In April 2024, sales increased year-over-year for the third time this year and displayed the largest annual percentage gain since January.
This month, just over 1,000 contracts were signed, up 9% versus last year but down a typical 2% versus March. Average days on market fell by 11% year-over-year and dropped 21% versus March.
Condo sales rose 16% year-over-year, and co-op sales experienced a 4% annual increase.
- By price, contract activity rose across all price points, with sales between $2M and $3M increasing by double digits versus 2023.
- By location, five out of the six submarkets displayed year-over-year gains in signed contracts. The Financial District/Battery Park City was the only submarket to display an annual decline — down 33%.
- Days on market fell 9% year-over-year for condos, while co-ops fell 12% compared to a year ago.
Listed inventory and average price per square foot rose versus 2023.
- At the end of April, active listings totaled 7,260 units — up 16% versus March and less than 1% versus last year.
- The month-over-month uptick in inventory was higher than the average 9% increase reported between March and April in the last decade.
Average price per square foot, at $1,857, rose 6% year-over-year.
- Both condo and co-op average price per square foot figures increased compared to a year ago. This month, the market share of contracts at the high-end asking over $3,000 per square foot rose versus April 2023.
- Discounts off last ask, which are based on Corcoran contracts signed in April, averaged -2.4%, tightening by 0.4% year-over-year. This month, condos displayed deeper discounts than co-ops at 3.3% off last ask, while co-ops averaged 1.2% off last ask.
- Overall negotiability versus last ask was the smallest monthly average since June 2023.