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BHSID 20361085 Man
hatt
an
Second Quarter 2021Residential Market Report
BHS 2
BHSID 21066483
Message from Bess Freedman CEO of
Manhattan apartment closings surged in the second quarter, with activity returning to—and in some cases surpassing—pre-COVID-19 levels. The 3,944 sales reported last quarter were more than double that of a year ago, and 38% higher than 2021’s first quarter. A record was set for the number of signed contracts in the second quarter of 2021, so expect closings to remain very strong in our 3Q21 report.
The jump in closings included all price categories, especially resale apartments priced over $5 million. Increasing discounts brought buyers back into this market, with closings more than doubling compared to a year ago—and up 85% from 2021’s first quarter. At 220 Central Park South alone, there were four resale closings, with an average price of $53.4 million.
The explosion of luxury closings brought the average resale price up 21% from just the prior quarter, to its second-highest level ever. Only the second quarter of 2019 posted a higher average resale price, which was driven by pending mansion and transfer tax increases.
It’s important to view this report with two things in mind:
• Both the average and median prices in 2Q21 were dramatically inflated by the rush of luxury closings, so you can’t assume prices are rising for all apartments just because those two figures climbed sharply.
• Year-over-year comparisons should be viewed carefully, since COVID-19 began to impact closing data starting in 2020’s second quarter.
The most important message I can share with you is that Manhattan and New York City are back big time. We’ve never been as busy as during the past few months, and that momentum is getting a boost at just the right time. Governor Cuomo’s removal of most COVID-19 restrictions is the best news not just for our market, but for the city’s economy.
A recent survey from the Partnership for New York City found that 62% of Manhattan’s one million office workers will be returning by September, compared to just 12% at the time of the survey in May. These returning workers will help support the restaurants and retail shops that make Manhattan such a great place to live.
BHS 3
Manhattan All Cooperatives and Condominiums*
Q2 2021
A sharp increase in luxury closings, particularly condos, helped bring the average apartment price 8% higher than a year ago, to $1,918,761. The number of closings more than doubled from 2020’s second quarter, and was 38% higher than the previous quarter. Condos posted a much higher increase in their average price from 1Q21 (19%) than co-ops did (7%).
Average and Median Sales Price
$1,7
69,12
0
$2,14
3,28
3
$1,8
61,15
0
$1,6
36,8
39
$1,9
18,7
61
$995
,000
$1,0
80,0
00
$1,0
70,0
00
$1,0
50,0
00
$1,12
5,00
0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average Sales Price Median Sales Price
1,722
1,584
2,20
0
2,85
1
3,94
4
500
1,500
2,500
3,500
4,500
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average and Median Sales Price Number of Closings
Cooperative Average and Median Sales Price Condominium Average and Median Sales Price
$1,19
4,25
0
$1,16
0,28
8
$1,19
2,97
7
$1,15
2,61
5
$1,2
36,4
42
$770
,000
$778
,000
$775
,000
$780
,000
$800
,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average Sales Price Median Sales Price
$2,5
55,9
09
$3,3
44,10
9
$2,6
18,7
58
$2,2
51,7
58
$2,6
78,12
3
$1,6
50,0
00
$1,7
50,0
00
$1,6
50,0
00
$1,5
23,8
13
$1,6
10,0
00
$1,000,000
$1,750,000
$2,500,000
$3,250,000
$4,000,000
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average Sales Price Median Sales Price
* Includes new development and resale apartments. 2Q21 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to include sales recorded after our initial reports were released.
BHS 4
The average new development price of $3,055,471 was 4% higher than 1Q21, and down slightly from a year ago. Remember that this figure is based on the closing date, so this data can be volatile and not reflective of current market conditions. Just over 40% of 2Q21 new development closings occurred south of 14th Street, the most of any market area.
