Manhattan home sales rise to over $7 billion in the first quarter

Manhattan home sales climbed new heights in the first quarter of 2022, reaching $7.3 billion in total. The report by Miller Samuel found that 3,585 homes were sold in the first three months of this year with an average sales price of $2,042,113. This is the highest sales volume in the first quarter in thirty-three years of tracking. 

Manhattan inventory is declining, and home prices are rising. However, buyers still appear to be motivated. Home sales went up nearly 46 percent from last year and about 49 percent from pre-pandemic levels. Meanwhile, the average sales price increased by 4.8 percent compared to the previous quarter and 19.3 percent from last year. Listing inventory declined 4.4 percent to 6,906 homes. 

According to Jonathan Miller, CEO of Miller Samuel, even those, who work remotely, are still drawn to Manhattan.

“You have a lot of people who are working remote, but want to be in Manhattan,” Miller told CNBC. “They’re attracted to the cultural offerings, the restaurants, Broadway. Remote work doesn’t just mean the suburbs. There could be as many people working remotely on the Upper East Side of Manhattan as there are in Westchester.”

The highest increase in home sales happened in the luxury market. The market share of homes sold at or above $4 million rose to 11.1 percent, the highest percentage in two years. Home sales at or above $2 million also increased dramatically and reached 30.2 percent of the market share, the highest on record.  

Overall, the average sales price for co-ops was $1,354,191 and $2,851,580 for condos. Listings that were priced correctly sold within 79 days, and listings that required price adjustments spent on average 162 days on the market. 

Resources:

“Manhattan residential real estate sales hit a record $7.3 billion in the first quarter,” by Robert Frank (CNBC, 2022)

“Elliman Report: Manhattan Sales 1Q 2022,” by Miller Samuel (Douglas Elliman, 2022)