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 |
. . .
© 2024 Olshan Realty | All Rights Reserved.
This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.
Source: Olshan Realty
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