Average and Median Sales Price
Manhattan New Developments
Q2 2021
Sales by Area
6.9%
28.3%
8.6%12.5%
13.8%
29.9%
2Q20 2Q21
East Side
West Side
Midtown
Downtown (34th -14th St)
Downtown (South of 14th St)
Upper Manhattan
19.5%
40.2%9.2%
8.7%
10.6%
11.8%
$1,9
95
$2,3
26
$2,0
91
$1,8
55
$1,9
37
$1,800
$2,000
$2,200
$2,400
$2,600
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average Price Per Square Foot
$3,0
81,2
76 $5
,154,
912
$3,4
72,4
15
$2,9
25,3
10
$3,0
55,4
71
$1,8
24,3
59
$2,4
25,0
00
$2,2
19,5
75
$1,9
46,3
63
$2,0
89,0
80
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average Sales Price Median Sales Price
BHS 5
Manhattan Resale Cooperatives and Condominiums
Q2 2021
Luxury resale closings took off in the second quarter, leading to a 21% increase in the average resale price from the first quarter of 2021. The median price, which measures the middle of the market, posted a 4% gain over the past three months to $998,250.
Average and Median Sales Price
The average co-op resale price of $1,228,728 was 6% higher than 1Q21, with only studios posting a decline during that time. Three-bedroom and larger co-ops led pricing gains, with their average price 5% higher than the prior quarter.
Cooperative Average Sales Price
Studio 1-Bedroom 2-Bedroom 3+Bedroom All
2nd Q 20 $456,998 $706,250 $1,358,587 $3,132,120 $1,209,095
3rd Q 20 $472,764 $718,076 $1,344,398 $2,768,385 $1,155,391
4th Q 20 $432,548 $711,306 $1,339,736 $2,895,954 $1,206,051
1st Q 21 $439,114 $704,801 $1,316,666 $2,658,010 $1,160,227
2nd Q 21 $433,104 $718,057 $1,327,420 $2,780,157 $1,228,728
Condo resale prices averaged $2,435,164 in the second quarter, 19% higher than a year ago, and 30% higher than the first quarter of 2021. The number of resale condo closings over $10 million tripled from 1Q21, which also explains the steep rise in the average price for three-bedroom and larger condos.
Condominium Average Sales Price
Studio 1-Bedroom 2-Bedroom 3+Bedroom All
2nd Q 20 $614,429 $1,065,015 $1,777,982 $4,993,293 $2,041,136
3rd Q 20 $676,182 $986,323 $1,935,305 $4,800,766 $2,065,781
4th Q 20 $649,617 $959,474 $1,758,698 $4,581,805 $2,065,550
1st Q 21 $601,303 $950,348 $1,867,559 $3,922,836 $1,867,499
2nd Q 21 $608,723 $1,052,824 $1,901,845 $6,136,714 $2,435,164
$1,4
87,8
11
$1,4
76,8
70
$1,5
41,7
05
$1,4
21,6
54
$1,7
20,6
06
$915
,000
$925
,000
$940
,000
$960
,000
$998
,250
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average Sales Price Median Sales Price
BHS 6
145
157
135140 144
75
100
125
150
175
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average and Median Sales Price Per Square Foot
Resale apartments sold in the second quarter spent an average of 144 days on the market, a minimal change from a year ago, and up 3% from the previous quarter. Sellers received 96.1% of their last asking price, up from 95.5% in 1Q21.
Both the average and median loft prices per square foot rose, compared to the prior year and the prior quarter.
$1,3
54
$1,4
16
$1,5
37
$1,4
13
$1,4
48
$1,3
00
$1,3
86
$1,3
83
$1,3
04
$1,4
13
$500
$1,000
$1,500
$2,000
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average PPSF Median PPSF
Manhattan Resale Cooperatives and Condominiums
Q2 2021
96.3%
94.8% 94.9%
95.5%
96.1%
94.0%
95.0%
96.0%
97.0%
98.0%
2nd Q 20 3rd Q 20 4th Q 20 1st Q 21 2nd Q 21
Average Days on the Market Selling vs. Last Asking Price
Lofts
BHS 7
19.1%
23.1%
6.4%
17.2%
12.9%
21.3%
Upper ManhattanGenerally north of 96th Street on the East Side, 110th Street on the West Side pages 18-19
West SideGenerally 59th Street to 110th Street, Hudson River to west of Fifth Ave. pages 10-11
East SideGenerally 59th Street to 96th Street, Fifth Ave. to the East River pages 8-9
Midtown34th Street to 59th Street, East River to the Hudson River pages 12-13
Downtown34th Street to 14th Street pages 14-15
DowntownSouth of 14th Street pages 16-17
Percentage of Resales in Manhattan
Q2 2021
BHS7
BHS 8
The median resale price rose 3% over the past year for
one-bedroom apartments as
well as three-bedroom and
larger apartments.
