The stock market's loss has been real estate's gain. That's the conclusion brokers have drawn from Manhattan's first quarter residential sales, which jumped 29% over the same time a year ago, according to a new report by appraiser Miller Samuel, prepared for brokerage Douglas Elliman.
The numbers — amounting to $5.7 million in sales is Manhattan's best first quarter in six years. There were 2,560 closed sales, up from 1,988 during the same period in 2024.
New condo sales dominated the majority of the revenue. According to Corcoran, there were 450 new development closings, up 33% annually—the largest annual gain in 13 quarters. A high number of closings were at recently completed new developments, such as Monogram New York, 155 West 68th Street, 50 West 66th Street, and 517 West 29th Street, plus continued momentum at Downtown towers like One High Line.
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A Safe Bet
"People always feel that Manhattan real estate is a safe bet. It's a hedge against inflation, and it's a place where people feel safe when you know the stock market is volatile," Keller Williams agent Nicole Gary told the New York Post. "That's what we've been seeing over the past few months, is a little bit of volatility with the tariffs and everything that's going on politically. People are taking the opportunity to purchase these trophy units in Manhattan."
All Cash Sales Up 90% For Homes Priced Over $3 Million
According to CNBC, high interest rates have not been as much of a factor in the Manhattan luxury market as elsewhere, as high-net-worth luxury buyers tend to be all cash rather than take out mortgages. Citing data from real estate brokerage Compass, CNBC reported that 58% of the sales in the quarter were all-cash, which increased to 90% for homes priced $3 million and above. Below $3 million, signed contracts declined by 10%.
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The Relationship Between Stocks And Real Estate
Stocks and real estate in Manhattan have a symbiotic relationship, particularly in the luxury market. Stock volatility has led to increased real estate sales, according to CNBC.
"We're seeing a notable increase in activity from family offices, many of which are acquiring real estate as long-term legacy assets," real estate agent Cindy Scholz of Compass told CNBC.
Adding Perspective
Johnathan Miller of Miller Samuel put some perspective on the sky-high numbers, telling CNBC that the 29% sales increase over the previous year may not have been telling the whole story, as the first quarter of 2024 was unusually slow and that the current sales total was only 1.1% better historically than the past decade's average. However, sales have been trending upwards as the year progressed, with signed contracts for apartments priced $10 million and above tripling in March, according to the Miller Samuel report.
"Prices are on the rise, driven by strong demand and a shrinking inventory, particularly in the luxury sector," Pamela Liebman, Corcoran president and CEO, said in her company's first-quarter sales report. "Additionally, resale condo prices hit record highs, and despite fewer new listings, deal activity remains robust."
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