Inhabit by Corcoran

Contract activity cooled annually and versus the historical average.

Listed inventory declined while average price per square foot rose slightly.

Manhattan saw 799 contracts signed in August, down 6% year-over-year and 10% versus the ten-year August average

• This was the slowest August for reported signed contracts since 2020 and the steepest July to August percentage decline since 2013.
• Both co-op and condo contracts fell by 6% year-over-year.
• Nevertheless, average days on market declined 4% year-over-year to 120 days, roughly two weeks (8%) below the historical August average.
• Tight inventory is contributing to fewer sales but keeping days on market low.

Sales performance varied by price and submarket.

• All price ranges posted year-over-year declines except the $2M to $3M and over $5M price segments, which posted annual gains.
• Activity over $5M saw the largest annual increase, driven by strong resale activity.
• All submarkets experienced year-over-year declines apart from Upper Manhattan, which increased by 21% (13 additional deals).

Active listings totaled 4,992 units in August, down 15% year-over-year to the lowest August level since 2015.

• Condo and co-op listed inventory declined 12% and 18% year-over-year, respectively.
• Listed inventory has declined year-over-year for eight consecutive months.

Average price per square foot rose minimally by 1% year-over-year to $1,833

• The condo average this month increased 3% annually to $2,047 per square foot.
• However, the co-op market saw a 10% year-over-year decline to $1,229 per square foot.
• The co-op annual decline was skewed by two resales above $3,000 per square foot last August, compared to none this month.

Negotiability softened in August.

• Based on Corcoran reported contracts during the month, the average discount off last ask was -3.9%, more of a discount versus last year and July.
• Condos averaged discounts of 4.1%, and co-ops averaged 3.7% below last ask.