In April, luxury sales activity and inventory in Manhattan increased from last year.
Days on market rose by double-digits annually and price per square foot saw an uptick versus 2023.
April 2024 had 77 deals above $5M, up 10% from April 2023.
- This month was the third best April for luxury sales since 2016 — behind 2022 and 2021.
- Active listings rose 14% versus a year ago. All product types and price ranges displayed year-over-year gains in listed inventory.
Days on market jumped 27% versus April 2023.
- The year-over-year increase was due to a greater number of contracts that signed after spending more than one year on the market.
April luxury sales averaged just over $2,800 per square foot, up 3% year-over-year.
- A 38% annual gain in new development contracts asking over $3,000 caused the uptick.