Hello,
Market wide contracts signed are up 5.5% from last month and 4.9% YOY.
While supply should have reached a new peak this spring, it is only up 3.8% from last month, yet down significantly 8.8% vs last year and offering less options than last fall.
Of note: every price point up to $15M is up this month in terms of contracts signed, and those over $15M are having their typical seasonal pull back, but we expect a May/June rally.
While contracts signed at the highest end of the market are down compared to last month, it seems like quality is making up for quantity with the likes of the highest contract signed this month asking $58.5M at The Flatiron Building.
I toured 2 properties last week, located not 100ft from each other, that had a combined ask of $108 Million. We have entered a new paradigm in the Ultra luxury market.
Boots on the ground, we are seeing buyers at the $20M+ level of the market still active and searching for the needle in the haystack.
Additionally, there has been a significant increase in demand for the ultra luxury rental market $50K - $150K/month where again, inventory is particularly tight!
MANHATTAN CHANGE IN CONTRACTS
