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.
Discounts off last ask, based on Corcoran contracts signed in August, averaged -5.4%, deepening by 2% versus last year.
- Condo discounts averaged 6.1% off last ask, while co-ops averaged 3.7% off last ask. 83% of contracts this month transacted below last asking prices versus 67% in August 2023.