Hi Carol,
The Pulse: Manhattan Luxury Market Holds Strong | 26 Contracts Signed Again | $10M+ Segment Outperforms
For the second week in a row, 26 contracts were signed in Manhattan’s $4M and over market—solidifying a strong summer streak and surpassing the 20-contract benchmark that defnes a healthy luxury market by 30%. This consistency signals that well-positioned, quality inventory is continuing to move—despite seasonality and shifting economic headlines.
Yet beneath this momentum, supply is tightening. New listings are slipping, discounts are being negotiated, and buyers are targeting renovated homes and top-line new developments. As always, the key to success is positioning. Let’s dive into this week’s data and what it means for you.
Market Snapshot
- Weekly Contracts Signed ($4M+): 26 (matching the prior week)
- 30-Day Contracts: 99 - Down 11% from the same period last year
- New Listings (Weekly): 23 -Down 21% from the prior week
- 30-Day New Listings: 123 Down 25% YoY
- Off-Market Listings (Weekly): 39 -Down 7% from prior week; 29% YoY decline
- Weekly Sales Volume: $166,449,000 Down 30% from $238,889,000 the previous week
- Discounted Contracts: 10 listings (39% of deals), Median discount: 11.5%
- New Development Share: 7 contracts (27% of signed)
- 246 West 12th Street – West Village Townhouse
$17.7M | 5 Beds | 4.5 Baths | 5,008 SF | $3,535 PPSF
121 Days on Market
- 22 East 10th Street – Greenwich Village Townhouse
$15M | 5 Beds | 7 Baths | 8,001 SF | $1,875 PPSF
141 Days on Market
Seller’s Perspective
We’ve now seen 26 contracts signed in back-to-back weeks, well above the 20-per-week baseline that signals a healthy luxury market. This strength—paired with contract volume that’s 30% above the benchmark—tells a clear story: buyers are still transacting, but only for the right product at the right price. Meanwhile, quality inventory remains tight. New listings fell 21% last week and are down 25% over the past 30 days compared to the same time last year. With fewer standout homes hitting the market, sellers who launch now with strategic pricing and polished marketing are at an advantage.
What’s selling? Turnkey renovations and new developments with strong branding. Properties that require work must be positioned as value plays— priced low enough to justify a renovation in today’s cost-conscious environment.
If you’re considering bringing your property to market in the next 60 days, the data supports acting sooner rather than later. Inventory remains constrained, and summer buyers are actively engaged.
Buyer’s Perspective
Summer is a strategic window for buyers. As we near August, negotiability is on the rise, especially for stale or improperly priced listings. Nearly 40% of contracts signed this week involved discounts, with a median cut of 11.5%.
If you’ve had your eye on a property that’s lingered, now may be your moment. Sellers are watching the clock, and serious buyers with well-reasoned offers are having success—especially on listings where the pricing doesn’t refect today’s market.
Macro View: Foreign Buyers Reenter the Arena
According to The Real Deal, the real estate industry newsletter, international buyers and sellers continue to be a driving force in Manhattan’s luxury sector. The key tailwind? Currency advantage. The U.S. dollar has dropped nearly 11% since January—its sharpest decline in over 50 years—making Manhattan real estate more affordable in euros, pounds, and other major currencies. For ultra-
high-net-worth foreign buyers, this has created a timely opportunity to enter or reenter the market.
The Bottom Line
The Manhattan luxury market is showing healthy resilience. Contract volume remains strong, top-tier homes are transacting, and inventory is tightening— especially for high-quality, renovated product. Whether you’re preparing to sell or considering a strategic summer purchase, now is the time to act from a position of insight.
The Pulse: Where data becomes insight. And insight drives results.
Interested in how your property is positioned—or which market segments offer the best value this summer? Email me here to schedule a call.
Warm regards,
Carol
Carol Staab
Global Real Estate Advisor
Sotheby's International Realty..
650 Madison Avenue
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