Manhattan contract activity on the rise as the year begins.

Listed inventory hits a nine-year January low as average price per square foot declines.

In January 2025, Manhattan sales increased 2% year-over-year to a three-year January high of 804 contracts.

• This was the fifth consecutive month that sales rose year-over-year, but the least significant annual percentage gain since August 2024.
• Average days on market fell 12% year-over-year to 150 days due to an uptick in transactions with marketing timelines under one month versus 2024.

Versus 2024, condo and co-op contracts each increased by 2%.

• Notably, versus a year ago contracts asking between $3M and $5M rose 14% and sales downtown improved 8%.
• The high-end of the market displayed an annual gain this month, with contracts asking above $5M up 5% thanks to both new development and resale contract activity.
• Days on market fell 8% for condos and 15% for co-ops compared to last January.

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

• At the end of the month, active listings totaled 5,509 units, 8% below the 10-year January average. This was the lowest number of active listings for any January since 2017.
• Average price per square foot increased a slight 2% annually to $1,865.
• This month, the number of contracts asking between $2,500 and $3,500 per square foot, which represented about 6% of sales, rose nearly 30% year-over-year, driving the market-wide annual gain.

Discounts off last ask, based on Corcoran contracts signed in January, averaged -4.5%, level versus last year.

• In January, discounts versus last ask averaged -5.1% for condos and -4.0% for co-ops. About 80% of contracts signed were inked below last asking prices compared to 60% last month.