Inhabit by Corcoran

Contract activity cools annually and versus historical average.

Inventory and average price per square foot declined annually.

Manhattan saw 960 contracts signed in October, down 14% year-over-year and 3% versus the 10-year October average.

• This was the slowest October since 2023. Both co-op and condo contracts declined versus a year ago.
• However, buyers who are transacting are doing so quickly, with average days on market falling 23% year-over-year to 91 days, four weeks shorter than last year and 24% below the historical October average.
• Limited inventory continues to constrain sales activity.

All price points and submarkets experienced annual declines in sales. 

• The under $1M segment saw the largest annual decline, a reflection of high mortgage rates and low inventory.
• Four of six submarkets posted double-digit annual percentage declines in sales, led by Upper Manhattan, where contract activity fell 35% year-over-year.

Active listings totaled 6,187 units in October, down 9% year-over-year and 16% below the 10-year October average. 

• This was the lowest October for listed inventory since 2016.
• Condo inventory fell 8% year-over-year, while co-op inventory declined 10%.
• Listings have now decreased annually for ten consecutive months.

Average price per square foot fell 3% year-over-year to $1,910, driven in part by a sharp decline in ultra-luxury transactions, as deals above $5,000 PSF fell from six deals last year to just two this month. 

• The condo average fell 3% to $2,097 per square foot, while the resale co-op average declined 4% to $1,400 per square foot.

Based on Corcoran-reported contracts during the month, the average discount from the last asking price was 1.0%, the smallest discount since 2022. 

• Condos saw larger discounts, averaging 1.7% off last ask, while co-op discounts averaged just 0.4%.