Luxury Market: Thirty-five contracts were signed last week in Manhattan for properties priced at $4 million and above, marking an increase of 3 properties from the previous week. Condos dominated sales, outpacing co-ops 25 to 7, with 3 townhouses also in the mix. The No. 1 contract was Unit 67 at 111 W. 57th St., which had an asking price of $20 million— down from its original $29.75 million when the building first launched sales in 2016. The No. 2 deal was Unit M6 at 150 Charles Street, which went under contract with an asking price of $17.995 million after being reduced from $19.5 million when it was first released a year ago.
Overall Listing Supply: Currently, there are 5,906 properties available for sale on the market! As the spring selling season begins, we’ve seen a 1.5% increase in the overall market supply compared to last week. However, it’s interesting to note that while week-over-week the 30-day numbers are rising, the overall listing supply at the start of this spring season is still lower than it has been in the past four years, and about 4% lower than last year. If inventory remains limited throughout the spring, it will be intriguing to see how sellers and buyers navigate the 2025 market. In the past week, 474 new listings were introduced, marking a significant 28.1% increase for the previous week. For the first time in months, supply is finally starting to outpace demand. Supply will need to continue this strong pace to keep up with apparent demand!
Contract Signed (The 30-Day Pace of Buyer Demand): In the last 30 days, 951 apartments have been signed into contract, reflecting a 7% increase from the previous week. The rate of contracts signed over the 30-day period has been on the rise since the beginning of the year. Interestingly, we haven’t seen more than 1000 apartments signed in a 30-day period since the post-Covid rebound markets of 2020 through 2022--it looks like the contract signed market might reach that milestone this spring. Looking at the weekly numbers, 248 properties were signed in the contract last week, marking a 12.2% increase from the prior week. It’s encouraging to watch the weekly contract-sign rate continually rise steadily week after week – this trend should continue for several more months!
Listing Success for January:
- In January, 14% of all listings found a buyer and were signed into contract within 30 days of hitting the market. This represents an increase of approximately 4% compared to the “listing success” rate from December 2024.
