The Weekly Manhattan Real Estate Update
The Luxury Sector: Thirty-three contracts were signed last week in Manhattan at $4 million and above, five more than the previous week. Condos outsold co-ops, 23–5 with one condop and four townhouses in the mix. The No. 1 contract signed last week was PHE at 601 Washington St. asking $29 million, reduced from $36.5 million when it was listed in December. The owner paid $30.65 million in October 2021. The No. 2 contract signed last week was PH2 at 215 Christie Street, asking $17.995 million, reduced from $25 million when it was listed in January 2024.
Overall Listing Supply: Supply continues to rise, with 7,193 listings now on the market – a .4% increase from this time last year. We’re seeing a steady flow of new inventory hitting the market, and overall supply levels are tracking right in line with historical trends – neither above nor below the norm. Typically, listing supply peaks around 7,500 by the end of May, and this year appears to be no different. Last week, 497 new listings came online, up 5.3% from the week prior. That’s on trend, as May usually brings a fresh wave of listings, rebounding from the slower pace at the end of April. That said, historically, as we move deeper into May, new inventory starts to taper off heading into the summer season.
Contracts Signed (The 30-Day Pace of Buyer Demand): Over the past 30 days, 1,050 deals were signed into contract – a 9.7% increase for the same period last year. April finished with 1,093 contracts signed, up 13.9% year-over-year and down just .2% from March. The end of April felt like a “buzzer beater” in an NBA playoff game – the final push just edged out last year‘s numbers at the last second. Looking at the weekly data, 255 listings went into contract over the past seven days, a 24.4% jump from the previous week. This is where you really see the markets week-to-week volatility play out. The end of April brought holidays, tariff chatter, and financial market swings – all of which influenced buyer behavior and contributed to the jumpy contract activity. It’s still early to call how May will finish, but we’re off to a strong start.
