Contract activity surges while days on market declines.
Average price per square foot increases while negotiability favors sellers.
In September 2024, Manhattan saw a boost in contract activity with 757 reported contracts, a 22% year-over-year increase.
- This was the first time since December 2021 that sales rose by double-digits annually. Additionally, September 2024 marked the fourth consecutive month, and the ninth time in the past year, that contract activity displayed an annual percentage increase.
- Average days on market dropped 11% year-over-year, with a greater share of apartments entering contract in less than 30 days compared to last year.
- Compared to a year ago, condo sales increased 43% while co-op sales rose 8%. The double-digit annual gain for condo sales was largely due to activity under $2M.
Marketwide reported sales rose annually for all price segments except $3M to $5M.
- Notably, contracts asking above $5M jumped 67% versus 2023, thanks to new development sales across the borough.
- All submarkets experienced an increase in contract activity compared to last year, with Upper East Side seeing the largest gain — up 33%.
- Days on market fell 25% for condos but remained steady for co-ops compared to last September. This was the sixth time this year that overall average days on market fell year-over-year.
Listed inventory in Manhattan remained steady with 2023. At the end of the month, active listings totaled 6,477 units, just below the 10-year average for September.
- Active condo listings increased 2% year-over-year, whereas listed co-op inventory fell 2% annually.
- Average price per square foot rose 5% annually to $1,872. Compared to last September, price per square foot rose 5% for condos and 25% for co-ops. However, the co-op average was skewed by one contract asking over $6,000 per square foot. Excluding this transaction, the average co-op figure was closer to $1,200 per square foot, representing an approximate 9% annual increase.
Discounts off last ask, based on Corcoran contracts signed in September, averaged -3.4%, tightening by just under 1% versus last year.
- This month, condo discounts averaged 4.1% off last ask, while co-ops averaged 2.5% off last ask. About 65% of contracts this month transacted below last asking prices compared to just over 80% last month.