The monthly contract activity stood at 592 in January, down 37.8% compared to last year and down 23.7% from the 776 historical average for the month of January. The Median Sales Price is $1,075,000, at the moment, down -14% from last year.

The supply, which is the number of units on the market, stands at 6,078, up 2.7% from a year ago. While the number of pending sales, which is the number of currently in contract units, stands at 2,159, this value is 41.6% lower than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.36, and this reminds us that we are in a buyer’s market.

Luxury Segment

Last week 25 contracts were signed above the $4 million mark, 4 fewer than the previous week, with a total asking price of $174,435,000. The most expensive contract signed was the 12th floor at 778 Park Avenue, with an asking price of $27.9 million. Despite the slight dip in contract numbers, the luxury market saw more than 20 contracts signed for the second week in a row, which clearly indicates that this real estate segment is the most active at the moment.

Rental market

The number of Manhattan lease signings in January was 3,441, up +8.9% from the previous year, while the median Manhattan rent rose +1.2% from December to January to $4,097. 

So prices have stabilized in the last 6 months after having reached record levels last summer.

Typically, rents cool down in winter as renters save apartment hunting for the spring. But weak supply and a premium-priced housing market have continued to fan demand for rentals.

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