Greetings!
Twenty-eight contracts at $4 million and above. Not one above $10 million.
The market below $10 million had a strong week. It was the second in a row near 30 contracts, and buyers moved fast: median days on market fell to 35, from 61 last week, and a condo at 303 Park Avenue went to contract in four days. If you are planning a fall launch, [email me here] to talk through pricing, positioning and timing.
At the top, the market went quiet. After five contracts above $10 million last week, this week had none. One week is not a trend, and below I’ll show you why.
Chart of the Week: The Cost of Time on Market
Pricing Penalty | August 2026 -
Under 60 days to contract: 2.0% below asking at $4M+ | 2.0% at $10M+
Over 120 days to contract: 10.5% below asking at $4M+ | 17.0% at $10M+
[Pricing Penalty Chart — See Chart Box Below]
This chart measures the median discount from asking price on Manhattan luxury homes, based on how long they take to reach contract. Homes that went to contract within 60 days gave up about 2%. Homes that took more than 120 days gave up 10.5% at $4M+ and 17.0% at $10M+.
On a $5 million apartment, that is the difference between giving up $100,000 and giving up $525,000. The gap comes down to the launch. The first weeks are when a property draws its strongest buyers, and that is when price and presentation matter most.
The Week | Manhattan $4M+
- 28 contracts signed | ▼ 6.7% from 30 last week
- 53 new listings | ▲ 3.9% from 51 last week
- 32 listings went off market | ▼ 20.0% from 40 last week
- $134.0M asking-price volume | ▼ 46.1% from $248.8M last week
- 0 contracts above $10M | down from 5 last week
- 4 new-development contracts | 14.3% of total (vs. 3, or 10.0%, last week)
- Average price: $4.78M | Median: $4.50M
- Average price per square foot: $2,197 | Median: $2,113
- Median days on market: 35
Every contract this week fell between $4.05 million and $6.995 million. Volume fell with the top of the market, not with the number of deals.
Property Types
- Condos 21 (75.0%)
- Co-ops 4 (14.3%)
- Townhouses 3 (10.7%)
Condos took three of every four contracts, up from 63.3% last week. Co-ops slipped from nine contracts to four.
Neighborhoods
- East Side 10 (35.7%)
- Downtown 7 (25.0%)
- West Side 7 (25.0%)
- Midtown 4 (14.3%)
The East Side led for the second straight week. The West Side more than doubled, from three contracts to seven. Downtown signed seven, and TriBeCa took four of them, more than half: 11 Harrison Street, 91 Leonard Street, 27 North Moore Street and 270 Broadway.
$10M and Above
Last week, five contracts above $10 million were signed, led by 70 Vestry Street at $34 million. This week there were none.
At this level, a few deals swing the weekly count. These contracts also take longer to negotiate and finalize, so they arrive unevenly.
The 30-day pace tells a steadier story. The $10M+ Liquidity Pace reads 17, up 112.5% from a month ago and level with this time last year. It spent the summer in low liquidity and has more than doubled since Labor Day. The $10M+ Market Pulse rose to 0.6, from 0.4 last week.
30-Day View
- New listings: 332 | ▲ 1.5% vs. 327 in 2025
- Contracts signed: 97 | ▼ 9.3% vs. 107 in 2025
- Off market: 133 | ▲ 14.7% vs. 116 in 2025
Five weeks ago, 30-day new listings trailed last year by 35.0%. Now they are ahead. Supply has fully returned. Contracts are the number to watch, still 9.3% behind last year’s pace.
Market Pulse & Climate Index
The $4M+ Market Pulse reads 2.0, up from 1.75 last week and back on the line between neutral and seller territory. It is essentially level with a year ago.
The September Listing Climate firmed further in the latest data: 0.79 at $4M+ and 0.43 at $10M+, both above their challenging-market thresholds (0.57 and 0.38). The $4M+ reading is now level with last year. More listings are ending in contracts rather than withdrawals.
Top 2 Contracts | [SEE ALL 28 LISTINGS IN CONTRACT]
#1: 255 East 74th Street, 27A | Upper East Side / Condo
$6,995,000 | 5 beds, 4.5 baths | $2,001/ft² | 16 days to contract
#2: 1111 Park Avenue, 2BH | Carnegie Hill / Co-op
$6,850,000 | 4 beds, 4.5 baths | $1,802/ft² | 221 days to contract
The Diagnosis
The Manhattan luxury market is healthy and moving faster. Supply is back above last year, buyers are signing quickly, and the Listing Climate has left challenging territory at both price levels. The one weakness is pace against last fall, with 30-day contracts still 9.3% behind.
In this market, the difference between a fast sale and a long one is rarely the buyer. It is the launch.
The Prescription
For Sellers
Price from this month’s contracts, not last spring’s. Have the photography, staging and story finished before the first showing. Homes that sit too long rarely escape the discount. They usually end up near the price they could have launched at, only months later. If your home has been on the market for a while, a relaunch built on a clear diagnosis of what held it back will read to buyers as a new listing.
For Buyers
Fresh listings priced to the market are moving in weeks, so have financing and documents ready before you find the right home. Homes that have been listed for months often have the most room for a conversation.
Final Thoughts
Buyers are active, and the next few weeks will show how strong this fall becomes. I will report back next week.
Wondering how your home would be priced and positioned in this market? Reply with your building, and I will send you my read on where it stands. Every conversation is confidential.
If you found this useful, please forward The Pulse to someone who owns, or is thinking of buying, in Manhattan. And if it was forwarded to you, you can subscribe here.
And if you have a real estate question, whether you are buying, selling or simply trying to make sense of what you are seeing, email me here.
Warm regards,
Carol
Carol Staab
Sotheby's International Realty
Why Attorneys & Clients Select Me As Their Luxury Manhattan Real Estate Advisor (video)
My Notable Sale Ritz Carlton $28.4M
Email: [email protected]
Cell: 917-273-7787
Website: CarolStaab.Com
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