Inhabit by Corcoran

Contract activity rises annually, outpacing the historical average.

Listed inventory and average price per square foot both declined annually.

Manhattan saw 953 contracts signed in July, up 5% year-over-year and 7% versus the 10-year July average.

• This was the best July for signed contracts in five years and the third consecutive month with an annual percentage gain
• Co-op contracts fell a slight 1% while condo sales rose 12%.
• Buyers acted swiftly this month, with average days on market declining 15% (three weeks) year-over-year to 104 days, roughly three weeks (17%) below the historical July average.

Sales performance varied by price range and submarket.

• All price ranges posted year-over-year gains except under $1M and $2M to $3M, each down 3%.
• Activity between $3M and $5M saw the largest annual increase, driven by strong resale condo activity south of 34th Street.
• All submarkets were level or up year-over-year except the Upper West Side and the Financial District/Battery Park City. Financial District/Battery Park City saw the steepest decline, falling 14% (seven fewer deals), while Upper Manhattan posted the largest increase, rising 23% (19 additional deals).

Active listings totaled 5,909 units in July, down 8% year-over-year to the lowest July level since 2017.

• Condo and co-op listed inventory declined 5% and 11% year-over-year, respectively

Average price per square foot fell 3% year-over-year to $1,674.

• The condo average this month fell 2% to $1,830 per square foot as the share of contracts asking above $3,000 per square foot fell versus a year ago.
• However, the co-op market saw a 15% year-over-year decline to $1,158 per square foot.
• The co-op annual decline was skewed by two resales above $4,000 per square foot last July.
• Excluding those contracts, the co-op average was essentially unchanged from a year ago.

Negotiability tightened in July.

• .Based on Corcoran-reported contracts during the month, the average discount off last ask was -2.8%, less of a discount versus last year and June.
• Condos averaged 3.1%, and co-ops averaged 2.2% below last ask.