Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
2021 YEAR END REPORT

The results are astonishing by any measure: 1,877 contracts were signed at $4 million and above, totaling $15,912,375,308--a record-shattering performance going back to 2006, when we launched this report. It is almost three times the number of deals done in 2020 and twice as many as 2019. What’s more, the totals for both signed contracts and volume are nearly 30% higher than the highest years of 2013-2015.

To recap the last 2 pandemic years: 2020 was 24/7 Covid and the year ended with half the number of deals for most of the prior years, as buyers evacuated Manhattan for the suburbs and the Hamptons. The outlook was bleak until November 9, 2020, when the news of a Covid vaccine was announced. This was the turning point that helped unleash the pent-up demand that fueled 2021. Half the missing 2020 deals were recaptured in 2021, with mostly New York metro area buyers stepping into the breach and riding the wave of lower prices, low interest rates, a surging stock market, and the belief that New York would come back.

Perhaps the biggest pandemic trend was this: The rich got richer--and they also bought bigger. Size mattered more than ever as offices and schools shifted to the home. During the pandemic years of 2020-2021, the average size of a luxury condo deal was over 2,900 square feet, 5% larger than the previous 7 years. The demand for size spilled into the townhouse market with 212 signed contracts, far surpassing the record of 153 deals in 2014. And the trophy market defined as $10 million and above, with most of those properties over 4,300 square feet, clocked in at 400 contracts, blowing away the 2014 record of 270 contracts.

As the year went on, prices became less negotiable, and Covid discounts started to dry up. A handful of new expensive condos kicked off an Upper East Side revival sparked by classically-designed buildings by architects Robert A.M. Stern, Peter Pennoyer, William Sofield, and Steven Harris. These buildings attracted an enthusiastic audience, generating brisk sales that averaged well over $3,000/sq.ft.

It’s hard to know if we can match 2021’s performance again. At the moment, the biggest headwind is the latest variant, the highly transmissible Omicron, and its impact on the market moving forward. One thing’s for certain: We live in unpredictable and disruptive times. So fasten your seat belts, it’s going to be a bumpy ride.

On that note, I would like to wish all of you Happy Holidays and please Stay Safe!!!


CLICK HERE To View the Olshan Luxury Report for the week of December 13-19, 2021.


NYC Luxury Report: Year End 2013-2021


Contracts Signed $4 M and above 2021 2020 2019 2018 2017 2016 2015 2014 2013
# of Co-op Contracts
$4 million and above
343 133 222 251 252 222 296 282 288
# of Condo Contracts
$4 million and above
1316 418 595 728 810 751 904 891 905
# of Condop Contracts
$4 million and above
6 2 4 10 10 17 14 14 49
Total # of Contracts
Signed on Apartments
1665 553 821 989 1072 990 1214 1187 1242
# of Townhouse Contracts
$4 million and above
212 92 114 119 100 112 130 153 130
Total # of Contracts Signed
Apartments + Houses
1877 645 935 1108 1172 1102 1344 1340 1372
# of Contracts Purchased
from Sponsors/New Development
735 206 278 426 440 435 456 481 475
# of Contracts Signed
Asking $10 million and above
400 106 184 207 200 215 227 270 252
Total Volume $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 $8,461,763 $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 $6,541,346 $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% 12% 10% 9% 8% 6% 5% 4% 3%
Days on Market 566 586 496 447 433 318 243 181 172
Condo Average Asking Price $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.
$2,902 $2,733 $2,802 $2,932 $2,874 $2,929 $2,825 $2,783 $2,766
Condo Average Size 2,905 2,953 2,874 2,797 2,725 2,755 2,731 2,801 2,814
Co-op Average Asking Price $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 $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.
$1,823 $1,619 $1,801 $1,797 $1,897 $1,944 $2,077 $1,829 $1,750
Townhouse Average Size 5,503 5,991 6,251 5,638 5,208 5,531 5,288 5,621 5,553


END OF THE YEAR 2021 REPORT
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


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
Ask $/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
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 2021 2020 2019 2018 2017 2016
Total Volume: $15,912,375,308 $5,082,652,981 $7,651,428,687 $9,077,371,226 $9,104,329,032 $8,937,866,862
Average Asking Price on All Properties: $8,461,763 $7,934,564 $8,174,955 $8,180,303 $7,761,413 $8,090,435
Median Price on All Properties: $6,541,346 $6,663,763 $6,199,375 $6,289,038 $6,149,606 $6,367,820
Average Discount from Original Ask to Last Asking Price 9% 12% 10% 9% 8% 6%
Average Days on The Market: 566 586 496 447 433 318




Source: Olshan Realty




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2021 YEAR END REPORT
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