The monthly contract activity stood at 571 in September, down 13.4%, with 88 fewer contracts signed than last year and 18% with 127 fewer signatures from the 698 historical average for the month. The Median Sales Price is $1,130,000, 2.2% down from last month and 5% down from last year. The supply of units on the market stands at 7,219, down 6.7% from a year ago. While the number of pending sales and units currently in contract stands at 2,633, this value is 28.4% higher than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.36, 38.5% higher than last year, data confirming a consolidated market balance.

New York’s New Condo Market Contracts Below Pre-Covid Levels

New condominium apartment contracts in Manhattan, Brooklyn, and Queens fell below pre-Covid levels in September, marking the first instance since January. This shift signals a departure from the robust performance seen in recent months, fueled by all-cash buyers and motivated developers. About 68 percent of new development sales in September were completed without mortgage financing, but high mortgage rates impacted results. The median price for a new condo in Manhattan rose to $2.36 million, with a median price per square foot of $2,049. However, the overall quarter closed weaker, with a 40 percent decrease in contract signings compared to the prior quarter and a 30 percent drop from the previous year, attributed to low supply, few building launches, and buyers adjusting to the new mortgage rate landscape.

Luxury Segment

Last week, 16 contracts were signed above the $4 million mark, 10 fewer than the previous week, with a total asking price of $145,463,750. The most expensive contract signed was West 28AD at 500 West 18th Street, a 2 units property for a total of 5,355 square feet, asking $22,120,000. 

Rental market

After seemingly topping out in July and August with new records for median rent, it slipped in September to $4,350, 1.1% lower than the last month and 8.2% higher than last year. The number of new lease signings fell year over year for the third time by 1.9% to 4,405 as landlords focused on renewals.

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