The Pulse - Manhattan Luxury Market 1/15/24

The $4M and over Manhattan luxury real estate market experienced a remarkable unthawing last week, with contracts soaring by 44%! A total of 23 contracts were signed, up from 16 the previous week, indicating a vibrant start to the year.

Key Highlights from Last Week:

#1- Surge in Market Activity: Not only did signed contracts increase significantly, but new listings also jumped by a staggering 93% (56 vs 29), while off-market numbers decreased by 51%. This January, contracts are up 41% year-over-year, and listings have increased by 23%. These figures suggest that the Manhattan luxury #market is not just warming up; it's heating up rapidly!

#2- Condo Market Dominance: Condos continue to reign supreme, capturing a 78% market share last week.

#3- Geographic Market Leaders: Downtown led with 39% market share, closely followed by the East Side at 35%.

#4- New Developments in Focus: New developments accounted for 30% of the market. One Highline at 500 W 18th Street, bolstered by the allure of the Faena Hotel, saw 3 listings go into contract. 200 Amsterdam, the Extell supertall near Lincoln Square, also showed strong performance.

#5- The Appeal of Unrenovated Homes: Urban Digs reports a decrease in the discount for unrenovated Manhattan homes - from 27% in 2022 to 22% in 2023. This trend may continue as buyers recognize the potential in these properties. See the chart in the box below.

Top Contracts of the Week: See all details of the 23 listings in contract

1. One Highline, 500 W 18 #PH26 - $49M, 5 beds, 6.5 baths, 7,375 sq ft, $6,644 psf.
2. 8 E 63, Lenox Hill Townhouse - $27.995M, 9 beds, 9.5 baths, 10,000 sq ft, $2,789 psf.

Advice for Sellers & Buyers:

• Sellers: With early signs of a bustling spring market and a potential rebound, now is the time to prepare for selling. Consider interviewing brokers and focusing on the 4Ps of marketing.
  Thinking of Selling Your Property? – Capitalize on the early signs of a bustling spring market. Let's work together to position your property for success.
  Email me here to schedule a call for a comprehensive market analysis and strategic marketing plan.
  
• Buyers: Expect more inventory, but remember, well-located and well-priced properties in excellent condition won't linger or discount heavily.

Ready to Find Your Dream Home? With more inventory coming on the market this spring and mortgage rates possibly dropping to 6% or lower, this spring is your moment! Email me here to schedule a personalized consultation with me today to discover the best properties tailored to your needs and desires.

Conclusion:

The Manhattan luxury real estate market is showing robust signs of activity and potential growth. Whether you're a seller or a buyer, understanding these trends and preparing accordingly will be key to success in this dynamic market. Stay tuned for more insights in the next edition of the Pulse.

Connect with me for personalized guidance - Whether you are pondering a market move, seeking expert insights, or just have questions about Manhattan's luxury market, I'm here to help.