Manhattan luxury sales rise as inventory continues to decline.

Days on market increased year-over-year and average price per square foot fell versus 2024.

February 2025 had 85 contracts over $5M, up 29% year-over-year, the third strongest February in 10 years.

• New development contracts asking over $5M more than doubled annually.

Active listings declined 11% year-over-year.

• Strong contract activity reduced active listings over $5M by double-digits year-over-year to the lowest level since December 2021.

Days on market increased 12% year-over-year.

• Resale condo and resale co-op marketing time rose annually, but new development saw a decline versus a year ago.

Average asking price per square foot fell 8% versus 2024 to $2,945.

• This month’s annual decline was due to a double-digit drop in the share of contracts asking over $3,000 per square foot versus 2024.