The contract activity, or the number of signed contracts, for June is down 4.2% compared to a year ago and 10% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.22M, which is basically the same number as a year ago.

The supply, or the number of units on the market, is down 1.1% compared to July 2023. Meanwhile, the number of pending sales, or the number of units currently in contract, is 19% higher than a year ago.

The Market Pulse, or pending-to-active ratio, stands at 0.46*, the same as last month, confirming a neutral market.

*Currently, above 0.5 is considered favorable to the seller, and below 0.3 and favorable to the buyer.

Luxury Segment
Last week in Manhattan, 20 contracts were signed for units asking $4 million and up, 2 fewer than the previous week.

In the last two weeks, 10 penthouses have gone to contract, representing 24% of the luxury contracts signed.

The most expensive contract signed was for a townhouse at 83 Horatio Street, listed at $22,950,000. This 5-story, 23-foot-wide brick house spanning 6,220 square feet was previously purchased for $10,050,000 in January 2015.

Rental market
Median rent held steady at $4,300, matching last year’s figure and marking the highest June on record, while new lease signings surged by 31.2% compared to the same period.

The average rent per square foot increased by 3.9% year over year to $85.37, the third highest on record.

(data source: urbandigs.com, olshan.com, millersamuel.com, picture: Toomas-Tartes)