In May 2024, contract activity moderated alongside days on market.

Signed contracts declined year-over-year for just the second time in 2024.

This month, just over 1,100 contracts were signed in Manhattan, up a typical 10% versus April but down 6% vs. last year and 5% vs. the ten-year pre-pandemic average for the month of May.

• Although sales moderated, average days on market fell 8% year-over-year due to a decline in the market share of apartments that signed after more than a year on the market.
• Compared to 2023, condo sales fell 9% and co-op sales moderated 3%.
• By price range, contract activity declined year-over-year for all but the $1M to $2M price point, for which sales rose 6% annually.
• By location, sales in four out of the six submarkets fell versus 2023, while activity in Upper Manhattan and Midtown was roughly level. Days on market fell 6% and 11% for condos and co-ops, respectively, compared to last May.

There were no significant changes in Manhattan inventory in May 2024.

• At the end of the month, active listings totaled 7,425 units — up a minimal 2% versus April but down less than 1% vs. last May.
• Active condo listings rose 3% year-over-year, while co-op listed inventory fell 4% compared to a year ago.

For Manhattan overall, however, an annual increase in the market share of both co-op sales and activity in lower cost submarkets caused market-wide average price per square foot to moderate compared to last May.

• Discounts based on Corcoran contracts signed in May averaged 2.4% off last ask, tightening significantly versus last year thanks to price cuts and tight supply.
• Condos discounts averaged 3.2% off last ask and co-ops averaged 1.3% off last ask. In May 2024, 61% of apartments sold below last ask vs. 71% last May.