The Pulse - Manhattan Luxury

Market Snapshot

Contracts Signed: 30 (↓ from 33 prior week; benchmark = 20 healthy)
January Total: 105 vs. 97 last January (↑ 7% YoY)

New Listings: 62 last week
January New Listings: 168 vs. 214 last January (↓ 22% YoY)

Off-Market Listings: 28 last week
January Off-Market: 137 vs. 146 last January (↓ 6% YoY)

Net Inventory Change (last week): +4
Fewer withdrawals reinforce a key shift: more sellers are pricing correctly—and finding success.

Weekly Sales Volume: $312,625,000

Property Types:

• Condos: 20 contracts (67% share)
• Co-ops: 4 contracts (13% share)
• Townhouses: 6 contracts (20% share)

Neighborhood Leaders:

• Downtown: 13 contracts (43% share)
• Upper East Side: 6 contracts (20% share)
• Upper West Side: 8 contracts (27% share)
• Midtown: 3 contracts (10% share)

Discounts: 8 contracts with discounts (27% share) | Median discount: 7%

New Development: 10 contracts (33% share)

$10M+ Contracts: 13 contracts (45% share)

Market Indicators

Segment Indicators

Advice for Sellers

This is a seller-favorable setup—particularly in the $4M+ market, where demand continues to outpace new supply and January listing volume is running 22% below last year. The meaningful rise in the Climate Index reinforces what the off-market data already suggests: pricing discipline is improving, and sellers who align with market reality are seeing results.

If your property is not trading—or you’re considering listing this winter—focus on the three levers that are moving deals right now:

• Pricing alignment: Buyers are active, but they are highly calibrated and quick to dismiss aspirational pricing.
• Condition expectations: Renovations older than 10 years are often priced by buyers as “full renovation required.”
• Replacement cost reality: Luxury renovations are $1,000–$1,500 per sq. ft. Buyers build that into their valuation—every time.

The market is rewarding sellers who position correctly at launch. The longer a listing lingers, the more leverage shifts to the buyer.

Advice for Buyers

Buyers are facing tighter choice sets—especially in neighborhoods driving volume like Downtown—but opportunities still exist for strategic, well-prepared buyers.

• Move quickly on turnkey inventory: The data shows clear demand for best-in-class properties, particularly condos.
• Look for value where friction exists: Renovation needs, less-than-perfect layouts, and slower-to-trade segments can still offer negotiating leverage—if priced correctly relative to improvement cost.
• Watch the top of the market: With 13 signed $10M+ contracts this week, the ultra-luxury segment is active. That matters because strength at the top often supports confidence across the broader luxury market.

In this environment, the advantage goes to buyers who know their numbers, understand renovation economics, and negotiate with precision.

Final Word

This week’s report confirms a clear theme: demand is firm while supply remains constrained, and both the Market Pulse and Climate Index are signaling supportive conditions—especially for sellers who price and position intelligently. With the $10M+ market also posting standout activity, momentum is broad-based across the luxury tiers.

If you’d like a tailored read on how these dynamics apply to your building, neighborhood, or current listing strategy, I’m always happy to provide clarity.

If you find The Pulse valuable, consider sharing it with friends, neighbors, or advisors who rely on data-driven insight to make informed decisions.

Warm regards,

Carol
Carol Staab
Top 100 Global Real Estate Sales Advisor
My Recent Notable Sale Ritz Carlton $28.4M
Sotheby's International Realty.
Email: [email protected]
Cell: 917-273-7787
Website: CarolStaab.Com
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