March was a hot month across the city
The monthly contract activity stood at 1,164 in March, down 22% compared to last year, up 2.2% from the 1138 historical average for the month of March, and 39% more deals closed than in February. Newly built or newly converted apartments across the city saw a 25% increase in deals compared to pre-pandemic averages for the month. The largest contract to close in March was a $66.5 million sale for two penthouse apartments at Naftali Group’s The Bellemont in the Upper East Side, while 22 contracts were closed at 300 West 30 Street in the Penn District. The Median Sales Price is $1,013,000, at the moment, down -6.2% from last year. The supply, which is the number of units on the market, stands at 6,705, up 1.8% from a year ago. While the number of pending sales, which is the number of currently in contract units, stands at 2,823, this value is 31% lower than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.42, and this reminds us that we are in a buyer’s market.

Luxury Segment
Last week 22 contracts were signed above the $4 million mark, 12 fewer than the previous week, with a total asking price of $155,687,499. But the pause in action is typical of the Easter vacation week: The 10-year average of contracts for that week is 23. The most expensive contract signed last week was the 92W at 217 West 57th Street in Central Park Tower, a 1,550-foot-tall skyscraper with 179 units that started marketing in 2018 as the world’s tallest residential building, with an asking price just over $19 million.

Rental market
The good momentum of the rental market continues as the new lease signings were the second-highest total for a March on record at 4,863, up 15.4% from the previous year, while the median Manhattan rent rose +12.8% from February to March to $4,175, breaking the prior record of $4,150 last July.

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