Co-op prices rose for both
prewar and postwar units
compared to 2Q20.
Resale Apartments
Q2 2021
Generally 59th St. to 96th St., Fifth Ave. to the East River
East
Sid
eBHSID 20393179
BHS 9
BHSID 20800278
$305
,195
$259
,453
$310
,969
$267
,879
$150,000
$200,000
$250,000
$300,000
$350,000
Prewar Postwar
2nd Q 20 2nd Q 21
Studio 1-Bedroom 2-Bedroom 3+Bedroom
Percent of Sales
2nd Q 20 12% 39% 29% 20%
2nd Q 21 11% 33% 31% 26%
Median Price
2nd Q 20 $427,500 $675,000 $1,450,000 $2,512,515
2nd Q 21 $410,000 $697,600 $1,450,000 $2,593,549
% Change -4% 3% 0% 3%
CooperativeAverage price per room
Condominium Average price per square foot
BHSWEB#20178493
Q2 2021
East Side Resale Apartments
$1,3
79
$1,4
23
$300
$600
$900
$1,200
$1,500
2nd Q 20 2nd Q 21
BHS 10
Wes
t Sid
eStudios and two-bedroom
apartments each posted a
sharp decline in their median
price compared to a year ago.
The average condo price rose
4% from 2Q20 to an average
of $1,544 per square foot. BHSID 19483438
Resale Apartments
Q2 2021
Generally 59th St. to 110th St., Hudson River to West of Fifth Ave.
BHS 11
BHSID 21073214
Studio 1-Bedroom 2-Bedroom 3+Bedroom
Percent of Sales
2nd Q 20 11% 35% 31% 23%
2nd Q 21 12% 37% 33% 19%
Median Price
2nd Q 20 $475,000 $757,500 $1,505,000 $2,755,514
2nd Q 21 $398,500 $745,000 $1,312,500 $2,925,000
% Change -16% -2% -13% 6%
CooperativeAverage price per room
Condominium Average price per square foot
Q2 2021
West Side Resale Apartments
$317
,228
$272
,027
$285
,031
$258
,179
$150,000
$200,000
$250,000
$300,000
$350,000
Prewar Postwar
2nd Q 20 2nd Q 21
$1,4
79 $1,5
44
$800
$1,000
$1,200
$1,400
$1,600
2nd Q 20 2nd Q 21
BHS 12
Mid
tow
nStudios were the only size
category with a lower median
price than 2020’s second
quarter.
A sharp increase
in luxury sales pushed the
average condo price per square
foot to $1,539. BHSID 20791673
Resale Apartments
Q2 2021
34th St to 59th St, East River to the Hudson River
BHS 13
BHSID 21088744
Studio 1-Bedroom 2-Bedroom 3+Bedroom
Percent of Sales
2nd Q 20 20% 43% 33% 5%
2nd Q 21 18% 42% 28% 11%
Median Price
2nd Q 20 $475,000 $680,000 $1,325,000 $1,988,000
2nd Q 21 $419,250 $722,500 $1,342,500 $2,281,250
% Change -12% 6% 1% 15%
CooperativeAverage price per room
Condominium Average price per square foot
Q2 2021
Midtown Resale Apartments
$209
,644
$219
,491
$230
,001
$222
,719
$50,000
$100,000
$150,000
$200,000
$250,000
Prewar Postwar
2nd Q 20 2nd Q 21
$1,3
26
$1,5
39
$0
$500
$1,000
$1,500
$2,000
2nd Q 20 2nd Q 21
BHS 14
The median price was 4% higher than a year ago for
both one-bedroom and two-
bedroom apartments.
Condo prices averaged $1,547
per square foot, 5% less than
in 2Q20.
Resale Apartments
Q2 2021
34th St. to 14th St.
