Manhattan contract activity declines and average days on market falls.

Average price per square foot displays uptick despite more negotiability.

In May 2025, Manhattan sales fell 6% year-over-year and 7% versus last month to 1,065 contracts — 3% below the 10-year May average. Significantly, this represented the first annual decline in signed contracts since May 2024.

• Despite the annual sales decline, buyers that signed contracts in May did so in less time than last year, with average days on market falling 5% year-over-year to 112 days, which was also about 7% below the 10-year May average.

Compared to last year, condo contracts declined 8% and co-op sales fell 5%.

• Contract activity fell for all but one price range, as contracts asking between $3M and $5M rose 4% year-over-year thanks to strong resale activity. Annual shifts in contract activity varied by submarket, with Upper Manhattan, the Upper West Side and Downtown posting annual gains, whereas sales fell on the Upper East Side and in Midtown, the Financial District, and Battery Park City.
• Versus last May, days on market fell by 2% for condos and dropped by 7% for co-ops.

This May, the number of active listings in Manhattan fell 1% annually to 7,359 units, about 4% above the ten-year May average.

• Compared to a year ago, active condo listings increased 2%, whereas co-op listed inventory declined 4% year-over-year.
• Average price per square foot rose 4% year-over-year to $1,844. The number and share of contracts asking over $2,500 per square rose year-over-year, driving the annual percentage increase in pricing. (Note that Eighty Clarkson, which began sales in March 2025 with average pricing over $5,000 per square foot, is excluded because it is not publicly reporting contracts.)

Discounts off last ask, based on Corcoran contracts reported in May, averaged -3.3%, deepening by 1% compared to last year.

• About 70% of contracts signed below their last asking prices compared to 60% last month and last year.