The Luxury Division at Compass proudly presents this year’s Ultra-Luxury Report, carefully compiled to encapsulate comprehensive data for the past four years with a priority of accuracy. Over 50 markets were analyzed, exploring residential sales since 2019 priced at $10 million and above.
2022 was another strong year for ultra-luxury real estate, with a seemingly insatiable appetite for legacy properties. Nationally, $30 billion in sales volume of homes was priced at $10 million and above, soaring 96.07% compared to before the pandemic (2019).1 Concerning transaction volume, 1810 homes priced at $10 million and above across 56 markets traded in 2022, representing a 105.4% increase compared to 2019.2 Compass - Hamptons agent Lori Schiaffino summarizes the basis of these gains, which were greatly distributed across the country, “Inventory was depleted during the pandemic and product has not yet caught up to demand.”
Looking ahead, Compass ultra-luxury specialists anticipate continued strong demand in 2023. Liz Hogan of Compass - Miami notes, “We are still seeing an unprecedented level of relocations to Florida from high tax states.” Broward County saw especially robust ultra-luxury sales in 2022, with a 528.7% increase in sales volume compared to 2019.4 The best indicator of likely 2023 performance may ultimately be signed contracts for sales in the final quarter of 2022: In Manhattan, there were 44 signed contracts in Q4 on homes over $10 million, with an average contract price of $18.3 million. This is approximately one-third the number of contracts signed in Q4 2021 and nearly $2 million above 2021’s average contract price of $16.6 million.5
Ian Slater of Compass-Manhattan pulls back the curtain on buyer sentiment in this tight and competitive ultra-luxury market: “Lack of inventory has caused my buyers to seek exclusive or pre-market inventory, and I am actively working to find homeowners who may be willing to sell.”
Click here: Luxury at Compass: Ultra-Luxury