In June, the contract activity reached 1,108 signed contracts, increasing 1.9% from the previous month and remaining 14.5% above last year’s level, while the median sale price stood at $1.28M, up 3.1% year over year. Regarding the data currently updated, Manhattan supply stands at 6,207 listings, down 9.2% compared to the same period last year, while pending sales total 3,821 units, up 15.5% year over year. As a result, based on the real-time ratio between pending sales and supply, the Market Pulse currently stands at 0.62, placing the market in the seller’s zone.

Currently, values above 0.5 are considered favorable to the seller, and values below 0.3 are favorable to the buyer.

Luxury Segment

During the week ended July 19, 27 contracts were signed in Manhattan at $4 million and above, 2 fewer than the previous week.

The total weekly asking-price sales volume reached $205,026,000, with a median asking price of $6,295,000. The average discount from original to last asking price was 7%. The top contract was PHA at 73 Wooster Street, asking $27 million.

Rental Market

As mentioned before in June the median rent surged to a new all-time record of $5,295, up 8% year over year. The inventory remained extremely tight, with just 5,260 units available for rent, dropping 16% year-over-year. A total of 4,679 leases were signed, down 7% year over year. The vacancy rate fell to 1.49%, down from May’s 1.57%, marking an exceptionally low level as limited available supply continues to pressure the market.

(Data source: UrbanDigs, Olshan, Gary Malin)