The Pulse - Manhattan Luxury Market 5/6/25

April ended with a strong finish for Manhattan’s luxury market. While headlines focused on tariffs and broader economic uncertainty, real-time activity told a very different story: buyers stayed engaged, sellers who priced correctly got deals done, and the $4M+ segment continued to outperform historical trends.

Contracts in the $4M and over category were up 43% last week and 30% higher this April compared to April 2024. April’s contract volume also came in 29% above the historical monthly average. The market remains grounded in fundamentals, not speculation.

Key Market Indicators

Signed Contracts

• 40 contracts were signed last week — up 43% from the previous week.
• April closed with a 30% year-over-year gain in contract activity.
• Volume was 29% above April’s long-term seasonal average.
• The strength in contract activity signals confidence from qualified, motivated buyers.

New Listings

• 74 new listings entered the market — down 1% from the week prior.
• Compared to April 2024, new listings were up 10%.
• Despite more inventory, quality remains limited in certain product types.

Listings Off-Market

• 31 listings were removed from the market — a 39% increase week-over-week.
• Off-market activity was up 30% from April 2024.
• Overpricing or mispositioning continues to result in quiet exits rather than active interest.

Contracts by Property Type

Condos received 28 contracts — 70% of the weekly total. As usual, they continue to dominate the $4M+ segment, especially in newer, service-rich buildings.

Co-ops and townhouses each had 6 contracts — representing 15% market share respectively. Co-ops performed well in quality buildings with realistic pricing.

Contracts by Neighborhood

Downtown led the week with 16 contracts — 40% of the total.

Upper West Side followed with 12 contracts — 30%.

Upper East Side recorded 10 contracts — 25%.

Midtown had 2 contracts — 5%.

Downtown’s lead continued, but activity on the Upper West Side and Upper West Side was very good.

$10M+ Market and New Development

$10M and Over

• 7 contracts were signed at $10M and above — 18% of weekly activity.
• This is a typical showing for the ultra-luxury tier, reflecting consistent high-end engagement.

New Development

• 10 new development contracts were signed — 25% of the week’s total.
• This is above average and signals renewed buyer confidence in developer pricing, especially for completed or near-complete inventory with strong design and amenities.

Discounted Contracts

• 14 of the 40 signed contracts involved a price reduction — 35% of all deals.
• The median discount from original ask to last ask was 8.5%.
• The luxury market remains negotiable, but sellers who are in range are transacting efficiently.

Sales Volume

$304,012,500 in total weekly sales — a 44% increase from the previous week.

Top 2 Contracts- See all 40 Contracts

#1 — 601 Washington Street #PHE

$29M | Condo resale | 6 bedrooms | 6.5 bathrooms | 7,475 sq ft | $3,879 psf

A West Village penthouse with scale, views, and outdoor space. Traded after 144 days on market — strategic pricing was likely key to the sale.

#2 — 215 Chrystie Street #2

$17.995M | Condo | 4 bedrooms | 4.5 bathrooms | 4,235 sq ft | $4,248 psf

A downtown full-floor residence with hotel-level service and architectural pedigree. Sold in under 90 days.

Market Pulse and Climate Index

Market Pulse: 0.95 — down 1.4 points from last month, but up 2.6 points year-over-year.

Climate Index: 1.12 — down 34.5% month-over-month, but still up 12% from April 2024. Interpretation: The drop in Climate Index is due to increased off-market activity — not declining demand. Contract volume remains strong, but the market is shifting toward more selective buyer behavior and clearer pricing expectations.

Macro Economic View

The stock market paused after a nine-day rally, supported by softened tariff language and solid consumer data.

Mortgage rates hovered around 6.75%, fluctuating with bond market movement.

Wall Street bonus season was strong this year — capital is flowing into real estate.

Brokers continue to see increased foreign buyer activity — possibly influenced by a weaker dollar and renewed appetite for New York assets.

Smart Moves to Make Now

For Sellers

• April’s 30% year-over-year increase in contracts confirms strong demand — but the market remains highly price-sensitive.
• The 30% rise in listings coming off-market is a clear signal: overpriced or under-prepared listings will not compete.
• If your property isn’t getting attention, reassess. Price? Staging? Location limitations? Building policies?
• Address what’s fixable. Adjust expectations where needed. May and June are active months — now is the time to sharpen your strategy and act.

For Buyers

• Inventory is increasing, but well-positioned listings are still moving quickly.
• Watch for long-days-on-market opportunities in July and August — that’s when sellers tend to get more negotiable.
• Approach every offer strategically: know the comps, understand the seller’s motivation, and stay current on market conditions.
• This market rewards preparation — not hesitation.

Final Thoughts

Manhattan’s luxury market continues to outperform the national narrative.

Contract activity remains well above average, and smart pricing is yielding results.

This is not a speculative surge — it’s a healthy, informed, and strategic market.

Strategy continues to beat sentiment.

If you'd like a customized breakdown for your property or portfolio, I’m happy to help. Email me here.

Until next week— May your real estate dreams become a reality!