The Hamptons’ luxury market is also doing well in terms of single-family homes and condos, according to Douglas Elliman’s new contract signing report.
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Luxury properties in the Manhattan real estate market outperformed the overall market in May, according to Douglas Elliman’s latest Manhattan Market Report.
New contracts signed across the market fell 1.4% year over year as buyers showed interest in co-ops priced at $4 million and above and condos priced at $5 million and above.
The number of new contracts for co-ops priced between $4.99 million and $4.99 million increased 66.7% year over year, while those priced between $5.00 and $9.99 million increased 25% year over year.
The number of new contracts for apartments priced between $5 and $9.99 million increased by 15.4% year-over-year, while apartments priced between $10 and $19.99 million increased by 10%.
Lower-priced apartments underperformed — the number of new contracts for apartments priced between $4 million and $4.99 million fell 59.3% since May 2023.
In Brooklyn, new contracts for co-ops priced between $1-$1.99 million fell 42.3% year over year, while contracts for properties priced between $2-$3.99 million surged from 1 in May 2023 to 1 last month. Serves 12.
Apartment contracts in the borough for properties between $1 and $1.99 million increased 4.8% annually, while contracts for properties between $2 and $3.99 million fell by 19.4% and for properties above $4 million fell by 66.7%.
Meanwhile, the Hamptons’ luxury market is doing well in both single-family homes and condos.
“The Hamptons was one of the few markets in the New York metro area to see year-over-year growth in new single-family home and apartment contract signings,” Douglas Elliman reports. “Single-family home new contract signings increased due to an increase in new listings. Revenues significantly exceeded $4 million.”
The number of new contracts in the price range of US$4-4.99 million increased from three in May 2023 to 10 in May 2024, and the number of new contracts in the price range of US$10-19.99 million increased from two last year to 12 this year. Additionally, there are four new contracts for properties valued at $20 million or more, up from just one in May 2023.
Six new contracts were signed for apartments across all price points, compared with three in May 2023.
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