March luxury sales in Manhattan, as well as inventory, were down compared to last year.
Days on market displayed double-digit year-over-year declines, and price per square foot rose versus 2023.
March 2024 had 71 deals above $5 million, down 19% from March 2023.
- The annual decline was driven by a 70% drop in contracts asking between $10M to $20M.
- All product types and price ranges displayed year-over-year declines in listed inventory.
- Active listings fell 9% versus a year ago.
Days on market dropped 37% versus March 2023.
- The notable year-over-year decline was caused by a very high figure last year.
March luxury sales averaged just over $2,800 per square foot, up 6% year-over-year.
- This month’s new development figure was skewed by two sales asking over $6,000 per square foot; without these contracts, the new development average price per square foot would be down 5% annually.