The monthly contract activity stood at 1,143 in May, down 34.8% compared to last year and up 1.2% from the 1,102 historical average for the month. The Median Sales Price is $1,023,000, at the moment, up 3.2% from last year. The supply, which is the number of units on the market, stands at 7,530, down 2.2% from a year ago. While the number of pending sales, which is the number of units currently in contract, stands at 3,332, this value is 20.4% lower than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.44, 20% lower than last year, telling us that we moved from a buyers market to a more neutral zone.

Luxury Segment

Last week 31 contracts were signed above the $4 million mark, 1 fewer than the previous week, with a total asking price of $268,274,000. The most expensive contract signed was unit 84E at Central Park Tower at 217 West 57th Street, a sponsor unit asking $34,264,000. The building and its developer, Gary Barnett of Extell, are featured in a recent book called Billionaires’ Row: Tycoons, High rollers, and the Epic Race to Build the World’s Most Exclusive Skyscrapers. 

Rental market

Median rent pressed higher to new records for the third consecutive month, it’s up 9.9% year over year to a record $4,395 while New lease signings returned to their seasonal uptick after last month’s lull due to the banking crisis surging 30.3% from April to 5,041 and 2.2% higher from the same period last year.