The residential sales market is stabilizing in buyer’s market territory
The monthly activity stood at 727 signed contracts in October which is down compared to the 10-year historical average of 911 signed contracts for that month. The supply, which is the number of units available on the market, stands at 7,450, up just 1% from a year ago. So the supply trend is normal. While the number of pending sales, which is the number of units that are currently in contract, stands at 2,632. This value is 32.7% lower than a year ago. The result is a pending-to-active ratio or Market Pulse of 0.34, which indicates buyer’s market territory.
But what about the Luxury segment?
Last week 24 contracts were signed above the $4 million mark, 10 more than the previous week, with volume that doubled, reaching close to $220,000,000. So a strong week for the luxury segment, with wealthy players parking their cash in the safety of the Manhattan market.
The rental market remains strong
The median rental price for a Manhattan apartment is currently $4,300 and it has been hovering around the record- breaking $4,500 registered last July.
Will such a strong rental market be able to sustain the sales market? We’ll see.
(data source: urbandigs.com, olshan.com)
