Condo & Co-op Sales +$5million
High-End Sales Decline 40% Annually but Average Price Per Sq Ft Rises
$5M+ inventory continues to increase year-over-year while average days on market rose to over ten months. Below are key highlights from Corcoran’s January 2023 report:
Manhattan had 49 signed contracts over $5M, 40% below the activity seen in January 2022 and 17% fewer deals than in December 2022.
While sales were down by double-digits annually for the tenth consecutive month, January 2023 contract activity was greater than January 2019 and 2020.
Active listings rose by double-digits annually for the third month in a row and increased 14% year-over-year.
Despite the gain, January 2023 had fewer listings compared to January 2021 and 2020.
Marketing time was up 41% annually, the fourth time since 2021 the figure expanded annually.
New development listings took the longest to find buyers. Only 16% of all high-end sales were signed in under three months, compared to 23% in January 2022.
Average price per square foot was up 8% versus last year, the third consecutive month with an annual increase.
High-end new development contracts over $4,000 per square foot including Central Park Tower for nearly $9,000 per square drove the annual increase.
Excluding the ultra-luxury contract at Central Park Tower average price per square foot would have declined annually.
