Greetings to all Manhattan real estate aficionados! It's time once again for your all-inclusive market update. Let's delve into the figures, where we observe a stable increase in both supply and demand.
Currently, the total supply stands at 7,092, registering a 2.2% growth. This returns us to the 7,000 benchmark, and it appears that this trend will persist for at least another six weeks. Intriguingly, this year's supply curve closely resembles last year's, signifying a reliable pattern in the market.
Turning our attention to demand, pending sales have reached 2,898, a weekly increase of 2.5%. It's essential to note that supply and demand are maintaining a balance. As long as the growth in supply aligns with the growth in pending sales, the market remains steady and avoids potential complications.
The market pulse, currently fluctuating around the 0.41-0.42 range, mirrors this equilibrium. While still in the neutral zone, the pulse has risen compared to a few months ago, indicating a minor shift in leverage and sentiment in favor of sellers.
Examining the weeklies, this week saw a significant 29% increase, with 555 new listings added. Nevertheless, compared to previous years, we've only just reached the 500 mark for weekly listings. It will be captivating to see if this figure stays consistent over the next four to five weeks, as we near the conclusion of the listing season.
Regarding contract signings, this week experienced a substantial rebound, with 255 signings, an 80% increase from the previous week. This recovery highlights the resilience of Manhattan real estate and underscores the importance of keeping a close eye on the numbers. To sustain this active season's pace, weekly contract signings must remain at or above 250.
Now, let's shift our focus to the rental market, often regarded as a wildcard component of the sales market. Last asking rents have seen a prominent increase, possibly due to the limited inventory available. This could cause rents to sustain this level for the foreseeable future.
Interestingly, the rental market's impact on the sales market is twofold: it offers sellers an alternative and may expand the pool of potential buyers. Those who are undecided between renting and buying might lean towards purchasing due to elevated rental prices, ultimately benefiting the sales market.
In summary, the Manhattan real estate market is witnessing an intriguing balance between supply and demand. With a consistent pattern emerging, it's vital to monitor the numbers and trends to fully comprehend the market's direction. As always, stay informed and make the best decisions for your real estate journey.