Year-to-date, the Manhattan luxury market has turned in a solid performance: 1,304 contracts were signed at $4 million and above, totaling over $10,320,149,800. It was also a year that was front-loaded: 836 contracts were signed in the first half of the year compared with 468 in the 2nd half, as the market deteriorated under the weight of spiking Interest rates and a declining stock market (year-to-date the S&P is down 20%). We now find ourselves navigating a choppy luxury market—some stable weeks and some lousy ones.

As for comparing 2022 results to 2021, I don't think it's a worthy exercise, even though year-over-year metrics are used by the financial markets. To recap, 2020 was a garbage pandemic year and 2021 was just the opposite--a rebound market, thanks to a home-buying spree fueled by low interest rates and a bloated stock market. By mid-2022, the boom cycle was essentially over.

But if you look at the last decade, 2022 falls exactly in the middle of the pack, with a No. 5 ranking. It may not have been as strong as the record-setting 2021 (1877 contracts signed) or the Golden Years in new development--2013-2015---but it did outperform each year from 2016 to 2020.

We'll take it.

I would like to wish all of you Happy Holidays!

CLICK HERE To View the Olshan Luxury Report for the week of December 12-18, 2022.

	East	West	Midtown	Downtown	Totals	Avg. Co-op Asking	Avg. Condo Asking	Avg. Condo Ask $/ft	Avg. Condo Size
2022 Apartments	274	227	89	569	1,159	$6,643,977	$8,162,310	$2,918/sq.ft.	2,784 sq.ft.
2021 Apartments	451	286	94	834	1,665	$7,209,449	$8,427,318	$2,902/sq.ft.	2,905 sq.ft.
2020 Apartments	135	107	45	266	553	$6,485,039	$8,164,897	$2,733/sq.ft.	2,953 sq.ft.
2019 Apartments	205	165	70	381	821	$6,674,134	$8,092,820	$2,802/sq.ft.	2,874 sq.ft.
2018 Apartments	216	219	115	439	989	$7,356,186	$8,211,488	$2,932/sq.ft.	2,797/sq.ft.
2017 Apartments	252	178	132	510	1,072	$6,665,210	$7,868,236	$2,874/sq.ft.	2,725/sq.ft.
2016 Apartments	195	161	138	496	990	$7,063,249	$8,099,463	$2,929/sq.ft	2,755/sq.ft

	East	West	Midtown	Downtown	Totals	Avg. Townhouse Asking Price	Avg, $/sq.ft.	Avg. Size
2022 Townhouses	33	33	12	67	145	$9,336,024	$1,896/sq.ft.	5,033 sq.ft.
2021 Townhouses	66	48	13	85	212	$10,041,459	$1,823/sq.ft.	5,503sq.ft.
2020 Townhouses	29	18	5	40	92	$9,543,909	$1,619/sq.ft.	5,991sq.ft.
2019 Townhouses	44	20	7	43	114	$11,003,869	$1,801/sq.ft.	6,251sq.ft.
2018 Townhouses	35	25	9	50	119	$10,012,419	$1,797/sq.ft.	5,638 sq.ft.
2017 Townhouses	29	28	11	32	100	$9,559,078	$1,897/sq.ft.	5,208 sq.ft.
2016 Townhouses	32	32	5	43	112	$10,400,788	$1,944/sq.ft	5,531/sq.ft

SUMMARY	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Total Volume:	$10.320,149,800	$15,912,375,308	$5,082,652,981	$7,651,428,687	$9,077,371,226	$9,104,329,032	$8,937,866,862	$10,738,479,892	$11,256,284,299	$10,854,826,824
Average Asking Price on All Properties:	$7,980,111	$8,461,763	$7,934,564	$8,174,955	$8,180,303	$7,761,413	$8,090,435	$7,940,624	$8,140,776	$7,851,594
Median Price on All Properties:	$6,126,317	$6,541,346	$6,663,763	$6,199,375	$6,289,038	$6,149,606	$6,367,820	$6,289,375	$6,440,048	$6,366,072
Average Discount from Original Ask to Last Asking Price	5%	9%	12%	10%	9%	8%	6%	5%	4%	3%
Average Days on The Market:	545	566	586	496	447	433	318	243	181	172