Inhabit by Corcoran

Contract activity rises annually, outpacing the June historical average.

Listed inventory and average price per square foot both decline for the year.

Manhattan saw 1,150 contracts signed in June, up 13% year-over-year and versus the 10-year June average.

• This was the best month of June for sales in four years and the largest annual percentage gain since December 2024.
• Versus last June, co-op contracts rose 16% as condo sales grew 9%.
• Buyers acted swiftly this month, with average days on market falling about a week versus last year to 105 days, which was also two weeks (11%) below the historical June average.

Sales performance was broadly positive by price range and submarket.

• All price ranges under $5M posted year-over-year gains, with the $3M to $5M segment rising 27% annually, supported by strong resale activity Downtown and Uptown.
• Contracts above $5M fell 6% (five fewer deals) year-over-year to 78 deals; despite the decline, sales in that segment remained 4% above the June 10-year average.
• All submarkets posted annual sales gains, with signed contracts on the Upper East Side, Midtown, and Downtown each rising by double-digit annual percentages.

Active listings totaled 7,182 units in June, down 2% year-over-year but 1% above the 10-year June average.

• This was the sixth consecutive annual decline and the lowest June level since 2017, excluding 2020.
• Condo inventory remained level with last year, whereas co-op inventory declined 5% year-over-year.

Average price per square foot fell 3% year-over-year to $1,856.

• The co-op average (based on just 30% of co-op sales for which square footages were reported) rose 8% year-over-year to $1,384 per square foot.
• Average condo price per square foot fell 5% to $2,054 as the market share of condo contracts asking above $2,000 per square foot declined to 26% from 35% a year ago, with inventory constraints, particularly in prime areas, continuing to weigh on the condo market.

Negotiability tightened compared to a year ago.

• Based on Corcoran reported signed contracts, the average discount off last asking prices was -2.5%, whereas a year ago discounts averaged -3.5% off last ask.
• This June, condo discounts averaged -3.8% off last ask while co-ops signed for an average of -0.6% off last ask.