The Pulse - Manhattan Luxury Market 2/20/24

Manhattan's luxury real estate market is buzzing as $4M+ contracts stay above average for four weeks straight! Here’s what you need to know!

Last Week’s Highlights:

#1 - Consistent Above-Average Performance: The last four weeks have seen a sustained above-average number of contracts signed, with 26 luxury properties going under contract last week.Despite a 19% decrease in luxury contracts this February compared to last, and a slight 2% drop in inventory, the market's resilience is evident.

#2 - Condos Lead the Charge: Condos as usual dominated the market, claiming a 65% share of last week's contracts. Townhouses, though comprising only 2% of the housing stock, impressively captured 19% of the market share with 5 contracts signed.

#3 - Significant Transactions in High-End Segments: The $10M+ segment saw 6 contracts, and new developments also had a strong showing with 5 contracts. A notable 46% of last week’s contracts were secured at a discount, with a median discount of 5.95%.

#4 - Neighborhood Dominance: Downtown continues to lead with 46% of the market share, with the Upper East Side and Upper West Side each securing 23%.

#5- Economic Indicators: Inflation concerns have led to a delay in anticipated Fed rate cuts, now not expected until at least June.

Top Contracts of the Week: 

#1 - The Aman, 730 Fifth Avenue #PH23: Listed at $55M, this condo/hotel, winner of the World’s Best 50 Hotel Award, boasts 4 bedrooms, 5.5 baths, and spans 6,296 sq ft.

#2 - 200 Amsterdam #43A: A new development condo asking $22.5M, featuring 4 bedrooms, 4.5 baths, and covering 4,672 sq ft.

Advice for Sellers and Buyers:

• Sellers: With the market showing strength and new listings coming on slower than last February, now is an opportune time to list. Ensure your property is priced compellingly, especially if it's unrenovated. Download My Seller Process to explore successful selling strategies specifically designed for Manhattan’s luxury market
• Buyers: With mortgage rates expected to drop, waiting may lead you into a more competitive market. Consider making your move sooner rather than later to avoid potential price hikes and increased competition. Download my Buyer Process to navigate the purchase path from search to closing confidently.

As this week's Pulse shows, Manhattan's luxury real estate market remains resilient and active, offering ample opportunities for those looking to sell or buy in this present environment. Until next week, may your real estate dreams and goals become a reality!