Fair Housing Notice
LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
2022 YEAR END REPORT

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.

NYC Luxury Report: Year End 2013-2022


Contracts Signed $4 M and above 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
# of Co-op Contracts
$4 million and above 		276 343 133 222 251 252 222 296 282 288
# of Condo Contracts
$4 million and above 		878 1316 418 595 728 810 751 904 891 905
# of Condop Contracts
$4 million and above 		5 6 2 4 10 10 17 14 14 49
Total # of Contracts
Signed on Apartments 		1159 1665 553 821 989 1072 990 1214 1187 1242
# of Townhouse Contracts
$4 million and above 		145 212 92 114 119 100 112 130 153 130
Total # of Contracts Signed
Apartments + Houses 		1304 1877 645 935 1108 1172 1102 1344 1340 1372
# of Contracts Purchased
from Sponsors/New Development 		459 735 206 278 426 440 435 456 481 475
# of Contracts Signed
Asking $10 million and above 		235 400 106 184 207 200 215 227 270 252
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 $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 $6,126,317 $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 		5% 9% 12% 10% 9% 8% 6% 5% 4% 3%
Days on Market 545 566 586 496 447 433 318 243 181 172
Condo Average Asking Price $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. 		$2,918 $2,902 $2,733 $2,802 $2,932 $2,874 $2,929 $2,825 $2,783 $2,766
Condo Average Size 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 $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 $9,336,024 $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. 		$1,896 $1,823 $1,619 $1,801 $1,797 $1,897 $1,944 $2,077 $1,829 $1,750
Townhouse Average Size 5,033 5,503 5,991 6,251 5,638 5,208 5,531 5,288 5,621 5,553

END OF THE YEAR 2022 REPORT
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
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


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

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