New York City’s residential market sprang back to life in May after an April slump. As we head into summer, we’re busier than ever here at ESPINAL | ADLER, despite annual trends of summer slowing down after the spring rush. We love being able to help so many people in all our markets!
In May in Manhattan, the growth of newly signed contracts increased for the third time in four months across all property types. In fact, signed contracts were up 22 percent compared to April. May is typically the peak of selling season, but according to Miller Samuel’s monthly report for Douglas Elliman, the growth in contract activity in Manhattan exceeded even the seasonal expectations. At the same time, the number of new listings declined for the first time this year, tightening up inventory.
Luxury activity in the borough hit a high during the first half of the month—40 contracts for homes asking $4 million or more were signed during the second week, which is the highest weekly total in more than 12 months. Deals for sponsor units helped push the figure past earlier records, as new construction accounted for 14 of the 21 condo contracts included in the record-breaking 40. The number of total luxury contracts dipped to 27 the following week, mirroring the weekly trends of May 2022.
One notable home to hit the market in Manhattan offers buyers the chance to own a piece of modern pop culture. The home formerly rented by Taylor Swift—and the inspiration for her hit “Cornelia Street” on the 2019 album “Lover”—at 23 Cornelia Street in the West Village is asking $18 million, according to the Wall Street Journal. The home includes four bedrooms, five bathrooms, an eat-in kitchen, an indoor pool, three gas fireplaces, and a lot of potential tourist activity.
Like Manhattan, Brooklyn reported notable growth in contract activity in May, with newly signed contracts increasing from April by nearly 50 percent. Brooklyn’s luxury market also started May with a bang. During the first week of the month, 27 homes in the borough asking $2 million or more went into contract. Notching 16 contracts that week, townhouses maintained their popularity. New listings dropped in Brooklyn for the first time in three months.
Westchester continued to be a hotspot in May. The growth of newly signed contracts rose for the fourth time this year and new listings expanded for the fifth time. While new listings were up in total, the number of condos entering the market decreased month over month from April.
In Miami, the number of newly signed contracts decreased for the second month in a row as new listings increased for the third time in four months. The condo market rebounded a bit in May, which saw both sales and dollar volume soar higher than in April, yet still lower than March. Will June be different? Soccer superstar Lionel Messi’s move to Miami is causing a stir throughout the area, including the real estate sector. Messi reportedly turned down close to a half-billion-dollar offer from Saudi Arabia to play for Inter Miami, drawing national attention and accelerating the city’s ambitions to become a global sporting destination.