What’s going on in the Residential Market? 

The contract activity, the number of signed contracts, for the month of December is down 4.9% compared to a year ago and also down 18% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.16M, and it’s 3.2% up compared to a year ago.

The supply, the number of units on the market, is down 2.9% compared to the same period of January 2023. While the number of pending sales, or the number of units currently in contract, is 41.5% higher compared to 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, there were 21 contracts signed for properties listed at $4 million and above, 4 more than the previous week.

The most expensive contract signed was PH26 at 500 West 18th Street, a 5-bedroom home of 7,375 square feet, asking $49,000,000.

Rental market

The median rent is basically the same as last year at $4,050, and just 1.3% above the prior month, for the first time since July.

New leases surged year over year for the second consecutive month, with 14.2% more signed leases than last year. The increase in new lease signings over the past two months is likely attributed to the decrease in rents from the recent summer highs.

(data source: urbandigs.com, olshan.com, millersamuel.com, picture: nelson ndongala)