Fair Housing Notice
LUXURY MARKET REPORT 2023
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
2023 YEAR END REPORT

Year-to-date, the Manhattan luxury market registered 1,198 contracts signed at $4 million and above, an 8% decline over 2022. The 2023 volume was $9,984,115,836 compared to the 2022’s $10,320,149,900. Condos outsold co-ops, 770-269, with 27 condops and 132 townhouses in the mix.

The year felt more like a grind—longer days on the market (615 days) and greater negotiability (9%), which is defined as the difference between the original asking price and the last asking price before a contract was signed. The days on market had a lot to do with a backlog of very expensive, new-development condos. Anecdotally, if you talk to brokers, deals just took longer to get across the finish line.

In many ways, 2023 looks like the flip side of 2022. To recap, 2023 saw high mortgage rates--- as high as 8%, which only started falling in November and December. Rates are now hovering in the high 6% range. At the same time, the year-to-date S&P 500 soared to 24%. Compare that to 2022, which rode the wings of low mortgage rates, particularly in the first half of the year, even though the S&P 500 declined a dismal 18%.

As usual, the rich got richer: The trophy market saw 240 deals at $10 million and above, 5 more than last year. In trophy sales, 2023 ranked No. 3 in the last decade.

Speaking of the last decade, 2023 falls exactly in the middle of the pack, with a No. 5 ranking. Nothing can compare to the record-setting pandemic-rebound year of 2021 (1877 contracts signed) or the Golden Years in new development--2013-2015---but it did outperform each year from 2016 to 2020.

If you consider that the year was marked by high mortgage rates, 2 wars, and global instability, the Manhattan luxury market held up pretty darn well.

On that note, we want to wish all of you Happy Holidays and a healthy, safe, and prosperous 2024!

CLICK HERE To View the Olshan Luxury Report for the week of December 18-24, 2023.

NYC Luxury Report: Year End 2013-2023


Contracts Signed $4 M and above 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
# of Co-op Contracts
$4 million and above 		269 276 343 133 222 251 252 222 296 282 288
# of Condo Contracts
$4 million and above 		770 878 1316 418 595 728 810 751 904 891 905
# of Condop Contracts
$4 million and above 		27 5 6 2 4 10 10 17 14 14 49
Total # of Contracts
Signed on Apartments 		1066 1159 1665 553 821 989 1072 990 1214 1187 1242
# of Townhouse Contracts
$4 million and above 		132 145 212 92 114 119 100 112 130 153 130
Total # of Contracts Signed
Apartments + Houses 		1198 1304 1877 645 935 1108 1172 1102 1344 1340 1372
# of Contracts Purchased
from Sponsors/New Development 		417 459 735 206 278 426 440 435 456 481 475
# of Contracts Signed
Asking $10 million and above 		240 235 400 106 184 207 200 215 227 270 252
Total Volume $9,984,115,836 $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 $8,372,734 $7,980,111 $8,461,763 $7,934,564 $8,174,955 $8,180,303 $7,761,413 $8,090,463 $7,940,624 $8,140,776 $7,851,594
Median Asking Price $6,329,734 $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 Price Decline
Before a Signed Contract 		9% 5% 9% 12% 10% 9% 8% 6% 5% 4% 3%
Days on Market 615 545 566 586 496 447 433 318 243 181 172
Condo Average Asking Price $8,493,625 $8,162,310 $8,427,318 $8,164,897 $8,092,820 $8,211,488 $7,868,236 $8,099,463 $7,739,656 $7,832,105 $7,719,542
Condo Average
Asking $/sq.ft. 		$2,979 $2,918 $2,902 $2,733 $2,802 $2,932 $2,874 $2,929 $2,825 $2,783 $2,766
Condo Average Size 2,841 2,784 2,905 2,953 2,874 2,797 2,725 2,755 2,731 2,801 2,814
Co-op Average Asking Price $7,510,813 $6,643,977 $7,209,449 $6,485,039 $6,674,134 $7,356,186 $6,665,210 $7,063,249 $7,280,086 $7,727,973 $6,756,788
Townhouse Average Asking Price $9,789,958 $9,336,024 $10,041,459 $9,543,909 $11,003,869 $10,012,419 $9,559,078 $10,400,788 $10,993,444 $10,256,784 $9,514,252
Townhouse Average
Asking $/sq.ft. 		$1,867 $1,896 $1,823 $1,619 $1,801 $1,797 $1,897 $1,944 $2,077 $1,829 $1,750
Townhouse Average Size 5,409 5,033 5,503 5,991 6,251 5,638 5,208 5,531 5,288 5,621 5,553

END OF THE YEAR 2023 REPORT
2023: 1,198 Total Contracts Signed on All Properties
2022: 1,304 Total Contracts Signed on All Properties
2021: 1,877 Total Contracts Signed on All Properties
2020: 645 Total Contracts Signed on All Properties
2019: 935 Total Contracts Signed on All Properties
2018: 1108 Total Contracts Signed on All Properties
2017: 1172 Total Contracts Signed on All Properties
2016: 1102 Total Contracts Signed on All Properties
2015: 1344 Total Contracts Signed on All Properties
2014: 1340 Total Contracts Signed on All Properties
2013: 1372 Total Contracts Signed on All Properties

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above


East West Midtown Downtown Totals Avg. Co-op
Asking		 Avg. Condo
Asking		 Avg. Condo
Ask $/ft		 Avg. Condo
Size
2023
Apartments		 253 219 113 481 1,066 $7,510,813 $8,493,625 $2,979/sq.ft. 2,841 sq.ft.
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
2023
Townhouses		 34 30 7 61 132 $9,789,958 $1,867/sq.ft. 5,409 sq.ft.
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 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Total Volume: $9,984,115,836 $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: 		$8,372,734 $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: 		$6,329,076 $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 		9% 5% 9% 12% 10% 9% 8% 6% 5% 4% 3%
Average Days on
The Market: 		615 545 566 586 496 447 433 318 243 181 172


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This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.

Source: Olshan Realty


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