Contract numbers have been above the benchmark number for the past 2 weeks. Could we be in to an early start to the spring market. Welcome to this edition of The Pulse, where I dissect the latest trends and data to keep you informed. Let's delve into the key takeaways from last week.
#1- A Robust Start: This week, we saw 22 luxury contracts signed, marking an 8% decrease from the previous week but still significantly above the healthy market benchmark. This indicates a strong and active market, setting a positive tone for the weeks ahead.
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#2- Condo Dominance: Condos continue to lead the charge with a 68% market share last week, reaffirming their status as the preferred choice among luxury buyers.
#3- Neighborhood Highlights: Downtown remains the front-runner with a 36% share, yet the Upper East Side and Upper West Side showed impressive activity, capturing 23% and 27% of the market, respectively. This spread underscores the diverse appeal of Manhattan's neighborhoods.
#4- New Development Spotlight: New developments enjoyed a stellar week, claiming a 30% market share. This surge reflects a growing interest in the latest luxury offerings.
#5- Year-on-Year Growth: Luxury contract signings have increased by 36% over last January, with new inventory rising by just 1.5%. This dynamic suggests a market leaning more towards sellers.
#6- Economic Update: With the Federal Reserve's interest rate cuts now expected to start in May rather than March, the market is adjusting to this new timeline. The anticpation of rate cutes and the current perfomance suggest a robust luxury market in 2024, buoyed by increased confidence among buyers and sellers.
#1 - 111 West 56th Street #PHA: This new development condo, asking $16.95M, features 4 bedrooms and 4 baths over 3,042 sq. ft., demonstrating the luxury market's strength.
#2 - 1045 Madison Avenue #11: A standout resale at the Benson, this condo is on the market for $15.5M, offering 5 bedrooms and 5 baths across 4,193 sq. ft., showcasing the high demand for luxury spaces.
Sellers: With current market conditions favoring you, ensure your property is competitively priced and presented at its best. The right broker can make a significant difference in this seller's market.
Buyers: Prepare for more listings to hit the market. Keep an eye out for properties that have been listed for a while, require renovations, or are part of new developments looking to negotiate.
Thinking of making a move this spring? Reach out for advice on how to navigate this tricky market.
This week's insights from The Pulse, highlight a Manhattan luxury market that's gaining momentum, potentially signaling an early spring market. For buyers and sellers alike, understanding these dynamics is key to making informed decisions. Join me next week for more updates and insights. Until then, may your real estate goals and dreams become a reality!
Carol Staab has an innovative luxury real estate practice that provides an elite level of concierge service through unparalleled world-class marketing and a hands-on business approach. Her mission is to give her clients an exceptional experience while helping them achieve the best results possible.