Here we go with the Manhattan Market Pulse, what’s going on in the Residential Market? 

The contract activity, the number of signed contracts, for the month of October is down 9.8% compared to a year ago and also down 11% compared to the historical average for the month of October. 

The Median Sales Price for a Manhattan apartment is $1.12M and it’s 2% down compared to a year ago. 

The supply, the number of units on the market, is down 4.5% compared to October 2022. While the number of pending sales, or the number of units currently in contract, is 31.2% higher compared to a year ago. 

The Market Pulse or pending-to-active ratio stands at 0.35. Confirming a balanced market with buyers and sellers in a waiting position.

Luxury Segment

Last week there were 20 contracts signed for properties listed at $4 million and above, 4 less than the previous week. 

The most expensive contract signed was a townhouse at 118th West 12th Street, a 4-story house of 6,600 square feet, asking $19,950,000. 

Rental market

For the third consecutive time, the median rental price has not increased month over month, failing to reclaim the peak levels established during the summer. 

The Median rental price rose 4.6% annually to $4,195 but was 3.6% below the prior month. 

The number of signed leases fell year over year for the fourth time in a row with 7.1% fewer signed leases compared to September as landlords are still focused on renewals.

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