The Median Sales Price for a Manhattan apartment is $1.13M, which is 5.3% higher than a year ago.

The Supply, the number of units on the market, is down 4.3% compared to the same period of February 2023. Meanwhile, the number of Pending Sales, or the number of units currently in contract, is 43% higher than a year ago.

The Market Pulse or pending-to-active ratio stands at 0.43. Confirming a neutral market between buyers and sellers.

Luxury Segment

Last week, 21 contracts were signed for properties listed at $4 million and above, one fewer than the previous week.

The Most Expensive Contract Signed was PHE at 443 Greenwich Street, a 4-bedroom triplex condo with 4,968 square feet asking $28,000,000.

Rental market

The Median Rent increased by 1.3% from the previous year to $4,150, marking the first gain in three months.

New Lease Signings surged by 14% annually to 3,922. This increase in recent months is likely attributed to lower rents since the recent summer highs.

The Median Rent Per Square Foot for new leases reached a record high of $87.87, reflecting a 13.5% surge from January 2023’s $77.44.

Renters snapped up larger apartments in January as lease signings for two- and three-bedroom rentals saw significant spikes of 50.5% and 207.7%, respectively.