New York City's development contracts decreased in the second quarter, totaling 648, marking a 9 percent decline year-over-year. The luxury market also faced a downturn, with 105 contracts for units priced over $4 million, down from 136 the previous year. A lack of new development inventory is attributed to the weak performance of the new development sector. Supply levels in Manhattan are currently 18% below the 10-year average, contributing to fewer sales and longer market durations for existing units.
New York City saw a decline with 648 development contracts in the second quarter, a 9 percent drop from the previous year, according to a Marketproof report.
In the luxury market, 105 contracts for units asking at least $4 million were signed, down from 136 the previous year, highlighting a slowdown.
Inventory shortages in Manhattan have led to a lack of new development inventory, prompting weak performance in the new development sector, according to Robin Schneiderman.
Supply levels in Manhattan are 18 percent below the 10-year average, and many listings have remained on the market for over four years.
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