respectively.

2,563

Closed

7%

Change in Closed Sales

Average Sales Price 1%

Change in Average Sales Price

-

Number of Closed Sales

Average / Median Sales Price

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

$0

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

Average Sales Price Median Sales Price

Number of Closed Sales Average Sales Price Median Sales Price UNDER $3 Million

{2022 v 2021} 7% 3% 4% 3Q:22 2,371 $1.02M $815K 3Q:21 2,216 $985K $780K

BETWEEN $3 - 10 Million

ABOVE $10 Million

{2022 v 2021} 10% 1% 7% 3Q:22 181 $4.54M $4.00M 3Q:21 165 $4.49M $3.75M

{2022 v 2021} -17% -12% -7%

3Q:22 11 $13.95M $12.19M 3Q:21 13 $15.95M $13.11M

{2022 v 2021}

ALL Price Points

1% 4%

3Q:22 2,563 $1.32M $860K 3Q:21 2,394 $1.31M $830K

city

Neighborhood Highlights

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

CONDOS Q3 2022 Q3 2021

% Change

Closed Sales 213 325 -34%

Average Sales Price $2.71M $2.56M 6%

Median Sales Price $1.70M $1.75M -3%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 722 743 -3%

Average Sales Price $1.72M $1.65M 4%

Median Sales Price $999K $990K 1%

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

CONDOS Q3 2022 Q3 2021

% Change

Closed Sales 357 362 -1%

Average Sales Price $3.57M $3.93M -9%

Median Sales Price $1.80M $1.83M -2%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 518 456 13%

Average Sales Price $1.41M $1.57M -10%

Median Sales Price $995K $1.08M -8%

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

CONDOS Q3 2022 Q3 2021 % Change

Closed Sales 268 344 -22%

Average Sales Price $2.13M $1.63M 31%

Median Sales Price $1.20M $1.23M -3%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 298 349 -15%

Average Sales Price $754K $746K 1%

Median Sales Price $630K $615K 2%

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

CONDOS Q3 2022 Q3 2021 % Change

Closed Sales 164 208 -21%

Average Sales Price $1.07M $1.17M -8%

Median Sales Price $908K $985K -8%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 217 184 18%

Average Sales Price $659K $590K 12%

Median Sales Price $570K $529K 8%

Neighborhood Highlights

CONDOS

Downtown | South of 34th Street through TriBeCa Financial District / Battery Park

Q3 2022 Q3 2021 % Change

Closed Sales 770 822 -6%

Average Sales Price $3.42M $3.23M 6%

Median Sales Price $2.30M $2.21M 4%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 722 638 13%

Average Sales Price $1.30M $1.25M 4%

Median Sales Price $910K $883K 3%

CONDOS Q3 2022 Q3 2021 % Change

Closed Sales 150 226 -33%

Average Sales Price $1.45M $1.76M -18%

Median Sales Price $997K $1.37M -27%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 86 24 258%

Average Sales Price $1.27M $1.03M 24%

Median Sales Price $1.24M $817K 51%

Total Number of Sales by Neighborhood

800 1,000 1,200 1,400 1,600

600

400

200

0

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

Uptown Upper East Side Midtown

FiDi / Battery Park Upper West Side Downtown

Average Sales Price by Neighborhood

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$0 $500,000

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

Uptown Upper East Side Midtown

FiDi / Battery Park Upper West Side Downtown