The Weekly Manhattan Real Estate Update
The Luxury Sector: Twenty-three contracts were signed last week in Manhattan at $4 million and above -- four more than the week prior. Condos continued to lead the way, outselling co-ops 19 to 9, with two condops and three townhouses also in the mix. Considering the timing – Passover, Easter, spring break, and a choppy stock market – it was surprisingly a solid week for the Luxury market. The top contract was unit 2N at 140 Jane Street, asking $19.95 million. That’s up from the original $19.35 million when it first hit the market off floorplans back in September. The second highest contract was a townhouse at 280 W. 11th St., asking $13.999 million -- down from its original $17.999 million list price when it launched in September 2020.
Overall Lising Supply: There are currently 6,844 listings on the market in Manhattan. Last week, it felt like the pace of new supply slowed down a bit. Week-over-week, supply only increased by .5% – about 30 new units – which is the smallest gain we’ve seen in several weeks this spring. This was also the first week in a while where demand felt like it took a step back. The question is: is this just the usual mid-April slow down between holidays, or is this the beginning of a larger shift? Too early to say for sure, but it’s something to keep an eye on. Looking at the weeklies, 36 new listings came to the market--down 26% from the previous week. That’s a notable drop, but not unexpected considering we just came out of the holiday week. I expect to see listing activity pick back up through the second half of April and into May, which tends to be a strong stretch of the spring market. One thing that stood out: 163 listings were taken off the market unsold, which is a 16.3% increase from the week before that. That’s a meaningful jump and could reflect shifting seller sentiment or just normal spring and volatility. Only time will tell!
Contracts Signed (The 30-Day Pace of Buyer Demand): Over the past 30 days, 1,134 apartments have gone into contract. That marks a slight 1% slowdown from the week before – making this the second consecutive week of slower contract activity, though the dip hasn’t been dramatic. There are a couple of factors to consider here. First, we are seeing some turmoil in the broader financial markets, which almost always spills over into real estate. Second, there is a seasonal pattern – April often sees a brief slowdown in the middle of the month as public schools go on spring break, plus the holidays. So, this kind of pause isn’t out of the ordinary. That said, with everything happening geo-politically and economically, it wouldn’t be surprising to see a few more weeks of flat or modest contract activity in the near term. Still, it’s worth noting that this spring – last week included – is outpacing the past three spring seasons, in terms of contract signings, which is a positive sign. Looking at the weekly numbers, 248 contracts were signed last week – up 6.4% in the previous week. While the 30-day trend shows a bit of a pause, the weekly activity remains solid, likely boosted by a strong finish this March and early April. What happens over the next few weeks will really tell us where this market is headed.
