Inhabit by Corcoran

Contract activity rises annually, outpacing the historical average.

Listed inventory and average price per square foot both declined annually.

Manhattan saw 1,190 contracts signed in May, up 12% year-over-year, 8% from April, and 8% above the ten-year May average. This was the best month for signed contracts in three years and the first double-digit annual percentage gain since April 2025.

• Condo contracts led the way, up 23% year-over-year, while co-op sales rose 5%.
• Buyers acted swiftly this month as average days on market fell versus both last year and April to 102 days, which was also 16% below the historical May 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 35% annually, supported by strong resale activity Downtown and Uptown.
• Contracts above $5M fell 5% year-over-year to 90 deals; despite the decline, sales in that segment remained 10% above the May ten-year average.
• All submarkets posted annual gains, with Midtown and Financial District/Battery Park City both up nearly 40% year-over-year.

Active listings totaled just over 6,900 units in May, down 6% year-over-year and 4% below the ten-year May average.

• This was the fifth consecutive annual decline and the lowest May level since 2017, excluding 2020.
• Both condo and co-op inventory fell versus last May.
• The 1% monthly increase was in line with typical April-to-May seasonal trends.

Average price per square foot fell 4% year-over-year to $1,772, driven by a higher share of contracts signed below $2,000 per square foot this month.

• Co-op pricing fell 13% year-over-year, skewed by an elevated figure last year that included several transactions above $4,000 per square foot, compared to none this month.
• Average condo price per square foot also fell 4% year-over-year. (Eighty Clarkson, which launched in March 2025 with pricing above $5,000 per square foot, is excluded due to undisclosed contract activity.)

Negotiability tightened in May. Based on Corcoran-reported signed contracts, the average discount off last asking prices was 2.3%, less of a discount compared to May 2025.

• Versus last ask, condos averaged 4.1% off, while co-ops averaged just under 1.0% over ask.
• Approximately 30% of co-op contracts in May 2026 were above their last asking price, compared to about 10% in May 2025.