The monthly contract activity stood at 816 in July, basically the same amount as last year, with just three more contracts signed and down almost 10% from the 906 historical average for the month. The Median Sales Price is $1,019,000, at the moment, 3% down from last year. The supply, which is the number of units on the market, stands at 6,418, down 6.9% from a year ago. While the number of pending sales, which is the number of units currently in contract, stands at 3,004, this value is 7.4% lower than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.47, 14.6% higher than last year with more equilibrium between buyers and sellers.

Luxury Segment:
Last week 17 contracts were signed above the $4 million mark, 4 more than the previous week, with a total asking price of $135,440,000. Ten out of these 17 properties were sponsor units.The most expensive contract signed was unit 50S at 50th West 66th Street. A 3,457 square feet 4 bedroom apartment with Central Park Views. And top of notch amenities, asking $23M.

Rental market:
The median monthly rent surged by 6% per year, hitting a fresh peak at $4,400, and this marked the fourth record in five months since tracking began in 2008, while new lease agreements decreased 6% annually to 4,999. 

(data source: urbandigs.com, olshan.com, millersamuel.com, picture: Mike Petrucci)