The Weekly Manhattan Real Estate Update
The Luxury Market: Twenty-nine contracts were signed last week in the luxury market. Two more than the previous week. Condos clobbered co-ops 22-3, with 4 townhouses in the mix. The No. 1 contract signed last week was 15CD at 400 West 12th Street at $19.85 million and was listed only at the end of January. The No. 2 contract was Unit 35 at 111 West 57th Street, listed at $17.25 million, reduced from $20.25 million when the building first went on sale in June of 2016.
Overall Listing Supply: As of this week, there are 6,812 active listings on the Manhattan market – representing a 12.8 increase month-over-month and a 1.5% rise year-over-year. Inventory has also ticked up 2.5% compared to last week, keeping overall supply in line with seasonal and historical trends. This past week saw 438 new listings, a 6.8% decrease from the previous week. While weekly new inventory has dipped slightly, the pace remains well within the expected range for this time of year.
Liquidity Pace (The 30-Day Pace of Buyer Demand): Over the past 30 days, known now as the “pre-tariff” period, buyer demand reached 1,145 contracts signed–a 15.6% increase month-over-month and a 10% rise year-over-year. Although this figure is down slightly (.5%) from the previous week, it remains significantly stronger than levels seen in recent years.
It’s important to note that contract signings are typically back loaded–meaning there is a lag between when a buyer signs a contract and when it is officially recorded. As such, the full picture of buyer activity will become clear in the coming weeks.
We are closely watching how both national and international economic headwinds might influence the New York City real estate market. While the 30-day trends are encouraging, weekly figures offer more immediate insights into market shifts. Last week, 233 listings went to contract, a 17.1% decrease from the previous week. This could be an early warning sign, but it’s too soon to draw definitive conclusions about buyer sentiment.
It's worth considering that the decline may be seasonal. The Passover and Easter holidays often result in a temporary slowdown in activity, a mid-April dip in contract signings is historically typical.
Ultimately, the next few weeks will provide more clarity on whether buyers remain active despite their recent economic uncertainty stemming from federal policy changes.
