Contract activity in Manhattan declined year-over-year for the first time since November 2023.
Just under 1,100 contracts were signed for the month in Manhattan, down 11% versus last year but up 14% versus February (although this was the smallest increase between any February and March since 2020). In addition, this was the lowest number of sales for any March since 2020 but was higher versus March 2019. Average days on market fell by 2% year-over-year but dropped 11% versus February.
Condo sales were down 13% year-over-year, and co-op sales experienced a 9% annual drop.
By price, contracts signed under $1M fell just 2% annually, while activity across all other price ranges fell by double-digits versus 2023.
By location, five out of six submarkets displayed year-over-year declines in contracts. Upper Manhattan was the only submarket to display an annual increase, up 14%.
Days on market fell 4% year-over-year for condos while co-ops fell a lesser 1% compared to a year ago.
At the end of March, active listings totaled 6,264 units — up 4% versus February and 2% annually.
Listed inventory was 6% below the historical five-year March average.
Although this was the first time since March 2023 that listed inventory rose year-over-year, the increase was a result of fewer signed contracts rather than an uptick in new listings.
For condos and co-ops both, the average price per square foot figures were lower (albeit minimally) compared to a year ago.
Average price per square foot, at $1,743, fell 4% year-over-year.
Discounts off last ask, which are based on Corcoran contracts signed in March, averaged -6.1%, deepening by 3% year-over-year. Condos displayed deeper discounts than co-ops, at 7.9% off last ask, while co-ops averaged 3.3% off last ask.
Condo negotiability this month was skewed lower by deep discounts at a limited number of new developments. Overall negotiability versus last ask was the deepest monthly average since December 2022.