Strong contract activity while days on market displays an uptick.

Average price per square foot rose while negotiability remains prevalent.

In October 2024, Manhattan sales surged 27% year-over-year to 1,066 reported contracts.

• This was the strongest October and greatest annual percentage gain for contracts since 2021. Additionally, October marked the fifth consecutive month that sales rose annually. Lower mortgage rates, price adjustments, and new inventory have been key to the recent improvement in sales.
• Average days on market rose 6% year-over-year, with a larger share of apartments entering contract with marketing timelines greater than one year compared to last year. Compared to a year ago, condo sales jumped 42% and co-op sales increased 18%.
• The double-digit annual percentage gain for condos was driven by activity under $3M. 

Marketwide reported sales increased year-over-year for all price ranges.

• The luxury market was particularly strong this October, with contracts asking above $5M up 54% annually thanks to new development sales in prime locations
• All submarkets saw greater deal activity than a year ago. Particularly promising was a 41% gain Downtown, where contract activity over the past year has been muted due to low inventory.
• Days on market rose 8% for condos and 3% for co-ops compared to last October.

Listed inventory in Manhattan declined versus last year, with both product types down 8% year-over-year. At the end of the month, active listings totaled 6,497 units, 10% below the ten-year average for October.

• Interestingly, as a result of strong contract activity, October 2024 did not see its typical seasonal monthly increase versus September.
• Average price per square foot increased 13% annually to $1,918. Compared to last October, average price per square foot rose 8% for condos but was level for co-ops. This month, contracts asking over $3,000 per square foot more than doubled versus 2023, propelling the annual increase.

Discounts off last ask, based on Corcoran contracts signed in October, averaged -4.4%, tightening by just under 1% versus last year.

• This month, discounts versus last ask averaged -4.1% for condos and -4.8% for co-ops. About 75% of contracts signed were inked below last asking prices compared to 65% last month.