Contract activity is up 5.3% year over year, 13% above the monthly historical average, and an impressive 38.9% higher than last month.

The median sales price for a Manhattan apartment is $1.11M, down 3% from last year.

The supply, or the number of units available on the market, has decreased by 0.5% year over year.

Meanwhile, pending sales (units under contract) have risen by 7.5% annually.

As a result, the Market Pulse stands at 0.45, which falls within the neutral zone.

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

Luxury Segment

During the week ending November 16th, 25 contracts were signed at $4 million and above, 16 fewer than the previous week.

The total weekly asking-price sales volume reached $197,347,000, with a median asking price of $6,900,000.

The average discount from original to last asking price was 4%.

The top contract was PHC at 255 East 77th Street, asking $24 million.

Rental Market

Median rent rose to $4,600, up 7.1% year over year, and is among the highest on record; in fact, it is the third-highest level ever recorded.

New lease signings increased 1.8%, while listing inventory declined 3.4% to 8,949 units. This marks the fourth consecutive annual decline in inventory, paired with a modest rise in new leases.

The vacancy rate dropped to 2.21%, down from 2.78% a year earlier, the seventh consecutive year-over-year decline.

Bidding wars accounted for 17.9% of all leases, with tenants paying an average premium of 10.7% above the asking price.

(Data source: UrbanDigs, Olshan, Miller Samuel, Picture: Joe Taylor)