The Weekly Manhattan Real Estate Update
The Luxury Sector: Fifty-five contracts were signed at $4 million and up last week. You read that right! Condos outsold co-ops 45-12, with 2 condops and 5 townhomes in the mix. The 55 contracts signed last week was the highest weekly total since November 15, 2021 when the 67 contracts were signed. To put this in perspective – 2021 was the biggest year luxury residential real estate since reporting started in 2006!! The No. 1 contract last week was 31-37-39 East 63rd townhouse. Spanning 61 feet three townhouses joined together was put under contract with a listing price of $34.5 million. The No. 2 contract was at 500 West 18th Street listed for $13.895 million.
Overall Listing Supply: There are currently 7,386 listings on the market trying to sell. This is the time of year when overall listing supply typically starts to level off. The weekly increase in supply wasn’t even a full percentage point, which tells us the spring inventory arc is starting to flatten as we head into the summer. We might see a couple more weeks of this kind of “sideways motion” before inventory begins it’s usual summer dip. Last week, 330 for new listings came on the market – a 24.1% drop from the week before. That’s not surprising, considering it was right before the long Memorial Day weekend. This week probably won’t bring a big wave of new listings either, but that’s right in line with historical seasonal trends as the market shifts into summer mode.
Contracts Signed (The 30-Day Pace of Buyer Demand): The 30-day pace of buyer demand brought in 1,055 units going into contract – just a slight uptick from the week before. Considering that May is usually the second busiest month of the year after March, you have to ask: has the wind already left the sales for the spring selling season? So far this May, the 2025 market is tracking about 6% below historical averages for the month. That’s not nothing. On a weekly basis, 232 newest contracts were signed last week – up 2.2% week-over-week – but even that small gain isn’t enough to shift the broader tone. By historical standards, last week numbers feel soft, and overall, this May is starting to shape up as one of the slowest ones we’ve seen in recent years.
The Tale of Two Markets:
- Min -$2M Segment for Contracts Signed:
- Up 48% year to date.
- Down 5.4% from last month.
- Up 2.6% from last year.
- $2M - Max Segment for Contracts Signed:
- Up 28.9% year to date.
- Up 3.0% from last month.
- Up 18% from last year.
