The Pulse - Manhattan Luxury Market 8/1/24

Manhattan's luxury market remains resilient as $4M+ contracts remain above benchmark levels , extending an unusually long active sales season. Welcome to The Pulse, your resource for weekly news, insights, and advice on the Manhattan luxury $4M & over market.

Key Takeaways from Last Week:

• Contract Activity: Contracts rose 5% from the prior week and matched the numbers from last July, pushing the active sales season longer than usual.
• New Listings: Listings entering the market dropped 38% from the previous week and are down 11% from last July.
• Market Pulse: Up 0.9 pts. from last month and up 1.4% from the same time last year. The market pulse is in neutral territory neither favoring buyers or sellers.
• Price Adjustments: 8 contracts received discounts from the original price to the last asking price, with a median discount of 7%.
• Market Segments: Condos led the market with a 71% share, while the Upper West Side took over the typical downtown lead with a 46% market share.
• Ultra-Luxury Market: The $10M and over market was slow with only 2 contracts, accounting for 19% of the market. New developments had an 18% market share, with sales volume down 43% due to the low number of ultra-luxury contracts.

Geopolitical and Macroeconomic News:

• Presidential Race: The race has tightened since Kamala Harris took over as the Democratic candidate.
• Economic Factors: The stock market is focused on positive economic indicators such as cooling inflation, lower job numbers, and a 90% prediction of a 25 basis point rate cut in September. A rate cut could stimulate the fall selling season despite the presidential election, which typically delays market activity as buyers wait on the sidelines.

Top 2 Contracts of the Week: See all 24 Contract Details

#1- Steinway Tower - New Development

• Address: 111 West 57 #50
• Asking Price: $26.95M
• Details: 3 bedrooms, 3.5 baths, 4,432 sq ft, $5,999 psf, 200 Days on Market, reduced by $4.05M

#2- 15 E 80 #Floor 12

• Asking Price: $10.995M
• Details: 5 bedrooms, 5 baths, co-op, 4,500 sq ft, $2,443 psf

Advice for Sellers and Buyers:

Sellers:

• Take advantage of this extended season. The key is precision pricing. If your home is renovated and in a desirable building, you have leverage. Correct pricing is crucial! If you plan to list in the fall, be aware that the buyer pool may expand if mortgage rates drop. Thinking about listing your property? Leverage this extended season and my expertise to get the best price for your home.

Buyers:

• Shop for homes lingering on the market. Consider co-ops, which offer excellent value if they are in high-quality buildings. Ready to find your perfect luxury home in Manhattan? Let's explore the opportunities together

Conclusion:

In this evolving market, staying informed is key to making the best decisions. Whether you're looking to sell or buy, understanding the latest trends and data is crucial. For personalized advice and to discuss how these trends impact your real estate goals, contact me directly. Together, we can navigate the dynamic Manhattan luxury market.

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Thank you for tuning into this week's Pulse. Stay tuned for more updates and have a wonderful week ahead! May all your real estate goals and dreams become a realty!