Manhattan Condo & Co-Op Sales: November 2025
Manhattan contract activity slows despite fewer days on market.
Manhattan saw 869 contracts signed this November, down 3% year-over-year and 4% below the 10-year November average.
- Contract activity fell 22% from October — the steepest October-to-November drop since 2013. Despite the decline in sales, buyers moved to contract faster than last year or a typical November, with average days on market falling 6% annually and 8% below the 10-year average to 117 days.
- Year-over-year, condo contracts fell 11% while co-op sales increased 4%. The $3M to $5M price range saw the largest annual gain, up 10% driven by strong resale activity.
- The luxury market cooled, with contracts over $5M declining 22% year-over-year. Most submarkets saw annual declines, except Midtown and Downtown. Downtown posted the only double-digit annual gain in contract activity, up 11%, driven by sub-$3M activity.
Manhattan had nearly 6,300 active listings in November, up 8% year-over-year but down 8% versus October.
- This was the third consecutive month with an annual increase in listings, last seen in Summer 2024.
- Despite the increase, listed inventory remained 9% below the 10-year November average.
Average price per square foot was $1,935, down 2% year-over-year and versus October.
- The decline was a result of a greater share of contracts below $2,500 per square foot compared to last year, and fewer ultra-luxury contracts exceeding $5,000 per square foot. Note: Eighty Clarkson, launched in March 2025 with pricing above $5,000 per square foot, is excluded as it does not disclose contracts.
Negotiability deepened in November.
- Based on Corcoran contracts reported during the month, the average discount off last asking prices was -3.9%, a deeper discount than last year or October.
- Versus last ask, condos averaged -3.6% and co-ops averaged -4.4%. This month just over 70% of contracts were signed below their last asking price, similar to November 2024.
