The monthly contract activity stood at 816 in February, down 31.1% compared to last year and down 13.9% from the 948 historical average for the month of February. The Median Sales Price is $1,075,000, at the moment, down -6.7% from last year. The supply, which is the number of units on the market, stands at 6,429, up 1.7% from a year ago. While the number of pending sales, which is the number of currently in contract units, stands at 2,487, this value is 33.4% lower than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.39, and this reminds us that we are in a buyer’s market.

Luxury Segment

Last week 36 contracts were signed above the $4 million mark, 5 more than the previous week, with a total asking price of $268,997,500. marking the largest total of the year. As reported in the Wall Street Journal, the most expensive contract signed last week was a triplex at 165 Charles Street, asking $37 million. The seller is Alexis Stewart, daughter of Martha Stewart.

Rental market

The number of Manhattan lease signings in February was 4,037, up +45.5% from the previous year, while the median Manhattan rent rose +10.7% from January to February to $4,095. 

The rental market is experiencing a surge in new leasing levels as rising mortgage rates lead potential homebuyers to opt for renting while rents continue to move sideways since peaking in the summer.

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