Manhattan contracts decline modestly.

Price per square foot holds steady amid tighter negotiability.

Manhattan saw 851 signed contracts, down 3% year-over-year and 6% below the 10-year August average. This was only the second month with an annual decline in signed contracts so far this year.

• While the annual drop in deals was modest, it marked the slowest August since 2020.
• Despite the sales decline, buyers signed contracts faster than a year ago, with average days on market falling 11% versus 2024 and 3% versus the 10-year August average to 125 days. Versus August 2024, condo contracts declined 4%, while co-op sales fell 1%.

Annual percentage changes varied by price point, with the $1M–$2M and $3M–$5M segments actually posting annual gains, driven by strong resale activity.

• Submarket performance was mixed: Downtown and Midtown posted annual increases, activity on the Upper West Side remained flat, contracts fell slightly on the Upper East Side, and dropped by double-digits in Upper Manhattan and the Financial District/Battery Park City.
• Compared to a year ago, days on market rose 4% for condos but fell a sharp 19% for co-ops.

Manhattan had just under 5,900 active listings in August, down 7% year-over-year and 10% below the 10-year August average.

• Listed inventory has remained flat or declined annually for 12 consecutive months.
• Average price per square foot was $1,821, unchanged from a year ago but up 5% compared to July. The monthly increase was driven by a higher share of contracts asking over $2,000 per square foot. Notably, Eighty Clarkson, which launched in March 2025 with average pricing above $5,000 per square foot, is excluded from this report, as it is not publicly disclosing contracts.

Negotiability tightened slightly in August. Based on Corcoran contracts reported during the month, the average discount off last asking prices was -3.1%, less of a discount than both last year and July.

• Condos averaged -3.5% and co-ops averaged -2.6%. Approximately 70% of contracts were signed below their last asking price, consistent with August 2024.