The Weekly Manhattan Real Estate Update
The Luxury Sector: Thirty-five contracts were signed last week in Manhattan at $4 million and above – five more than the previous week. Condos once again led the way, outselling co-ops 28 to 8, with three townhouses rounding out the mix. Year to date, Downtown continues to lead the Luxury market with 306 contracts signed, compared to 192 on the Upper East Side. However, it’s worth noting that the Upper East Side has been making up ground, outpacing downtown in four of the last eight weeks! The top deal last week was unit 66B at 157 W. 57th St., asking $26 million--it hit the market in April. The No. 2 contract was unit 31 at 520 Park Ave., asking $25.95 million – reduced by $1 million after being listed this past April.
Overall Listing Supply: There are currently 7,395 listings on the market ready to sell. Interestingly, the market actually lost a few listings last week – so it looks like this spring market won’t quite hit the 7,500 total listings that we’ve historically seen during most spring seasons. Right on cue, we’re beginning to see the usual seasonal shift as we move into the summer as overall supply starts to taper off – and this year is proving no different. Last week, 331 new listings came on the market, down 14.5% for the previous week. That decline is typical for this time of year, and we can expect new listing activity to continue slowing as the summer progresses. In fact, we likely won’t see weekly new listing numbers pick up again until after Labor Day and into September – hard to believe as that's so far away, but that’s how this market tends to move. Manhattan (and Brooklyn) is following this historical cycle year after year, and from the looks of it, 2025 is shaping up to be no exception. How the market will respond to this period of diminishing supply over the next few months remains to be seen.
Contract Signed Market (The 30-Day Pace of Buyer Demand): In the past 30 days, 979 deals were signed into contract and while that's still a relatively healthy number, it does raise a bit of concern. We've been watching a noticeable slowdown in the overall contract sign market for several weeks now, and the slowdown in the 30-day pace of buyer demand confirms that trend. On the weekly side, 227 listings went into contract--up 14.1% from the previous week. It's always encouraging to see the weekly contract sign numbers climb back above the 200 mark. That said, we're entering that time of year when the weekly market numbers will likely be like a yo-yo--one week hot, the next not--and that's pretty typical for the summer season.
