The monthly contract activity stood at 592 in January, down 37.8% compared to last year and down 23.7% from the 776 historical average for the month of January. The Median Sales Price is $1,075,000, at the moment, down -14% from last year.
The supply, which is the number of units on the market, stands at 6,078, up 2.7% from a year ago. While the number of pending sales, which is the number of currently in contract units, stands at 2,159, this value is 41.6% lower than a year ago. The result is a Market Pulse (pending-to-active ratio) of 0.36, and this reminds us that we are in a buyer’s market.
Last week 25 contracts were signed above the $4 million mark, 4 fewer than the previous week, with a total asking price of $174,435,000. The most expensive contract signed was the 12th floor at 778 Park Avenue, with an asking price of $27.9 million. Despite the slight dip in contract numbers, the luxury market saw more than 20 contracts signed for the second week in a row, which clearly indicates that this real estate segment is the most active at the moment.
The number of Manhattan lease signings in January was 3,441, up +8.9% from the previous year, while the median Manhattan rent rose +1.2% from December to January to $4,097.
So prices have stabilized in the last 6 months after having reached record levels last summer.
Typically, rents cool down in winter as renters save apartment hunting for the spring. But weak supply and a premium-priced housing market have continued to fan demand for rentals.
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