The contract activity, the number of signed contracts, for the last month is up 12.6% compared to a year ago, and down 12% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.15M, which is 2.9% lower than a year ago.

The supply, or the number of units on the market, is down 1.6% compared to May 2023. Meanwhile, the number of pending sales, or the number of units currently in contract, is 18.7% higher than a year ago.

The Market Pulse, or pending-to-active ratio, stands at 0.41, just like the previous month, confirming once again a neutral market.

A trend that needs a mention: Amidst the challenging landscape of New York City’s new development market, luxury condos stand as a beacon of resilience, eluding the sales pinch that has gripped many. Despite a setback in April, characterized by a surge in mortgage rates exceeding seven percent, these opulent abodes continue to captivate buyers, offering an escape from the market’s uncertainties.

Luxury Segment

Indeed, the luxury market grew where others did not. Last week in Manhattan, 32 contracts for units asking $4 million and up were signed, 6 more than the previous week. 10 contracts were signed at $10 million and above, equalizing the biggest week recorded in July 2023.

The most expensive contract signed was the 86th floor of 157 West 57th Street, a 6,240 square feet, 4 bedrooms, and 5.5 bathrooms home with sweeping views of Central Park. Asking $38,500,000.

Rental market

The median rent rose year over year to the highest April on record, surpassing the previous year’s performance by $10, reaching $4,250, and edging higher year over year for the third time in four months.

New lease signings surged, hitting the second-highest April on record, up 41.7% annually to 5,482.

Also, the median rent per square foot increased to $84.80 per year, 6.5% more than in the same period last year.

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