The Pulse - Manhattan Luxury Market 6/11/24
Pulse
Pulse
Healthy Market Continues with Steady Contract Numbers!
Welcome to this week’s edition of the Pulse, your trusted source for insights and trends in Manhattan's $4M & over luxury real estate market. Here are the highlights from last week:
27 Contracts Signed: The Manhattan $4M & over luxury real estate market maintained its momentum with 27 contracts signed last week, identical to the previous week. This number continues to be above the benchmark of 20 contracts, which is considered healthy. However, compared to the same period last year, the market is down 23%.
Inventory Levels: Inventory was down 21% last week, and compared to the same period last June, inventory is down 45%. This indicates a weaker listing season and suggests that the listing season is winding down earlier than usual.
$5M - $10M Properties: The market pulse is 0.05 very slightly favoring sellers.
$10M and Over Properties: The market pulse is 2.35, slightly favoring sellers.
Condos: Dominated the market with a 74% share.
Townhouses: Had a strong week with 4 contracts.
Downtown: Continued to lead the market, maintaining dominance.
Upper East Side: Showed robust performance with a 30% market share, coming in second.
Strong Performance: New developments captured one-third of the contracts. Buyers are attracted to high-quality finishes, state-of-the-art systems, and extensive amenities offered by new developments.
Federal Reserve Meeting: The Fed meets on June 12, and the CPI (Consumer Price Index) report is also expected. The Fed is anticipated to keep rates unchanged. Last week, the ECB (European Central Bank) and Bank of Canada lowered their rates by a quarter percentage point, which might influence the Fed. However, many US economists believe that inflation must decrease further before considering a rate cut. Predictions for a September cut are around 50%.
Armani Residences – 760 Madison Avenue:
2.52 E 66th Street:
While contract numbers are down 23% from last year, the market remains healthy. With the listing season winding down and inventory levels in the normal range, it's crucial to push for a deal by the end of June. If your property hasn’t received a contract, examine your pricing, presentation, and competition. Consider a robust marketing push to attract offers before the market slows down in the summer.
The slower summer market and the first two weeks of September are excellent times to secure deals on properties that have been on the market for a while. If you are buying a property in the $2M - $5M price range the market pulse is -2.55 a range that is favoring buyers more in this market. This is due to more buyers financing in this range than in the $5M and over market. Cash buyers may find even more negotiability in these price brackets.
As we navigate through June, the Manhattan luxury market continues to present both opportunities and challenges. Sellers, capitalize on the current momentum to secure deals before the summer slowdown. Buyers, take advantage of the negotiability in the current market.
Contact me today for a personalized market analysis and tailored advice to maximize your real estate goals. Reach out to me for expert advice. The Pulse is an overview of the Manhattan $4M & over market. Pricing property is an art and a science and the right marketing strategy makes all the difference. Buying a property in Manhattan is complex from having the deep data intel to make the right offer to having inside information to help you make the right property choice. Need help navigating the Manhattan market, Email me here.
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.