Dow
ntow
nBHSID 21067051
BHS 15
BHSID 21035471
$259
,873
$244
,310$2
70,2
05
$242
,838
$100,000
$150,000
$200,000
$250,000
$300,000
Prewar Postwar
2nd Q 20 2nd Q 21
Studio 1-Bedroom 2-Bedroom 3+Bedroom
Percent of Sales
2nd Q 20 17% 55% 20% 7%
2nd Q 21 17% 47% 28% 8%
Median Price
2nd Q 20 $523,000 $795,000 $1,705,000 $4,950,000
2nd Q 21 $522,500 $825,000 $1,765,000 $4,375,000
% Change 0% 4% 4% -12%
CooperativeAverage price per room
Condominium Average price per square foot
$1,6
29
$1,5
47
$600
$900
$1,200
$1,500
$1,800
2nd Q 20 2nd Q 21
34th St. to 14th St.
Q2 2021
Downtown Resale Apartments
BHS 16
The median price of two-
bedroom units fell 10% to $1,750,000 over the past year.
Condo prices dipped from
2Q20 to an average of
$1,619 per square foot.
Resale Apartments
Q2 2021
South of 14th St.
Dow
ntow
nBHSID 20720464
BHS 17
BHSID 20867828
Studio 1-Bedroom 2-Bedroom 3+Bedroom
Percent of Sales
2nd Q 20 20% 40% 23% 16%
2nd Q 21 11% 37% 33% 18%
Median Price
2nd Q 20 $540,000 $925,000 $1,950,000 $4,000,000
2nd Q 21 $526,250 $975,000 $1,750,000 $4,139,444
% Change -3% 5% -10% 3%
CooperativeAverage price per room
Condominium Average price per square foot
South of 14th St.
Q2 2021
Downtown Resale Apartments
$339
,621
$307
,753
$380
,246
$301
,882
$200,000
$250,000
$300,000
$350,000
$400,000
Prewar Postwar
2nd Q 20 2nd Q 21
$1,6
29
$1,6
19
$0
$500
$1,000
$1,500
$2,000
2nd Q 20 2nd Q 21
BHS 18
While the median price for
studios rose 20% from
2Q20, this is a relatively small
segment of the market that
can have large fluctuations in
data from quarter to quarter.
The average condo price per
square foot fell 3% over the
past year.
Resale Apartments
Q2 2021
Generally North of 96th Street on the East Side, and 110th St. on the West Side
Upp
er M
anha
ttan
BHSID 20042460
BHS 19
BHSID 21082883
Studio 1-Bedroom 2-Bedroom 3+Bedroom
Percent of Sales
2nd Q 20 7% 33% 38% 21%
2nd Q 21 3% 25% 49% 23%
Median Price
2nd Q 20 $300,000 $412,000 $710,000 $920,000
2nd Q 21 $360,000 $430,000 $680,000 $725,000
% Change 20% 4% -4% -21%
CooperativeAverage price per room
Condominium Average price per square foot
Q2 2021
Upper Manhattan Resale Apartments
$130
,505
$139
,981
$126
,068 $1
47,3
37
$0
$50,000
$100,000
$150,000
$200,000
Prewar Postwar
2nd Q 20 2nd Q 21
$886
$858
$200
$400
$600
$800
$1,000
2nd Q 20 2nd Q 21
©2021 by Brown Harris Stevens. All Rights Reserved. This information may not be copied, used or distributed without Brown Harris Stevens’ consent. While information is believed true, no guaranty is made of accuracy.
Prepared by Gregory Heym, Chief Economist, Brown Harris Stevens.
East Side445 Park AvenueNew York, NY 10022 212.906.9200
West Side1926 BroadwayNew York, NY 10023212.588.5600
West Side/Columbus408 Columbus AvenueNew York, NY 10024212.769.3000
Downtown130 Fifth AvenueNew York, NY 10011212.906.0500
Village831 BroadwayNew York, NY 10003212.381.6500
Midtown770 Lexington Avenue, 10th FloorNew York, NY 10065212.508.7200
SoHo451 West BroadwayNew York, NY 10012212.381.4200
Tribeca43 North Moore StreetNew York, NY 10013212.452.4500
Harlem2169 Frederick Douglass BoulevardNew York, NY 10026212.381.2570
Development Marketing451 West BroadwayNew York, NY 10012212.521.5757
Con
tact
UsSecond Quarter 2021
Residential Market Report
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