New York City Weekly Real Estate Update
Luxury Market:
The luxury market ($4M and up) has tracked 21 straight weeks of over 30 contracts signed weekly. Negotiability is tightening up and days on market it is too; Average off asking price is 8% from listings that closed in April. It was 11% a year ago. Average days on market came down as well--from 601 to 503. :-)
Supply:
The Real Estate Board of New York’s RLS system, which is New York City’s “MLS“ system run by the Real Estate Board of New York, is going through a “migration” or system overhaul period. This "migration" has skewed the supply numbers a bit. Last week's overall supply came in at 7188, 6% higher than last week but that is a guesstimate until the RLS has finished its overhaul. However, we do know that there were 375 listings that came on the market last week. A high number especially for this time of year.
Pending Deals:
Grinding higher the total number of pending deals/signed contracts came in at 5541, 1% higher than last week. Weekly numbers show 353 going into contact last week. 6% higher than the week before. Overall contract signed numbers seemed to have been trending down over the last few weeks as the market historically does, but last week numbers were a big surprise, as buyers continue to push the market.
Historically, this time of year, signed contracts tend to trend down especially moving into July and August, which are typically the slower months of the season. 353 units going into last week shows that this market is still transactionally red hot.
With all these transactions happening, it begs the question about pricing. When we analyzed the price per square foot, medium prices and average pricing from the most recent closed data the closed numbers show current closed pricing at about 2019/2018 levels. This may change in a few months as more recent deals start to close and become public record, but for now, closed data shows the market trading at 2019/2018 levels.