Manhattan Report | August 2024 | Condos & C0-Ops

The Corcoran Sales Report for Manhattan in August 2024 highlights the following key trends:

  1. Contract Activity:

    • A total of 875 contracts were signed, up 1% compared to August 2023, marking the third consecutive month of annual increases.

    • Condo sales saw a 14% increase, while co-op sales decreased by 7%.

    • Contracts above $2M experienced significant growth, with double-digit increases in all price ranges over $2M.

  2. Submarket Performance:

    • Three of six Manhattan submarkets saw increased contract activity. Upper Manhattan led the way with a 14% rise in contracts, while Downtown saw a 7% increase.

    • The Financial District/Battery Park City submarket had the largest decline, down 24% year-over-year.

  3. Price Trends:

    • The average price per square foot fell 5% year-over-year to $1,826. Condos saw a 7% drop, while co-op prices per square foot rose 9% due to an increase in luxury contracts.

    • Discounts deepened, with an average negotiability factor of -5.4%, and 83% of sales transacted below asking prices.

  4. Inventory:

    • Listed inventory rose slightly by 1%, with active condo listings up 4%, while co-op listings fell by 2%.

  5. Days on Market:

    • The average days on market rose by 4% year-over-year. Condo days on market fell by 12%, while co-ops saw a 16% increase in time on the market.

 
 
Manhattan Center
 

Average Price per Square Foot Declines While Discounts Remain Prevalent

Listed inventory in Manhattan rose a minimal 1% year-over-year. At the end of the month, active listings totaled 6,315 units, level with the ten-year average for August. Active condo listings rose 4% year-over-year while co-op listed inventory fell 2%. Average price per square foot, at $1,826, fell 5% year-over-year. Condos saw average price per square foot decline 7% year-over-year. Co-op average price per foot, on the other hand, rose 9% annually. The annual percentage gain in pricing for co-ops was a result of a greater number of luxury contracts over $2,500 per square foot compared to last year. Discounts off last ask, based on Corcoran contracts signed in August, averaged -5.4%, deepening by 2% versus last year. Condo discounts averaged 6.1% off last ask, while co-ops averaged 3.7% off last ask. 83% of contracts this month transacted below last asking prices versus 67% in August 2023.

 

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