The Pulse - Manhattan Luxury Market 3/8/24

Manhattan's luxury real estate market is thriving, with February witnessing a significant 15% increase in contracts for properties priced at $4 million and above. As we embark on our 6th week of robust contract numbers, it's evident that the pulse of the market remains strong.

Here's a snapshot of last week's key takeaways:

• Contract Activity: 26 contracts were signed, mirroring the prior week's numbers. February contracts surged by 15% compared to the same period last year.
• Inventory Surge: Inventory surged by 44% over the previous week, signaling the official commencement of the active listing season. Additionally, February saw a 6% increase in inventory compared to last year.
• Pricing Dynamics: 50% of contracts received a median discount of 9%, indicating a growing alignment between sellers and market demands.
• Market Share Shift: Condos retained their dominance, capturing a 73% market share. Surprisingly, the East Side surpassed Downtown, claiming 46% of the market.
• Economic Outlook: Federal Reserve Chair Powell hinted at potential rate cuts this year, underscoring the importance of monitoring economic indicators.

Top 2 Contracts - See details of all 26 contracts including photos.

#1- 141 East 81 townhouse asking $19.995M - 7 bedrooms- 8 baths- 8,200 sq. ft. - $2,438 psf.

#2. New development -Central Park Tower 217 W 57- asking $19.5M -3 bedrooms- 3.5 baths- 3,165 sq. ft. - $6,181 psf.

Advice for Sellers: 

With contract numbers on the rise, 2024 presents a promising start for sellers. Spring and fall are optimal listing times, but pricing accuracy is paramount for success. Historically, properties with price cuts tend to sell for less and take longer. Correct pricing, exceptional marketing, and strategic planning are essential for achieving the highest price.

Advice for Buyers: 

Given the current market conditions, buyers should capitalize on properties lingering for over 100 days to negotiate favorable deals. Stay informed with Pulse updates for timely insights guiding your purchasing decisions.

Ready to navigate Manhattan's luxury real estate market? Email me here to answer any of your questions or to schedule an introductory call.

Conclusion:

Manhattan's luxury real estate market continues to evolve, presenting opportunities for both buyers and sellers. Trust in Pulse to provide the insights needed for success in this dynamic market. Forward the Pulse to others who may find value and stay ahead of the curve. May your real estate goals and dreams become a reality. Until next week!