Contract Activity Improves Annually While Days on Market Continues to Fall

In July 2024, sales significantly improved versus a year ago with just over 900 contracts in Manhattan, up 11% year-over-year. This was just the second time this year that contract activity increased by a double-digit annual percentage. Alongside the increase in signed contracts, average days on market fell 11% year-over-year, as a greater share of apartments found buyers in under 60 days than a year ago. Both product types saw growth in signed contracts compared to 2023: condo sales increased 24% and co-op sales rose 3%.

Marketwide reported sales rose year-over-year for all price points and submarkets. Notably, there was a 46% year-over-year increase in contracts asking between $3M and $5M, along with a 58% jump in Upper Manhattan sales. Days on market fell 13% for condos and 10% for co-ops compared to last July. This was the fifth consecutive month that days on market fell year-over-year.

 
 
Manhattan Center
 

Average Price per Square Foot Increases While Negotiability Continues to Favor Buyers

Listed inventory in Manhattan increased 3% year-over-year but fell a typical 15% versus last month. At the end of the month, active listings totaled 6,384 units, about 2% below the ten-year average for July. Active condo listings rose 7% year-over-year while co-op listed inventory fell 2% compared to a year ago. Average price per square foot, at $1,895, rose 8% year-over-year. Condos saw average price per square foot increase 4% year-over-year. Co-op average price per foot, on the other hand, increased a more significant 17% annually.

The annual percentage gains in pricing for condos and co-ops was a result of a great number of luxury contracts asking over $3,000 per square foot compared to a year ago. Discounts off last ask, which are based on Corcoran contracts signed in July, averaged -3.9%, deepening by 2% versus last year. This month, condos displayed deeper discounts than co-ops at 4.8% off last ask, while co-ops averaged 2.6% off last ask.