Manhattan Monthly Sales Report: November 2023

Contract Activity Declines Compared to a Year Ago while Days on Market Rises

In November 2023, 719 contracts were signed, down 10% year-over-year and 14% versus last month. Notably, this was the lowest number of contracts signed in Manhattan for any November since 2008. High interest rates, world events, and a steeper year-over-year decline during Thanksgiving were the key contributors to the annual drop in sales. Year-over-year changes in contract activity varied by price point and submarket. Residences asking $2M to $3M and over $5M as well as those on the Upper West Side and in the Financial District & BPC increased versus a year ago. All other prices points and submarkets experienced year-over-year drops in contract activity, however.

Active Listings and Price Per Square Foot Decline Versus 2022 as Negotiability Deepens

At the end of November, active listings totaled 6,475 units, a 5% annual decline and a 1% drop versus October. This was the lowest number of active listings of any November since 2017, as very few sellers listed their properties. Pricing continued to moderate in November in response to tighter budgets and reduced demand. Average price per square foot, at $1,792, was 7% lower than a year ago. The marketwide year-over-year decline was driven by an 8% drop in condo price per square foot, as co-op contracts saw a 20% increase thanks to a number of luxury penthouse sales near Central Park over $5M. Pricing continued to moderate in November in response to tighter budgets and reduced demand. Average price per square foot, at $1,792, was 7% lower than a year ago. The marketwide year-over-year decline was driven by an 8% drop in condo price per square foot, as co-op contracts saw a 20% increase thanks to a number of luxury penthouse sales near Central Park over $5M.