Inhabit by Corcoran

Contract activity moderates to start the year amid fewer co-op and sub-$1M sales.

Listed inventory drops and price per square foot increases.

Manhattan saw 737 contracts signed during a cold and snowy January, down 8% year-over-year and 6% below the 10-year January average. Co-ops drove the overall decline, falling 15% versus last year to a four-year January low. Condo contracts rose 1% year-over-year.

• Average days on market at 151 rose 1% versus last January but was still 2% below an average January. Annual shifts in contract activity varied by price and location.
• Contracts under $1M fell the most, down 20% year-over-year due to a slow month for the resale co-op market. In contrast, contract activity in the $3M to $5M range had the largest gain, up 18%, thanks to robust resale condo sales.
• Activity over $5M improved 3% year-over-year, aided by sales in newly launched developments. While the Upper East Side saw steady sales year-over-year, all other submarkets registered declines — most notably Midtown, with a 21% drop.
  

Active listings totaled just over 5,360 units, down 3% versus last year and 12% from December. This was the lowest number of January active listings since 2017.

• This was the lowest number of January active listings since 2017.
• Both condo and co-op listings decreased compared to a year ago.

Average price per square foot rose 8% year-over-year and 10% month-over-month to $2,019.

• The annual gain was driven by a doubling in the market share of contracts signed over $2,500 per square foot, which were mostly resale condo and new development sales. (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 January. Based on Corcoran reported contracts during the month, the average discount off last asking price was -2.9%, shallower than in both January 2025 and December 2025.

• Condos averaged -3.4%, while co-ops averaged -2.0%. Approximately 65% of contracts signed in January 2026 were below their last asking price, compared to about 80% in January 2025.