The Weekly Manhattan Real Estate Update
The Luxury Sector: Twenty-five contracts were signed last week in Manhattan at $4 million and above–16 fewer in the previous week. Condos outsold co-ops, 17 to 4, with one condop and three townhouses also in the mix. For perspective, last year's weekly average was 25 contracts signed per week. Despite last week’s dip, the Luxury Market has already surpassed the total number of contract signings from all of last year (1295). Year-to-date, 1,326 contracts have been signed at $4 million and above–putting 2025 on track to become the second best year for luxury sales since the Olshan Report began tracking data in 2006. The No. 1 contract signed last week was Penthouse-C at 225 E. 77th St, asking $24 million. The No. 2 contract was unit 104 at 160 W. 12th Street, asking $15 million.
Overall Listing Supply: Currently, there are 6,647 apartments on the market ready to sell–about 4% less than last month and .2% less than this time last year. Interestingly, overall supply ticked up last week–by six units from the week prior–which is unusual for this time of year. Still, despite that minor uptick, the broader trend over the next three months is for the city's listing supply to continue declining through the winter, before picking up again around mid-February as sellers repair for the traditional strong spring market. Last week, 251 new apartments came to market–an 11.1% increase from the previous week. While this is a noticeable bump, weekly supply can fluctuate due to short term factors. That said, the historical trend this time of year is a steady seasonal decline in inventory and we expect that pattern to continue.
Liquidity Pace (The 30-Day Pace of Buyer Demand): This rolling 30-day window of contract signings reported 1,039 listings going into contract last week–28.3% higher than last month and a strong 10.5% above this time last year. The overall sales market for this time of year–the fall season–hasn’t seen this level of contract activity in quite some time, so it’s refreshing to see! Let’s see if the momentum holds through the rest of the month before buyers typically begin to slow down ahead of year-end holidays. Looking at the weekly numbers in the contract signed category, 229 listings went into contract last week–up 9% week-over-week. While buyers usually begin to ease off as we head deeper into Q4, demand has held strong throughout the fall. In fact, October was one of the highest–volume months in recent history. You’d have to go back to March 2025–and before that, March 2023–to find comparable months of sales volumes. UrbanDigs characterized the current market as a "highly functional market," but as Noah Black points out, it’s not a runaway market either. Deals are happening, but it’s not without its challenges. And with the Fed now confirming there will be no rate cut this December–as many have predicted or hoped–it remains to be seen how long this momentum can continue.
