Contract activity holds steady while days on market increases.

Average price per square foot declines while discounts remain prevalent.

In August 2024, Manhattan sales saw a slight improvement versus a year ago, with 875 contracts — up 1% year-over-year.

• This was the third consecutive month and the eighth time over the past twelve months that contract activity displayed an annual percentage increase.
• Average days on market rose 4% year-over-year, as a higher share of apartments entered contract in under 60 days last year compared to this month.
• By product type, condo sales increased 14% year-over-year, while co-op sales fell by 7%.

Marketwide, reported sales rose annually for all price points except those between $1M and $2M.

• Contracts asking above $2M rose 16% year-over-year as all price ranges above $2M experienced double-digit year-over-year increases.
• Three of the six submarkets saw contract activity rise versus last year. Upper Manhattan saw the largest annual gain in sales — up 14%.
• Days on market fell 12% for condos but rose 16% for co-ops compared to August 2023. This was the first time since February that the overall average days on market rose annually.

Listed inventory in Manhattan rose a minimal 1% year-over-year. At the end of the month, active listings totaled 6,315 units, level with the 10-year average for August.

• Active condo listings rose 4% year-over-year while co-op listed inventory fell 2%. Average price per square foot — at $1,826 — fell 5% year-over-year.
• Condos saw average price per square foot decline 7% year-over-year. Co-op average price per foot, on the other hand, rose 9% annually.
• The annual percentage gain in pricing for co-ops was a result of a greater number of luxury contracts over $2,500 per square foot compared to last year.