What’s going on in the Residential Market? 

The contract activity, the number of signed contracts, for the month of November is down 5.3% compared to a year ago and also down 22% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.12M, and it’s 1% up compared to a year ago.

The supply, the number of units on the market, is down 3.4% compared to December 2022. While the number of pending sales, or the number of units currently in contract, is 37.7% higher compared to a year ago.

The Market Pulse or pending-to-active ratio stands at 0.37. Confirming a neutral, slowing market between buyers and sellers.

Luxury Segment

Last week, 24 contracts were signed for properties listed at $4 million and above, 7 more than the previous week.

The most expensive contract signed was a townhouse at 135th West 11th Street, a 5-story house of 6,998 square feet, asking $32,000,000.

Rental market

The median rent fell 2.3% annually to $4,095, also 4.6% below the prior month.

New leases rose year over year for the first time in five months, with 9.7% more signed leases than last year, affected by the decline in median rent.

(data source: urbandigs.com, olshan.com, millersamuel.com, picture: Luca Bravo)