The Weekly Manhattan Real Estate Update
The Luxury Sector: The luxury market continues its strong output. Forty-one contracts were signed last week in Manhattan at $4 million and above, four more than the previous week. Condos out sold co-ops, 25–9, with two condops and five townhouses in the mix. Last week was the first time that the Luxury market hit the 40+ benchmark since the week of May 19 2025, when 55 contracts were signed. Also of note, it was the fourth week in a row of 30 or more contracts being signed at $4 million in above. There’s been a lot of press about the Democrat/Socialist Mamdani and his perceived negative impact on the real estate market. However, 24 of the 41 recent contracts were signed in the days after his victory – it should be interesting to see how the Lux-real estate market responds in the coming months.The No. 1 contract signed last week was PH88D at 15 Hudson yards, asking $22.95 million reduced from $30 million when the building started marketing off of floorplans back in October 2020. The No. 2 contract signed was 3North at 175 5th Ave., asking $19.35 million: the building started marketing off the floorplans back in September of this year.
The City’s Overall Listing Supply: There are currently 6,641 listings on the market ready to sell. That’s a 2.9% decrease from last reports and a 4.7% drop year-over-year. As we move deeper into the winter months, supply will continue to diminish until around February, when inventory levels tend to stabilize and then begin climbing again as sellers gear up for the spring 2026 market. Looking at the weekly numbers, 225 new listings came on the market last week which is down to 21.3% from the week before. This decline is expected as this is historically not a time when sellers list their property. New listings will likely continue to taper off weekly, with overall inventory declining until activity picks back up again post-winter. Adding to that trend, off-market activity increased significantly: 259 listings were removed from the market unsold last week, a 100% jump week-over-week. Many sellers are opting to pause their listing rather and sit through the quieter months – leaving active sellers with less competition, heading into the year-end.
Liquidity Pace (The 30-Day Pace of Buyer Demand): This rolling 30-day window shows how fast buyers are putting property into contract. Over the last 30 days, 993 units have been placed into contract – 29.1% higher than last month, and a surprising 6% higher year-over-year. While the week-over-week increased only by about one percent, the overall 30-day pace is a very strong figure for this time of year – and welcome news in our post-mayoral election climate. The benchmark for the end-of-November contract signing pace is typically 850 contracts for the month. Every day the market stays above that 850 threshold, it’s a very positive sign – and could position November to outperform last year‘s totals. However, looking at the weekly numbers, the last seven days showed 212 listings going into contract— down at 17% week-over-week. So, while the 30-day pace is up, the weekly pace of new contracts has started to slow. This slow down is typical for this time of year, as we head into the tail end of fall, when fewer listings are going into contract. Still, it will be interesting to watch whether the 30-day total remains above the 850–contract threshold as we close out the month.
