Luxury Contract Volume Declines
Here’s the twist, a hot streak cooled fast. Manhattan logged 25 signed contracts for homes asking $4 million or more between Nov. 10 and Nov. 16, down from 41 the prior week, according to The Real Deal and Mansion Global.
But a one-week dip doesn’t rewrite the year. The Real Deal called it “a more sedate number,” noting the total asking volume hit about $197.34 million across those 25 deals. Mansion Global reported the same tally, underscoring the step-down from the previous week’s surge.
You might be surprised that momentum can pause without signaling a reversal. Weekly luxury counts are notoriously lumpy, and holiday timing often amplifies that volatility. Still, last week’s comedown is notable after a brisk run.
What no one is mentioning, the depth behind the headline number. The shift from 41 to 25 deals matters for sentiment, but it came alongside an asking volume near $200 million. Moreover, that number implies buyers still engaged, just at a slower clip.
2025’s Record-Breaking Pace
Here’s the bigger reveal, the year’s story hasn’t changed. Year-to-date, Manhattan has surpassed 1,320 signed contracts at $4 million and up, already outpacing 2024’s full-year total, per Mansion Global and The Real Deal.
According to available reports, that places 2025 on track to be the second-best year since at least 2006. Mansion Global put the pace at roughly 1,326 deals and stressed that “2025 is shaping up to be the second-best year for the borough’s luxury market.” The Real Deal echoed that conclusion.
However, second-best isn’t second-best by accident. It reflects deep bidder pools and sellers meeting the market on price and terms. Therefore, one quiet week sits in the shadow of a very strong year.
Top Deal: $24M Penthouse at 255 East 77th
Here’s the marquee moment. The week’s top contract was a full-floor penthouse at 255 East 77th Street, listed at $24 million.
The six-bedroom residence spans about 5,472 square feet and includes two loggias, according to the reports and the listing. Crucially, it offers Central Park views, catnip for trophy hunters who want both skyline drama and a calm Upper East vibe.
But the details go deeper than the price tag. The home’s scale and outdoor space helped it stand out in a thinner week. Moreover, the property’s status was shown as pending as of Nov. 16 on the listing site, underscoring real movement, not just buzz.
Here’s the twist, even when volumes cool, singular homes can command attention. And in this tier, a standout floor plan, views, and outdoor space can do the heavy lifting.
Second-Highest Contract: The Greenwich Lane Condo
Meanwhile, the runner-up deal delivered classic West Village appeal. A condo at 160 West 12th Street in The Greenwich Lane asked about $15 million.
The apartment features a landscaped terrace and a wood-paneled library, according to coverage. Additionally, it spans nearly 3,000 square feet, offering a large footprint for the neighborhood.
Yet the nuance here is important. The Greenwich Lane remains a proven magnet for buyers who want amenities and character. Therefore, it’s unsurprising that a high-design unit with outdoor space earned the second slot in a slower week.
Market Composition and Pricing Metrics
By the numbers, condos dominated. Of the 25 properties, 17 were condos, four were co-ops, one was a condop, and three were townhouses, according to both outlets.
Moreover, last week’s total asking volume was about $197.34 million. The average asking price came in around $7.9 million, with a median around $6.9 million.
However, pricing remains a negotiation. The week reflected roughly a 4% average discount, per The Real Deal’s reporting. Additionally, time on market hovered around two years, which tracks with typical luxury cadence.
Here’s what that means for strategy. Sellers who price near where deals are clearing still win the day. But buyers are pushing, and marketing periods suggest patience is often rewarded.
You might be surprised that “moderate” discounts can coexist with robust totals. When trophy inventory aligns with buyer priorities, condition, location, views, pricing discipline tightens. Still, softer weeks can yield openings for bidders willing to move quickly.
Listing Teams for Top Contracts
What no one is mentioning, the agent benches behind these wins. The $24 million penthouse at 255 East 77th Street is listed with Compass agents Alexa Lambert and Alison Black, The Real Deal also notes Shelton Smith among the sales leads at the development.
Additionally, the roughly $15 million Greenwich Lane condo was listed by Compass’ Michael Johnson and Hayim Nommaz, per The Real Deal. Those teams navigated turbulent weekly velocity and still found buyers.
Therefore, relationships and positioning mattered as much as macro flows. In slower weeks, sharp pricing narratives and targeted outreach can carry a listing across the line. And in this price band, presentation and access are part of the product.
The Upshot
So, where does this leave the market? One week downshifted after a big burst, but the year remains exceptional by historical standards.
In short, the luxury engine is idling, not stalling. As a result, the next two to three weeks will illuminate whether this was a blip or the start of a seasonal slide.
Here’s the twist, even a softer tally lived alongside nearly $200 million in asks. If inventory turns up or rates ease further, momentum could re-accelerate into year-end. But if buyers get choosier, sellers will need to meet the market faster.
For now, the headline is simple and surprising. Deals slowed, yet 2025 keeps sprinting toward the No. 2 spot on record. And the week’s top trophies show the playbook still works, distinctive space, outdoor living, and clear value on ask vs. comps.
By the Numbers (Last Week)
- 25 signed contracts at $4M+; prior week, 41.
- Total asking volume, about $197.34M.
- Average ask, ~$7.9M; median ask, ~$6.9M.
- Mix, 17 condos, 4 co-ops, 1 condop, 3 townhouses.
- Estimated average discount, ~4%.
- Typical time on market, about two years.
According to coverage by The Real Deal and Mansion Global, those figures frame a market that eased but did not falter. Still, one week is not a trend, watch the next report for a clearer signal.
Notable Quotes
- “Buyers signed contracts for just 25 properties asking $4 million or more between Nov. 10 and Nov. 16.” The Real Deal
- “Last week’s total … came in at a more sedate number of 25 signed contracts, with a total asking volume of $197.34 million.” Mansion Global
- “2025 is shaping up to be the second-best year for the borough’s luxury market.” Mansion Global
- “The most expensive home … was a penthouse at … 255 East 77th Street, asking $24 million.” The Real Deal
