TRD Insights: Manhattan’s in-contract resi deals jump 52%
The data from UrbanDigs follows 6 consecutive weeks of declines
The number of Manhattan residential deals in-contract jumped 52 percent, providing a glimmer of hope in what has been an increasingly grim market over the last month and a half.
UrbanDigs data show there were 47 in-contract deals from May 11 to 17, up from 31 the week prior. That increase follows six consecutive weeks of declines.
While the number of deals grew, the total amount dropped slightly, to $68.7 million from $69.3 million the week before. The drop was in line with the decline in asking price, which dipped to $3.4 million, from $4.6 million the week before.
A geographic analysis by The Real Deal shows that totals also varied by neighborhood. Carnegie Hill had the highest in-contract deal volume at $9.9 million for three properties. That was up from one deal for $549,000 the week prior.
The Hudson Yards-Union Square corridor saw the biggest absolute drop in the value of in-contract deals. It saw three deals for $3.9 million, from four deals for $20 million the week prior.
Several neighborhoods, such as the Lower East Side, Morningside Heights and Stuyvesant Town, saw no in-contract deals.
See the map below for a neighborhood-level breakdown of in-contract deals in Manhattan for the week of May 11-17.