The Weekly Manhattan Real Estate Update
The Luxury Market: Thirty-six contracts were signed last week in Manhattan at $4 million and above, three more than the previous week. Condos continued to dominate, outselling co-ops 22-7, with one condop and six townhouses rounding out the mix. Notably, 13 properties traded at $10 million and above, marking the strongest week for “trophy“ sales since October 7, 2024, when the market saw 13 deals at this level. A meaningful contributor was 1122 Madison Ave., a new condo designed by Studio Sofield, which began selling off of floorplans on January 15. The building logged four contracts last week alone and has now secured 15 contracts, representing 50% of its units, at an average price of $4269 per square foot. The top contract of the week was a full floor residence at 432 Park Ave. (78th floor), asking $59 million. The second-highest deal was unit 4N at 140 Jane Street, asking $27 million, notably increased from $21 million when the building first launched off floor plants in September 2024.
Overall Listing Supply: There are currently 5,313 listings on the market, marking a 10% increase from last month, though the overall inventory remains 4.3% lower than this time last year. While supply is still below last year‘s level, it’s behaving exactly as expected for this point in the calendar – edging higher, in small, steady increments each week. Look for meaningful gains in listing inventory as we move closer to March and April, when the spring market typically hits its stride. On the weekly front, 333 listings came to the market last week, a 24.7% increase from the prior week. Weekly supply has continued to show some choppiness, but when you zoom out, the trend is clear: overall inventory is gradually building, which is normal as the market gears up for the spring selling season.
Liquidity Pace (The 30-Day Pace of Buyer Demand): There are currently 720 listings under contract based on the rolling 30-day pace of buyer demand, a 4% increase week-over-week. While the overall contract pace appears somewhat installed, that’s not unusual for this time of year. It’s cold, there’s snow on the ground, and we’re in the middle of February. All things considered, it’s encouraging to still see incremental weekly gains, even if activity is running slightly behind last year’s pace. Looking at the weekly numbers, 141 apartments went into contract last week, a 23% decline for the prior week. That dip is notable, especially given the antidotal chatter suggesting buyers are actively out looking. That interest hasn’t yet translated into signing contracts–but it often lags by a week or two. For now, the weekly in contract pace remains typical for this time of year: slow, but seasonally normal.
