Sharp Monthly Increase in Activity Leads to Most Sales since June
Over 930 contracts were signed in February, a 29% drop compared to 2022’s record-setting February, but still the most active month since last June. Contract activity increased 40% versus January, the sharpest month-over-month increase since late 2020.
Units priced between $1M to $2M saw the smallest annual decline in sales and jumped 54% versus January. Sales over $5M were down 25% annually but were up 40% month-over-month to hit a 10-month high.
All submarkets reached at least a six-month high in deal activity, with Midtown seeing its highest number of sales since last May. Marketing time for both condos and co-ops was up by about 20% annually but fell for the first time in three months to an average of 152 days.
Inventory Inches Up, and Negotiability Remains High
With more than 6,200 active listings, Manhattan inventory was up 7% year-over-year but remained below the five-year February average of 6,800 listings. February was the fifth consecutive month to see an annual increase in overall inventory. Condo inventory grew 10% annually, while co-op inventory was up 5% year-overyear.
Overall average price per square foot was flat compared to last year, though the condo average slipped 7% annually. Discounts were commonplace, with about two-thirds of deals trading below their asking price.
The negotiability rate has nearly doubled year-over-year and is essentially level to what it was in late 2020. While condo negotiability remained near five-year highs, discounts on co-op units have trended closer to sticker prices in recent months.
