Contract activity (or the number of signed contracts) is practically the same as a year ago, down just 1%, while it is down 7.6% from the monthly historical average. The median sales price for a Manhattan apartment is $1.15M, which is up 2.4% compared to a year ago. The supply, or the number of units on the market, is down 5.4% year over year (YoY). Meanwhile, the number of pending sales in Manhattan is 15% higher YoY. The Market Pulse, or pending-to-active ratio, stands at 0.48, confirming a neutral market.

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

Luxury Segment

41 contracts were signed for units asking $4 million and up, 12 more than the previous week.

The luxury market is on an impressive streak, with weekly contract totals rising from 14 to 41 over the past month. Last week’s 41 contracts marked the busiest week since May 2022, when 43 deals were signed. Notably, 20 of the 26 condo sales were sponsor units—the highest number since early 2022. These sponsor units averaged $3,029 per square foot and 2,757 square feet in size.