Inhabit by Corcoran

Contract activity slows for second consecutive month as co-op and sub-$1M sales decline.

Inventory declines and price per square foot rises amid strong high-end activity.

Manhattan saw 886 contracts signed during a cold and snowy February, down 8% year-over-year and 9% below the 10-year February average.

• Co-op activity declined 9% annually to an eight-year February low. Condo contracts also fell, down 5% year-over-year.
• Average days on market declined slightly to 134, down 1% from February 2025 and 6% below the February historical average.

Annual changes in contract activity varied by price range and submarket.

• Contracts priced below $1M declined most, down 16% year-over-year due to fewer resale co-op sales. In contrast, the $2M to $3M price range posted a 20% year-over-year gain amid strong resale condo and new development sales.
• Deal activity above $5M rose 1% year-over-year, driven by newly launched developments.
• While the Upper East Side posted a 3% annual increase in signed contracts, all other submarkets posted declines, with Midtown and Upper Manhattan each falling 15%.

Active listings totaled just over 5,600 units, down 4% from last year and 11% below the 10-year February average.

• This was the lowest February for listed inventory since 2017.
• Both condominium and co-op active listings declined year-over-year.

Average price per square foot jumped 19% year-over-year to $2,250.

• The annual gain was driven by a fourfold increase in the share of contracts signed asking over $3,000 per square foot, reflecting strong high-end resale condo sales and new development activity — particularly at 1122 Madison Avenue. (Note: Eighty Clarkson, launched in March 2025 with pricing above $5,000 per square foot, is excluded from this report as it does not disclose contract activity.)

Negotiability tightened in February. Based on Corcoran reported contracts during the month, the average discount off last asking price was -2.6%, shallower than in both February 2025 and January 2026.

• Condos averaged -2.5%, while co-ops averaged -2.7%. Approximately 65% of contracts signed in February 2026 were below their last asking price, compared to about 75% in February 2025.