The Randy Baruh Team here with the Luxury Market Report for November! Overall, the market is doing well. While numbers are down from this time last year, they’re still well above what they were pre-pandemic.
November 2022 saw 49 contracts signed above $5M, above average for what the market saw from 2018 to 2020, but well below last year’s record-setting numbers. Overall sales have dipped in the last year, but new developments and resale co-ops have increased slightly in the last few months.
Listings are going fast! The average days on the market have plummeted to one of the lowest that we’ve seen in the last five years, with resale condos going the fastest at under 100 days.
Inventory has increased for the 7th month in a row, something that hasn't happened since 2020, with over one thousand listings above the $5M mark. Resale condos had the highest increase in the last year, with a 20% increase while new developments remained steady.
Price per square footage has ultimately risen, with the average price per square foot at $3,050. The double-digit increase is thanks to several high-floor deals in new developments on the Upper West Side and Billionaires Row. Those sales aside, the price per square foot has actually been on the decline.
You can read the full report [here].
If you’re looking to sell or buy, drop us a line here, we’d love to help you find your perfect match.