Manhattan Condo & Co-Op Sales: November 2024
Robust contract activity across all price ranges and submarkets.
Average price per square foot increased as discounts shrank.
In November 2024, Manhattan sales increased 24% year-over-year to 892 reported contracts, the best November since 2021.
- This was the sixth consecutive month that contracts rose on an annual basis and the third in a row that sales improved more than 20% year-over-year.
- Price adjustments, new inventory, confidence in the market’s rebound, and an optimistic economic outlook overall have been key to the recent surge in sales.
- Average days on market fell slightly by 1% year-over-year to 124 days on average.
Compared to last year, condo sales jumped 37% and co-op sales increased 15%.
- The double-digit annual percentage gain for condos was driven by new developments. Furthermore, contract activity for all price segments increased year-over-year.
- The luxury market was particularly strong this November, with contracts asking above $5M up 88% annually thanks to new development sales in prime locations or at properties that have adjusted prices.
- All submarkets except the Financial District and Battery Park City saw more deal activity than a year ago. Days on market fell 4% for condos and was level for co-ops compared to last November.
Listed inventory in Manhattan declined versus a year ago, with both product types down year-over-year.
- At the end of the month, active listings totaled 5,821 units, 14% below the ten-year November average. Active listings typically decline from October to November. However, this November was the first time in over 15 years that active listings declined by a double-digit percentage versus October, as strong contract activity continued to put downward pressure on inventory.
- Average price per square foot increased 10% annually to $1,977. Versus 2023, average price per square foot rose 10% for condos and 9% for co-ops.
- This month, the number of contracts asking over $3,000 per square foot rose 50% year-over-year, driving the market-wide annual increase.
Discounts off last ask, based on Corcoran contracts signed in November, averaged -3.2%, tightening by 1.4% versus last year.
- About 70% of contracts signed were inked below last asking prices compared to just over 75% last month.
