The Contract activity, or the number of signed contracts, is up 13.4% year over year, the same as the monthly historical average, with 1,089 closed contracts.

The median sales price for a Manhattan apartment is $1.19M, reflecting a 5.8% increase compared to a year ago.

The supply, or the number of units available on the market, is really close to last year’s, as it has decreased by just 1% annually.

Meanwhile, the number of pending sales in Manhattan has risen 25.6% yearly.

The Market Pulse, which represents the pending-to-active ratio, stands at 0.45, indicating a neutral market.

*Currently, above 0.5 is considered favorable to the seller, and below 0.3 is favorable to the buyer.

Luxury Segment (Week May 5-11)

During the week ending May 11th, a total of 36 contracts were signed for units priced at $4 million and above, three more than in the previous week.

The total weekly asking price sales volume reached $298,520,000, with a median asking price of $6,400,000.

The average discount from the original to the last asking price was 6%.

The top contract was PH60A, located at 15 East 30th Street, with an asking price of $25 million, an increase from $23.5 million since the building was listed for sale in September 2019.

Rental market (April 2025)

Last month, new lease signings rose by 4% year over year, reaching 5,701. In contrast, listing inventory surged at a faster pace, climbing by 37.2% to reach 10,971 during the same period.

Median rent rose by 5.9% annually to $4,500, representing the seventh consecutive year of growth and reaching a new record, its second in three months, 23.3% higher than five years ago.

Bidding wars now account for 25.9% of the market share, rising from 21.2% in the same timeframe last year. In fact, one in four rental agreements involved payments above the landlord’s initial request, with the average overpayment surpassing the asking price by 11.8%.

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