In June 2024, contract activity saw a modest uptick while days on market declined.
Demand’s key indicators showed improvement compared to a year ago.
This month, just under 1,000 contracts were signed in Manhattan, down a typical 12% versus May but up 1% year-over-year.
- Buyers moved faster, as well, as average days on market fell 5% year-over-year due to a decline in the market share of apartments that entered contract after more than a year on the market.
- Compared to 2023, condo sales rose 6% and co-op sales moderated 2%.
- By price, contract activity increased year-over-year for the under $1M and the $2M $3M price points.
- By sub-market, contract activity rose by double-digits in Midtown and the Upper East Side while all other locations displayed year-over-year declines or were unchanged. Days on market fell 5% for condos and 7% for co-ops compared to last June.
Listed inventory in Manhattan increased 3% year-over-year and 2% versus May 2024.
- At the end of the month, active listings totaled 7,539 units — about 12% below June’s ten-year average.
- Active condo listings rose 5% year-over-year, while co-op listed inventory increased by less than 1% compared to a year ago — driven by an increase in new listings coming to market.
Average price per square foot, at $1,717, fell 12% year-over-year. Condos saw average price per square foot decline 15% year-over-year. Co-op average price per foot, on the other hand, fell minimally by 1% versus a year ago. This was eighth time in the last twelve months that average price per square foot declined year-over-year.
- Discounts based on Corcoran contracts signed in June averaged -4.2% off last ask, level with last year.
- Condos displayed deeper discounts than co-ops at 4.5% off last ask, while co-ops averaged 3.9% off last ask. In June 2024, 77% of apartments sold below last ask versus 67% a year ago.