Strong Manhattan contract activity as average days on market falls.

Average price per square foot rose while negotiability tightened.

 In March 2025, Manhattan sales increased 3% year-over-year and jumped 13% versus last month to 1,087 contracts.

• This was the tenth consecutive month that contracts increased year-over-year.
• Buyers signed contracts faster this month, driving the average days on market down by 10% annually to 122 days.
• This was the lowest average days on market figure for the month of March since 2022.

Compared to last year, condo contracts improved 17% while co-op sales fell 6%. Notably, contracts asking between $3M and $5M increased 16% annually, and downtown contract activity rose 12% year-over-year. 

• The high-end of the market continued to show strong demand. Contracts asking above $5M rose 44% annually, thanks to both resale condo activity and the new development market.
• Days on market rose by 4% for condos but dropped sharply by 20% for co-ops compared to last March. 

Manhattan active inventory fell 1% annually to 6,217 listings this month, 2% below the 10-year March average. 

• Compared to a year ago, active condo listings increased 1%, while co-op listed inventory declined 3% year-over-year.
• Average price per square foot increased 14% year-over-year to $1,993.
• This month, the number of contracts asking over $2,500 per square foot jumped nearly 60% year-over-year, driving the marketwide annual gain. However, since these contracts have largely not yet closed, actual price figures would be lower if all discounts were known.

Based on Corcoran contracts signed in March, discounts off last ask averaged -2.0%, tightening by 4.1% compared to last year.

• Discounts versus last ask averaged -2.2% for condos and -1.8% for co-ops. About 60% of contracts signed below their last asking prices, compared to 70% last month.