The monthly contract activity stood at 850 in April, down 39.6% compared to last year and up 2% from the 1088 historical average for the month of April. The Median Sales Price is $1,019,000, at the moment, down -9.4% from last year. The supply, which is the number of units on the market, stands at 7,469, virtually unchanged from a year ago. While the number of pending sales, which is the number of currently in contract units, stands at 3,085, this value is 29.3% lower than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.41, almost 30% (29.3%) lower than last year, and reminds us that we are still in a buyer’s market.

Luxury Segment

Last week 40 contracts were signed above the $4 million mark, 10 more than the previous week, with a total asking price of $300,444,000. It set a new record for the year with the highest weekly total, surpassing even the first week of May 2022 when 43 contracts were signed. This surge was driven by an impressive 16 sponsor deals, the largest number ever recorded in a single year.The most expensive contract signed was the 36D, a 3,173 ft², 3 bedroom apartment at 15 Central Park West asking $26.5 million. The Negotiability Factor, that is the average discount from the last asking price, was 7%

(data source: urbandigs.com, olshan.com, millersamuel.com)