Manhattan Condo Market Update: April 2023

If you’re interested in knowing the latest on the Manhattan condo market, you’re in the right place! Here are 5 key points that will tell you everything you need to know about the Manhattan condo market in April 2023. 

Manhattan Real Estate Prices

Let’s start with prices. In Manhattan, the median sales price is currently $1.85 million, up from $1.77 million this time last year and way up from last month’s $1.527 million. Basically, prices peaked in the middle of last year and then dropped and have stagnated before this big increase.

Manhattan Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. This is an important metric because it tells us how close to asking prices sellers are getting. Currently, it’s roughly 93% same as last month and down from this time last year when it was above 95%. Like sales prices, this also peaked mid last year at 97%. 

Manhattan Condo Days on Market

Next up, the number of days on market which tells how long on average it takes to sell a condo in Manhattan. Right now, we’re at 136 days, which is up from last month’s 120 days and this time last year, which was 112 days. This is considered a balanced market. 

Number of Condos For Sale in Manhattan

Let’s look at how many condos are for sale now and how it’s trending. The number of active condos for sale is 3,854 just about the same as the 3,745 last month and slightly lower than last year’s average. The 10 year average this time of year is similar so we are in line with recent historic averages.

Number of Price Reductions in Manhattan

Let’s take a look at how often sellers are reducing their prices in Manhattan. Currently, 7% of sellers reduced their asking prices last month which is less than 11% the previous month and right in line with 7% this time last year. Happy to see this number come down. Price decreases are considered a leading indicator and give you an idea of what’s going to happen in the future. This tells us that we’re stable right now.

Manhattan Real Estate Market Summary

Overall April was a positive month for real estate in Manhattan. On the positive side, the median sales price is up and the number of price reductions are down. On the negative side, the number of days on market is up, meanwhile the sales price to list price ratio and the number of active homes for sale are flat. If you’re interested in buying or selling real estate in Manhattan, we can help! Call me directly at 212-804-7881 or email me at justin@braithrealty.com.