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Greetings!
At first glance, this week’s numbers suggest a steady market. But that’s the noise—not the signal.
The real story is unfolding beneath the surface: tightening supply, strong absorption, and a market that is rewarding properties that are positioned correctly.
As we close the first quarter, one thing is clear—this is not a market defined by volume.
It is a market defined by how well a property is priced and presented.
Market Snapshot
Weekly Activity ($4M+)
- Contracts Signed: 29
- → Up 4% week-over-week (28 prior week)
- New Listings: 53
- → Down 7% week-over-week (57 prior week)
- Listings Removed: 32
- → Up 88% week-over-week (17 prior week)
- Sales Volume: $305,428,999
- → Up 54% week-over-week
- → Driven by a surge in $10M+ contracts
What this means:
Fewer properties are coming to market, while more are being absorbed.
That shift is creating a more competitive environment for well-positioned listings.
March in Review
- Contracts Signed: 141 vs. 152 last year
- → Down 7% YoY
- New Listings: 256 vs. 376 last year
- → Down 65% YoY
- Listings Removed: 98 vs. 113 last year
- → Down 13% YoY
Interpretation:
While contract activity dipped slightly, the much larger drop in new listings is the bigger story.
There is simply less inventory competing for buyers’ attention.
Q1 2026 vs. Q1 2025
- Contracts Signed: 376 vs. 358
- → Up 5%
- New Listings: 604 vs. 763
- → Down 21%
- Listings Removed: 331 vs. 382
- → Down 13%
Key takeaway:
More properties are going into contract—even with fewer listings available.
Buyers are active, but they are selective.
Property Type Breakdown
- Condos: 16 (66%)
- Co-ops: 8 (28%)
- Townhouses: 2 (7%)
Insight: Condos continue to lead, reflecting demand for turnkey living and flexibility.
Neighborhood Performance
- Downtown: 10 contracts (35%)
- Midtown: 9 contracts (31%)
- Upper East Side: 5 contracts (17%)
- Upper West Side: 5 contracts (17%)
Insight:
Downtown led this week, while Midtown remains highly active—especially in newer and luxury inventory.
Pricing Trends
- Discounted Contracts: 8 (28%)
- Median Discount: 6%
What this tells us:
Buyers are negotiating—but within reason.
When a property is priced correctly, it attracts serious interest and moves.
New Development & $10M+ Market Share
- New Development: 9 contracts
- → 31% market share
- $10M+ Contracts: 9
- → 31% market share
Insight: A significant portion of activity is happening at the higher end of the market, where buyers are focused on quality, condition, and long-term value.
Market Indicators
What They Measure
- Market Pulse: Measures the balance between supply and demand—higher values indicate stronger demand relative to available inventory.
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Climate Index: Measures the ratio of contracts signed to listings that fail to sell and come off the market—revealing how efficiently properties are being absorbed. Higher readings signal a more favorable environment for sellers.
$10M+ Market
- Market Pulse: 3.25
- → Down 4.9 points MoM
- → Up 1.1 points YoY
- Climate Index: 1.39
- → Up 7.8% MoM
- → Up 6.9% YoY
- Climate Index Thresholds:
- → Easy Market: 0.88
- → Challenging Market: 0.38
Interpretation: The high-end market remains active, with buyers stepping in when properties are well positioned.
$4M+ Market
- Market Pulse: 3.2
- → Down 1.8 points MoM
- → Up 0.9 points YoY
- Climate Index: 1.62
- → Up 2.5% MoM
- → Down 4.7% YoY
- Climate Index Thresholds:
- → Easy Market: 1.27
- → Challenging Market: 0.57
Interpretation: The market continues to favor sellers overall, particularly those who align pricing and presentation with buyer expectations.
#1 — 175 Fifth Avenue, #21 | Flatiron Building
- Asking: $55,500,000
- 5 Beds | 5.5 Baths
- 7,408 sq. ft.
- $7,896/ft²
A standout contract in a landmark building, highlighting continued demand for exceptional properties.
#2 — 175 Fifth Avenue, #7 | Flatiron Building
- Asking: $30,500,000
- 7 Beds | 7.5 Baths
- 7,691 sq. ft.
- $3,965/ft²
A compelling value on a price-per-foot basis within the same development—illustrating how pricing strategy shapes buyer response.
Boots on the Ground: Co-op Momentum Builds
A recent article by Michael Gross highlights the renewed interest in Park Avenue, Fifth Avenue, and Central Park West co-ops.
I’m seeing this play out in real time. At 860 Fifth Avenue, Residence 6K—last asking $4.3M and not renovated in over 30 years—generated three offers above $5.1M. The drivers were clear: a strong layout, direct park views, compelling value, and a highly strategic staging and presentation.
The takeaway:
Today’s co-op market rewards positioning. When value, narrative, and presentation align, demand follows—often aggressively.
Advice for Sellers
This is a market that rewards preparation and precision.
To succeed:
- Price based on today’s market—not past expectations
- Present your property at a high level—buyers notice the details
- Position your property to stand out from competing inventory
When everything aligns, properties are selling.
Advice for Buyers
Opportunities are still present—but require focus.
Look for:
- Properties that have been on the market longer
- Listings where pricing may not reflect current conditions
- Homes with strong fundamentals—layouts, views, and sound buildings—but that require renovation due to age or dated design. These often present a compelling value compared to new development, where buyers are paying a premium for finishes.
The best opportunities are often found where others hesitate.
Final Takeaway
As we close the first quarter:
- Contracts are rising
- Inventory is declining
- Buyers are active—but selective
This is a market where the right strategy makes all the difference.
The Pulse: Where data transforms into actionable insights for smart real estate decisions.
If you’re considering selling—or want to understand how your property fits into today’s market—I’m happy to provide a custom analysis tailored to your goals.
Warm regards,
Carol
Carol Staab
Top 100 Sotheby's Global Real Estate Sales Advisor
Top 10 for Sotheby's Individuals Manhattan
My Recent Notable Sale Ritz Carlton $28.4M
Sotheby's International Realty.
Email: Carol.Staab@Sothebys.Realty
Cell: 917-273-7787
Website: CarolStaab.Com
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