“Clearly, the pace of the recovery in 2021 was faster than I think most people anticipated,” said Jonathan Miller, CEO of Miller Samuel. “It’s been startling.”
The strength shows no signs of slowing in 2022. Fourth-quarter sales volume of over $6.7 billion marked the best fourth quarter in at least 32 years, according to a report from Miller Samuel and Douglas Elliman.
The average price for an apartment in Manhattan is now $1.95 million. The median price — which many consider to be a more accurate measure — jumped 11% in the fourth quarter compared with a year ago, close to pre-pandemic levels. "Clearly, the pace of the recovery in 2021 was faster than I think most people anticipated," said Jonathan Miller, CEO of Miller Samuel."It's been startling."
Brokers say the"pandemic discount" in Manhattan is now largely gone. Prices fell between 6% and 7% during the market bottom, but in many market segments, especially condos, prices have rebounded. According to Brown Harris Stevens, apartments are now selling at 97.6% of their last asking price, the highest since 2017.The comeback has largely been driven by the top of the market — specifically, wealthy buyers snapping up penthouses and large full-floor units in new developments.
There were at least eight sales last year for more than $50 million, according to Miller Samuel. The biggest sale of the year was
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