The contract activity in Manhattan increased by 3.4% year over year, with 1,036 contracts signed. The median sale price rose to $1.25M, marking a 4.5% annual increase. Listing inventory totaled 7,338, just -1.4% from last year, while pending sales rose by 25.5% year over year, with 3,376 listings in contract. The Market Pulse (pending-to-active ratio) is 0.46, suggesting a neutral market.

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 June 15th, a total of 37 contracts were signed for units priced at $4 million and above, three more than in the previous week. The total weekly asking price sales volume reached $331,655,000, with a median asking price of $6,350,000. The average discount from the original to the last asking price was 14%.

The top contract was the penthouse PH2 at 111 Murray Street, with an asking price of $33.95 million.

Note: Eleven of the contracts were signed at $10 million and above, capping a 4-week stretch in which 41 such contracts were signed. This marks the strongest trophy sales period since November 2021, when 50 contracts at $10M+ were signed.

Rental Market 

During the last month, the median rent reached a new record at $4,571, up 7.6% year over year and 28.9% higher than five years ago. Meanwhile, the number of new lease signings fell by 4% compared to last year, totaling 6,800, and marking the first annual decrease in fourteen months. Listing inventory jumped by 31.2% year over year, reaching 11,714 units, the highest level since summer 2021.

Bidding wars accounted for 23.6% of all rental transactions. In nearly one out of four leases, tenants paid above the asking price, with an average overpayment of 11.4%.

(data source: UrbanDigs, Olshan, Miller Samuel, picture: Michael Discenza)