As with Election Day uncertainties behind, Americans show renewed confidence in the economy. The University of Michigan’s Consumer Sentiment Index hit a seven-month high. At the same time, the expectations index, measuring economic optimism for the next six months, surged to its best reading since July 2021. This upbeat mood extends to New York City’s real estate market. During the first full week of November 2024, Manhattan saw a 28% spike in contract signings compared to the previous week, making it one of the year’s busiest weeks.

In general, the Contract activity (or the number of signed contracts) is up 25.8% from a year ago, 9.5% from the monthly historical average, and 45.4% from last month.

The Median Sales Price for a Manhattan apartment is $1.15M, up 4.3% from the previous year.

The Supply, or the number of units on the market, is down 6.3% compared to 2023. Meanwhile, the number of Pending Sales, or the number of units currently in contract, is 18.4% higher than a year ago.

The Market Pulse, or pending-to-active ratio, stands at *0.43, by the way confirming still a neutral market.

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

Luxury Segment

As election results unfolded, Manhattan experienced a surge in luxury property activity. Last week, 39 contracts were signed for units asking for $4 million and up, 13 more than the previous week, and this marked the highest volume since March.

Leading the deals was a $16 million penthouse at 247 West 12th Street. The triplex co-op spans 4,200 square feet, offering four bedrooms, three bathrooms, a rooftop terrace with an outdoor kitchen, and two deeded parking spaces.

Rental market

Median Rent rose by 2.4% year over year to $4,295 and 2,3% from the last month, raising annually for the first time since April. New Lease Signings jumped by 24.2% to 5,857, surging annually for the seventh time, and Listing Inventory has been rising annually for the fourteenth time by 11.8%.