Inhabit by Corcoran

Contract activity cools annually versus historical average.

Inventory continued to decline annually while average price per square foot rose.

Manhattan saw 701 contracts signed in September, down 13% year-over-year and 5% versus the 10-year September average.

• This was the slowest September since 2023. Both co-op and condo contracts posted double-digit annual percentage declines.
• Average days on market rose 7% year-over-year to 126 days, just over one week above last year, though still 7% below the historical September average.
• Limited inventory continues to constrain sales activity.

Sales performance varied by price and submarket.

• All price ranges under $3M posted double-digit year-over-year sales declines amid higher mortgage rates and low supply. In addition, sub-$3M sales were impacted by a notable 35% drop in new development activity at this price range.
• Sales from $3M to $5M rose 14%, while sales above $5M were flat.
• Sales declined year-over-year across all submarkets, with Upper Manhattan posting the largest decline at 24%.

Active listings totaled 6,354 units in September, down 3% year-over-year to the lowest September level since 2017 and 8% below the 10-year average for the end of third quarter.

• Condo inventory was flat year-over-year, while co-op inventory declined 6%. Listings have now declined annually for nine consecutive months.

Average price per square foot rose 10% year-over-year to $1,958, driven by a 5% increase in the share of sales above $3,000 per square foot.

• The condo average rose 9% to $2,153 per square foot, while the resale co-op average increased 23% to $1,435 per square foot.

Based on Corcoran-reported contracts during the month, the average discount from the last asking price was 3.7%, a larger discount versus a year ago.

• Condos saw larger discounts, averaging 4.5% off last ask, while co-op discounts averaged just 1.9%.