The Pulse - Manhattan Luxury Market 2/18/25

Last week was the strongest week for Manhattan luxury contracts since spring 2022, before the Fed began hiking interest rates.

35 contracts were signed at $4M and over, pushing sales volume up 50% to $289.9M—a clear sign that high-net-worth buyers are stepping in despite economic uncertainty.

At the same time, new listings increased just 6%, keeping inventory tight as demand accelerates.

The strongest week since Spring 2022—is this a turning point for Manhattan luxury real estate? Let’s discuss in the comments.

Market at a Glance

• $4M+ Contracts: Up 17% week-over-week, 10% year-over-year
• New Listings: Up 6% last week, but still down 16% YoY—low inventory persists
• Off-Market Listings: Down 39% week-over-week, 22% lower YoY—fewer sellers pulling listings
• $10M+ Market Share: 23%—strong high-end demand
• New Development: 14% of contracts, in line with expectations

Property Type Breakdown

• Condos: 63% of contracts (22 signed)
• Co-ops: 23% market share (8 contracts)
• Townhouses: 14% share (7 contracts), a strong showing for a niche segment that typically holds just 2% of the market

Top Two Contracts-See All 35 Contracts\

#1- 25 Bond Street #HW (NoHo Condo)

• Asking Price: $39.5M ($6,212 PSF)
• 6,358 sq. ft | 4 Beds | 4 Baths | 2 Half Baths
• 58 Days on Market

#2- 730 Park Avenue #9A (Upper East Side Co-op)

• Asking Price: $16M
• Pre-War | 5 Beds | 4.5 Baths | 12 Rooms
• 30 Days on Market

Macro Market: What’s Driving Demand?

• Mortgage rates dipped slightly to 6.53%, but the Fed isn’t in a rush to lower them further.
• Luxury buyers ($4M+) remain active, while the sub-$4M market feels more impact from rates.
• If inventory remains weak, rising demand could push prices higher.

What This Means for Buyers & Sellers

Sellers: Leverage Tight Inventory, But Price Strategically

Contracts are rising, but inventory isn’t flooding the market. If priced right, your property has an edge.

Buyers are selective. If you’ve been on the market for 60+ days without offers, reassess pricing & presentation.

Your building is its own micro-market. Know the comps, financials, and competitive advantages.

If you're considering listing, now is the time to leverage this momentum. Let’s talk about a customized pricing and marketing strategy to maximize your sale.

Buyers: Move Now Before Competition Heats Up

More listings are trickling in, but quality remains scarce.

If inventory stays weak while demand rises, prices could firm up in the coming weeks.

Overpriced listings linger. But the best-priced, move-in-ready properties sell fast.

Make an opening offer that starts real negotiations. The goal is securing the deal, not just making the first move.

With inventory still tight, competition is rising. Need help identifying the best opportunities? Reach out to discuss what’s available before prices firm up further.

Bottom Line

Luxury sales just had their strongest week in nearly two years. If this momentum holds, expect increased competition and firming prices heading into spring.

Sellers who price right will move faster. Buyers who act now will get ahead of the curve.

This market is moving fast. Know someone who’s buying or selling? Share this Pulse with them. Need some advice or have questions navigating this complex Manhattan market? Email me here.

May your real estate dreams and goals become a reality.