Manhattan contract activity rises while average days on market declines.

Average price per square foot rose while listed inventory reached a nine-year February low.

In February 2025, Manhattan sales increased 3% year-over-year and jumped 19% versus last month to a three-year February high of 960 contracts. This was the ninth consecutive month that contracts rose year-over-year.

• Buyers acted swiftly this month, reducing average days on market by 12% year-over-year to 135 days.
• This decline is due to an increase in sales with marketing timelines of less than one month versus 2024.

Versus 2024, condo contracts increased 6% and co-op sales rose 1%.

• Notably, versus last year contracts asking between $3M and $5M increased 12% and Upper West Side contract activity improved 24%.
• The high-end of the market displayed a double-digit annual gain this month, with contracts asking above $5M up 29% thanks to the new development market.

Listed inventory in Manhattan declined 4% versus a year ago, with both product types declining year-over-year.

• At the end of the month, active listings totaled 5,806 units. This was 9% below the 10-year February average and was the lowest number of active listings for any February since 2017.
• Average price per square foot rose slightly by 2% year-over-year to $1,897. This month, the number of contracts asking over $2,500 per square foot rose nearly 45% year-over-year, driving the marketwide annual gain

Discounts off last ask, based on Corcoran contracts signed in February, averaged -3.0%, slightly deeper than last year.

• In February, discounts versus last ask averaged -3.8% for condos and -2.1% for co-ops.
• About 70% of contracts signed were inked below last asking prices compared to 80% last month.