The monthly contract activity stood at 796 in August, with 28 fewer contracts signed than last year and down 5% from the 841 historical average for the month. The Median Sales Price is $1,180,000 at the moment, basically the same amount as last month and just 1.6% down from last year. The supply, the number of units on the market, stands at 6,480, down 4.2% from a year ago. While the number of pending sales, which is the number of units currently in contract, stands at 2,826, this value is 19.5% higher than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.44, 25.7% higher than last year, another sign towards a more balanced market.

Luxury Segment

Last week, 18 contracts were signed above the $4 million mark, the same as the previous week, with a total asking price of $193,418,000. The total for last week exceeded the 16-contract average for the post-Labor Day week over the past decade. The most expensive contract signed was unit 92E at 217 West 57th Street or Central Park Tower, a 4 bedroom, 4,251 SF apartment with sweeping views of Central Park, asking $38,448,000. 

Rental market

The median monthly rent held steady at an all-time high of $4,400 compared to the previous month but was 7.3% above the same period last year. At the same time, the 5,025 new leases were 14% below the same period the previous year. This data implies that the market may be approaching a saturation point or reaching its peak.

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