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The luxury sector of Manhattan’s real estate market outshined the market at large in May, according to a new Manhattan market report from Douglas Elliman.
Newly signed contracts in the overall market dropped by 1.4 percent year over year as buyers showed an appetite for co-ops priced at $4 million and up and condos priced at $5 million and up.
Co-ops at the $4-$4.99 million price point experienced a 66.7 percent year-over-year boost in new contracts, while those between $5-$9.99 million rose by 25 percent year over year.
Condos priced at $5-$9.99 million saw a 15.4 percent increase in new contracts on an annual basis, while those between $10-$19.99 million rose by 10 percent.
Lower price points did not fare so well — condos priced between $4 million and $4.99 million saw a 59.3 percent drop in new contracts from May 2023.
In Brooklyn, newly signed contracts on co-ops priced between $1-$1.99 million fell 42.3 percent on an annual basis as contracts on properties priced from $2-$3.99 million surged from 1 contract in May 2023 to 12 last month.
The borough’s condo contracts on properties between $1-1.99 million rose by a modest 4.8 percent year over year while those on properties between $2-$3.99 million dropped by 19.4 percent and those above $4 million fell by 66.7 percent.
Meanwhile, the Hamptons’ luxury market performed well across both single-family homes and condos.
“The Hamptons is one of the few markets in the New York metro area to see year-over-year gains in new signed contracts for both single-family and condos,” Douglas Elliman’s report states. “Single-family’s newly signed contracts showed significant gains above the $4 million threshold, enabled by the rise in new listings.”
New contracts at the $4-$4.99 million price point increased from three in May 2023 to 10 in May 2024, as those between $10-$19.99 million rose from just two new contracts last year to 12 this year. There were also four new contracts on properties at $20 million or higher, compared to just one in May 2023.
Condos across all price points saw six newly signed contracts, compared to three in May 2023.
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