The contract activity, the number of signed contracts, for the month of February is up 8.6% compared to a year ago and down 5.7% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.04M, which is 1.2% lower than a year ago.

The supply, or the number of units on the market, is down 3.3% compared to March 2023. Meanwhile, the number of pending sales, or the number of units currently in contract, is 21.6% higher than a year ago.

The Market Pulse, or pending-to-active ratio, stands at 0.41, confirming once again a neutral market between buyers and sellers.

Luxury Segment

Last week, 40 contracts were signed for properties listed at $4 million and above, twelve more than the previous week. Year-to-date, this is the first time the luxury market has topped 30 or more contracts.

The most expensive contract signed was 41NS at 50 West 66th Street, a combination of 2 units spanning 6,942 square feet facing Central Park, asking $46,750,000.

Rental market

The median rent increased 3.3% from the previous year to $4,230, the highest February on record, and 20.9% above pre-pandemic levels.

New lease signings continue to rise 7.7% annually to 4,349 (the third-highest February on record). Meanwhile, the median rent per square foot reached $84.25, which is 6.6% higher than last year.

(data source: urbandigs.com, olshan.com, millersamuel.com, picture: Joe Taylor)