Manhattan contract activity continues to surge.

Listed inventory at a four-year December low and average price per square foot rises.

In December 2024, Manhattan sales increased 19% year-over-year to 820 reported contracts, the strongest December since 2021.

• This was the seventh consecutive month that contracts increased on an annual basis and the fourth consecutive that sales improved by double-digits year-over-year.
• Growing confidence in the market’s resurgence, price adjustments, and an improving economic outlook have been critical drivers in the uptick in sales.
• Despite the increase in signed contracts, average days on market rose 9% year-over-year to 149 days due to several new development transactions with marketing timelines over a year.

Versus 2023, condo contracts jumped 48%, whereas co-op sales were level.

• The double-digit annual percentage gain for condos was driven by strong new development contract activity.
• Contracts rose for all price segments and submarkets year-over-year, except for under $1M and in Upper Manhattan.
• The luxury market improved significantly this December, with contracts asking above $5M up 70% annually thanks primarily to new development sales.
• Days on market rose 9% for condos and 6% for co-ops compared to last December.

Listed inventory in Manhattan declined versus a year ago, with both product types down year-over-year.

• At the end of the year, active listings totaled 5,900 units, 3% below the ten-year December average. This was the lowest December listed inventory level since 2021.
• Average price per square foot increased 17% annually to $2,110.
• This month, contracts asking over $3,000 per square foot nearly tripled year-over-year, driving the marketwide year-over-year gain.

Discounts off last ask, based on Corcoran contracts signed in December, averaged -2.6%, tightening by 2.5% versus last year.

• This month, discounts versus last ask averaged -3.1% for condos and -2.1% for co-ops. About 60% of contracts signed were inked below last asking prices compared to 70% last month.