New York’s spring real estate market is already in full swing. We are coming off a very active 2021 with increased sales and rising prices during the city’s economic recovery from the pandemic. We are expecting this year’s spring and summer seasons to be very fast-paced in the Manhattan luxury market.
The Elliman Report
Douglas Elliman recently released their Manhattan Q1-2022 sales report. For the third straight quarter, real estate sales in Manhattan have been on a record-setting pace as our borough catches up to the rest of the metro area. The market is showing signs of returning to normal seasonal trends as 2022 progresses. The first quarter, however, saw an unexpected rise in housing supply from Q4-2021. However, housing supply was still slightly down last quarter compared to the same quarter last year.
Luxury Real Estate Sales
All these factors led to more sales and increasing prices in our luxury market. In fact, some of the year-over-year numbers are quite staggering! Let’s take a look at some of the Manhattan real estate sales data from the Q1-2022 Elliman Report:
- Average Sales Price – $1,354,191 (up 17.4% from Q1-2021)
- Number of Sales (Closed) – 1,938 (up 41.4% from Q1-2021)
- Listing Inventory – 3,486 (down 6.6% from Q1-2021)
- Average Sales Price – $2,851,580 (up 18.1% from Q1-2021)
- Number of Sales (Closed) – 1,647 (up 51.7% from Q1-2021)
- Listing Inventory – 3,420 (down 2.0% from Q1-2021)
Manhattan Luxury Homes:
- Average Sales Price – $8,057,907 (up 24.1% from Q1-2021)
- Number of Sales (Closed) – 360 (up 44.6% from Q1-2021)
- Listing Inventory – 1,205 (down 23.3% from Q1-2021)
Manhattan New Development:
- Average Sales Price – $3,363,455 (up 2.9% from Q1-2021)
- Number of Sales (Closed) – 543 (up 89.9% from Q1-2021)
- Listing Inventory – 1,252 (up 57.1% from Q1-2021)
To download the full Q2-2022 Elliman Report for Manhattan, NY real estate sales, click here.
New Development Trends
The new development numbers are especially interesting to look at as those numbers were up across the board compared to Q1-2021. Developers are working hard to create new housing opportunities in Manhattan to help quell the high buyer demand. We represent The Riverview at 219 Hudson Street and have seen a significant increase in activity from both buyers and sellers in this exclusive building. New developments all over town are seeing similar results, and we only expect things to pick up even more over the next few months.
If you are planning to buy or sell a home in Manhattan in 2022, you need to be ready for this fast-paced market. Contact Tom & Mickey today for a luxury real estate consultation. Let us help you make the most of your opportunities!