According to real estate reports, Manhattan’s real estate rebounded from the pandemic and posted its highest ever year with $30 billion worth of deals.

More than 16,000 contracts were signed to reach the $30 billion total — both breaking records, according to a report from Corcoran. Many had thought the market would never return to pre-pandemic levels given the population losses, rising crime and high taxes, but many metrics are at or near 2019 strength — with bidding wars and falling inventory.

This strength isn’t slowing down in 2022. According to Miller Samuel and Douglas Elliman, the fourth-quarter sales volume was more than $6.7 billion. This is the highest quarter for 32 years.

Manhattan now has a median price of $1.95 million for an apartment. 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.

Jonathan Miller CEO at Miller Samuel stated, “Clearly the pace of recovery in 2021 wasn’t as fast as I thought most people would have expected.” It’s amazing.

Brokers claim that the Manhattan “pandemic” discount is almost gone. While prices fell by 6% to 7% at the bottom of the market, many segments, including condos, have seen their values rebound. Brown Harris Stevens reports that apartments now sell at 97.6%, which is the highest price since 2017.

Miller Samuel reports that bidding wars have reached their highest level since 2018.

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. The fourth quarter saw the greatest drop in inventory for new developments, with a 33% decline. New-development apartments priced at $10 million or more sold the fastest — averaging just 97 days on the market, according to data from Serhant.

Miller Samuel says there were at most eight sales in 2013 for more than 50 million dollars. Miller Samuel reported that the biggest sales of 2013 were AlibabaJoe Tsai was the Executive Vice Chair. two full floors at 220 Central Park South for $157 million. Two of the other deals in price range were also at 220 Central Park South, which was already home to the most expensive residence ever sold in America — hedge fund billionaire Ken Griffin’s $238 million penthouse.

Jeff BezosHe continued to buy apartments on 212 Fifth Avenue in downtown. His total of five apartment purchases has now reached $119 Million.

According to brokers, many buyers aren’t New Yorkers or taxpayers of income taxes. They are instead wealthy investors who want a pied-a terre or investment property. The pandemic of rising stock markets and asset values, as well as crypto, created trillions of wealth. Numerous wealthy people are trying to hide their gains from the market and turn them into real assets, such as property.

Brokers claim that more than half the Manhattan deals last year were all cash.

Miller indicated that Manhattan’s market, based on declining inventory and strong financial markets will likely remain buoyant into the first quarter of the year.

“Because New York was late at the real estate rebound, it is possible that there will be many quarters with higher than normal activity,” he stated.