Welcome to the 2nd week of February! It's the time of the year when owners start listing or plan to list their homes.
315 new properties were listed this past week, almost 13% more than the week before. Contract signings also tend to increase at this time of year, and this past week 172 properties went into contract. (13% more than the week prior). While returning to our cyclical real estate cycle is positive news, we should keep in mind that the sales volume is still down quite a bit! There are 43.4% fewer properties in contract now than there were last year! Properties have maintained value as many sellers took their properties off the market over the previous few months. (5,300 units have been delisted in the past six months).
New York City is an exceptional market that is very hyper-local. In general, the price per square foot in manhattan is 1,441, which is slightly up from last month. However, NYC doesn't follow national trends, and markets vary building by building! Please let me know if you'd like to learn more about any particular neighborhood or building!
Luxury Real Estate:
We had a strong week in the luxury sector with 29 contracts signed over 4mill! The last time we came close to this was in October. For reference, last week, we had 15 signed!
The average attendance climbed to 3.03 parties per open house. This is 7% more than on the weekend of January 29, when we recorded 2.83 parties per open house. There were 4,720 open houses in New York City this past weekend!
New Development in NYC:
Historically we have 53 sponsor contracts signed per week in the boroughs. 62 were signed last week and 58 this week. That's a signal of strength in this market! Of these, 11 were asking $4mill and above! In manhattan, we had 29 Contracts Totaling $112M. Last week we had 24, so this was a nice tick-up! (Total dollar volume was up from $76M to $112M, and average price and average PPSF increased to $3.9M (+22%) and $2,268 (+13%), respectively.)