Contract activity has risen 5.7% from the past month and 3.3% from this time last year, remaining 5% above typical seasonal levels. The median sales price for a Manhattan apartment is $1.17M, reflecting a 4.1% year-over-year increase. Supply, measured as the number of active listings, stands at 4,896 units, down 7.4% year over year. Pending sales have increased 8.5% compared to last year, signaling continued buyer engagement. As a result, the Market Pulse stands at 0.6, placing the market slightly towards the seller side but still in the neutral zone.

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

Luxury Segment

During the week ending January 18th, 21 contracts were signed in Manhattan at $4 million and above, two more than the previous week. Total weekly asking-price sales volume reached $200,885,000, with a median asking price of $6,147,500, while the average discount from original to last asking price was 6%. The top contract was the 3rd floor at 4 East 66th Street, asking $30 million.

Rental Market

In December Median rent rose to $4,720, marking an 8.9% year-over-year increase and the second-highest level on record. New lease signings totaled 4,228, down slightly from last year, while listing inventory fell sharply by 16.2% annually to 8,161 units, reinforcing tight market conditions. The vacancy rate increased modestly to 2.70%, remaining below the December decade average of 3.0%. Bidding wars accounted for 21% of all leases, with the average premium exceeding the asking price by 9.2%.

(Data source: UrbanDigs, Olshan, Miller Samuel, BrickUnderground, picture: Jan Folwarczny)