Reduced activity at the low end diminishes overall market performance.

New development activity drives record high pricing.

Contract activity fell year-over-year after four consecutive months with increases.

• At 210 reported contracts, this was the slowest December in at least eight years.
• Condo contracts decreased 10% year-over-year while co-op sales dropped more significantly, falling 37%.
• The overall sales figure was driven down by a decline in sales at the low-end, where sales under $1M declined 33% annually. In aggregate, sales over $1M were unchanged versus a year ago.
• Four of the eight submarkets exhibited annual increases, particularly in areas with a recent surge in new development inventory

Active listings rose by 13% from last year’s near-record low. Despite this increase, inventory remained historically constrained.

• With 1,427 listings, the number of available apartments was the second lowest for December in the past eight years.
• Due to limited inventory and a shift toward new developments, the overall average price per square foot surged 19% year-over-year to a record high of $1,315.
• Buyers managed to negotiate only a minimal 0.6% off the last asking price on average, slightly more than the previous month and year. However, the co-op market showed no negotiability, a trend that has persisted for the past year-and-a-half.