January was an important month for sales and a good measure for where we might go from here. We wanted to provide you with an expanded market snapshot that delves deeper into the Manhattan condo and co-op sales in January.
This snapshot will review:
• Contracts Signed: Number of condo and co-op contracts reported signed during the month
• Active Listings: Number of active listings inventory as of the last day of the report month
• Days on Market: Average days on market for the month plus a 3-month moving average
• Average PPSF: Average price per square foot of...
September 2020: The Luxury Market’s Rebound Continues
This September, $5M+ sales, active listings, and average price per square foot all increased compared to last month and last year.
- Sales increased. September sales rose about 70% versus last year and last month to a seven-month high of 39 deals. While the $5M+ market is regaining strength, the annual increase was exaggerated by a weak September 2019 following the July 2019 tax hike.
- The surge in active listings continued. Active listings over $5M increased by double-digits for the eighth consecutive month and reached their highest September total in at least ten years.
- Days on market, higher than last year, fell...
August 2020: Manhattan’s Luxury Market Holds Steady
This August, $5M+ sales were nearly level with last month, active listings rose quickly, and pricing cooled as result of fewer very high-price deals.
- Sales, while lower than last year, were nearly level with July. August saw 23 sales over $5M, a 51% annual decline. The market is still rebounding from very low levels earlier this year, so the annual decline is unsurprising. More importantly, sales fell by just one from July, suggesting the $5M+ market has stabilized for now.
- Active listings continued to climb. As seen last month, active listings, which are usually lowest in August, instead increased...
While the Upper West Side had 7 fewer contacts signed under $4M than the previous week, the Upper East Side had 5 more contracts signed. These last few weeks of summer will be likely less active simply because of the time of the year, however since there is more clarity around schools, we could be pleasantly surprised. Markets typically improve with varying degrees of certainty. There were 3 contracts signed OVER $4M on the Upper East & West Sides, not unexpected for this time of year. 941 Park-2/3C asking $6.95M, 200 WEA-12G asking $4.495M & 25 CPW-16I asking $4.37M. Keep...
We’re proud to share that we’re Move Safe Certified with HomeLight! Our team is using the best tools and practices including meeting with clients virtually, practicing safety protocol for showings, and using an e-sign platform for the transfer and signature of documents. We’re here to help buyers and sellers navigate through these challenging times.