The contract activity, or the number of signed contracts, for the last month is down 13.4% compared to a year ago and 10% compared to the monthly historical average. 

The Median Sales Price for a Manhattan apartment is $1.21M, which is 1.2% lower than a year ago.

The supply, or the number of units on the market, is down 0.8% compared to June 2023. Meanwhile, the number of pending sales, or the number of units currently in contract, is 17.8% higher than a year ago. 

The Market Pulse, or pending-to-active ratio, stands at 0.4, just like last month, confirming a neutral (stagnant) market once again.

Luxury Segment

Last week in Manhattan, 31 contracts for units asking $4 million and up were signed, 7 more than the previous week and matching the total in the same week of 2023.

The most expensive contract signed was for the 8th floor at 760 Madison Avenue, asking $23,500,000. This new condo in the Giorgio Armani Residences spans 4,530 square feet and has views overlooking Madison Avenue. This is the third time this year that a unit in 760 Madison Avenue has secured the top spot.

Rental market

The median rent held steady from the previous month at $4,250 but was 3.3% lower than the same period last year, marking the second decline in three months.

7,085 new leases were signed, a 40.5% increase year over year, and this marked the sixth rise in seven months, facilitated by the elevated mortgage rates and increased listing inventory, up 27.6% from a year ago.

The rental per square foot decreased to $81.70, 2.4% less than in the same period last year.

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