For current action in the Manhattan market over $4 million–consult the Olshan Report.

Donna Olshan and Emily Chen, at Olshan Realty, have been carefully tracking contracts signed, at $4 million or more, on a weekly and monthly basis since 2011.  Contracts are an important measure of current market activity, sales to not usually close for a month or more.

Here is a link to their report:

Their monthly findings are summarized in the table below and show that monthly contract volume, for the most expensive apartments and townhouses, collapsed in April 2020. It increased in every subsequent month (although the market was closed to physical showings until late June) but remained well below volume in the prior three years. However, contract volume reached 2019 levels in October, and then stunningly in November it exceeded the number of deals in both November 2019 and November 2018.

As of December 13, 2020, in the prior two weeks, 44 contracts were signed, so the strengthening market continues, perhaps the positive and immediate impact of the election and Covid vaccines.

As is also indicated, condominiums dominate the upper end of Manhattan’s housing market.  This is clearly the case in 2020 and the prior 3 years, but certainly would not have been the case when I started in this business some decades ago. Then the upper end was dominated by the cooperative market on Park-Fifth Avenues and Central Park West.  More recently, the bulk of luxury listing inventory and contracts is for condos, despite higher prices.

April total 11 88 142 118
April – co-ops1283934
April – townhouses1989
April – condos9519575
May total 22 98 101 121
May – co-ops9292729
May – townhouses21068
May – condos11596884
June total 30 119 103 107
June – co-ops6232917
June – townhouses5151513
June – condos19815977
July total 39 45 95 86
July – co-ops9102116
July – townhouses64118
July – condos24316362
August total 45 57 71 60
August – co-ops9141414
August – townhouses71275
August – condos29315041
September totals 56 67 84 60
Sept. – co-ops8132011
Sept. – townhouses51086
Sept. – condos43445643
October totals 55 53 83 103
Oct. – co-ops8132011
Oct. – townhouses51086
Oct. – condos43445643
November totals 95 85 71 98
Nov. – co-ops22252019
Nov. – townhouses155812
Nov. – condos58554367
Total April – Nov. 353 612 750 753
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