Hi Carol,
Even in the slowest stretch of the year, Manhattan’s luxury market is holding frm. Twenty-three contracts were signed at $4M and above—just 4% fewer than last week and still above the 20-contract benchmark for healthy activity. Two clear trends are shaping the market: inventory is down 22% YoY and off-market listings are down 31% YoY, signaling leaner supply and stronger alignment between sellers and current market conditions.
Market Snapshot
- Contracts Signed: 23 (↓ 4% vs prior week; 71 in last 30 days, fat YoY)
- New Listings: Data not specifed this week
Off-Market Listings: 32 (↑ 14% vs prior week; ↓ 31% YoY in last 30 days)
- Sales Volume: $144,210,000 (↓ 13% vs prior week)
- New Development: 5 contracts, 22% market share—an impressive showing
- Discounts: 12 contracts (52%) with a 9% median discount
- $10M+ Segment: 3 contracts, 13% market share
- Inventory: ↓ 22% YoY in last 30 days
Neighborhood & Property Type Performance
- Condos: 18 contracts, 57% share
- Midtown: 8 contracts, 35% share—outpacing Downtown, which typically leads the market
#1 – 1050 Fifth Avenue, #19B – $12.99M
Upper East Side co-op | 4 bedrooms, 4 baths
150 days on market
#2 – 21 West 20th Street, PH1 – $11.75M
Chelsea condo | 4 bedrooms, 4.5 baths | 4,841 sq. ft. ($2,427 psf)
699 days on market
Insights & Advice
For Sellers
- Inventory is down 22% YoY and off-market withdrawals are down 31% YoY—a leaner market where serious sellers have the upper hand.
- With fewer new listings entering the market, competition remains muted. But that is likely to change mid September when the new supply of fresh listings enter the market.
- As Labor Day approaches, precise pricing and standout presentation remain your strongest advantage.
For Buyers
- 52% of last week’s contracts closed with discounts, at a median of 9%. Focus on properties that have been lingering on the market—this is where the best opportunities lie.
- The Fed is expected to lower rates 25 basis points in September. We need to see if mortgage rates drop also.
- Fresh inventory won’t start to gain momentum until mid-September, making the next two weeks a smart window to secure value before competition resets.
Final Word
The Manhattan luxury market remains resilient. With 23 contracts signed, inventory down 22% YOY, off market listings down 31% sellers who price right are fnding a frmer footing. Buyers have a strategic opportunity to negotiate on listings with long listing periods or wait until mid September when the listing activity gains momentum.
Warm regards,
Carol
Carol Staab
Global Real Estate Advisor
Sotheby's International Realty..
650 Madison Avenue
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