Manhattan luxury sales continue to increase as inventory falls.

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

January 2025 had 67 contracts over $5M, up 5% year-over-year, the second strongest January in ten years.

• Sales asking over $10M rose 85% annually.

Active listings declined 11% year-over-year.

• Robust contract activity reduced listed inventory over $5M by double-digits annually for the fourth month in a row.

Days on market fell 4% year-over-year.

• Resale condo marketing time fell annually, but resale co-op and new development saw year-over-year increases.

Average asking price per square foot declined 2% versus 2024 to $2,962.

• This month’s annual decline was due to fewer Billionaire’s Row contracts versus 2024.