TOWN Residential, New York’s leading luxury real estate services firm, is proud to share The May Recap, the latest in a series of monthly updates on residential sales trends and pricing across Manhattan.
During the month of May, the market registered an average sales price of $2.39 million, reflecting a slight month over month decrease of 1.8%, and a median sales price of $1.71 million. In total, 772 properties were sold, 1,085 contracts were signed, and 1,411 new listings hit the market.
The latest construction stats reveal that residential construction in New York City is surging. April construction starts included 2,023 units, reflecting a 15.3% increase from the previous year’s average.
In May, the number of contracts signed increased by 5.5% since last month, but fell by 14% year over year. Total inventory increased by 7.7% month over month and decreased by 2.1% year over year. Number of listings taken off the market continues to increase.