Manhattan luxury sales continue to rise and inventory decreases.

Days on market fell year-over-year and average price per square foot rose versus 2023.

December 2024 had 78 contracts over $5M, up 70% year-over-year, the third strongest December in ten years.

• New development sales more than doubled versus last year.

Active listings declined 14% year-over-year.

• Strong contract activity reduced listed inventory over $5M to the lowest level since January 2022.

Days on market fell 2% year-over-year.

• New development marketing time fell annually, but resale condos and resale co-ops saw year-over-year increases.

Average asking price per square foot increased 15% versus 2023 to $3,468.

• This month’s the average was skewed by contracts asking over $6,000 per square foot.