Manhattan Condo Market Update: August 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 this August 2023. 

Manhattan Real Estate Prices

In Manhattan, the median sales price is currently $1.85 million up from $1.72 million last month. We are just under our peak price of $1.86 million last May. 

Manhattan Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. Currently, we’re at roughly 93.7%, down from 94% last month. The higher this percentage, the higher the sales price is relative to the asking price. This is a small change, but a negative one.

Manhattan Condo Days on Market

Next up, the number of days on market. We are at 105 days down from 121 days last month. This marks 4 consecutive months of decreases. The number of days on market tells how long on average it takes to go from listing to contract so good news here that we’re moving in the right direction. 

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 in Manhattan is 4,387 down from 4,407 last month. This decrease ended 5 straight months of increasing inventory meaning supply and demand have come into greater balance and this moves us from a negative to a neutral sign for prices going forward. 

Number of Price Reductions in Manhattan

Let’s take a look at how often sellers are reducing their prices in Manhattan. 12% of sellers reduced their asking price last month down from 13% the previous month. Price decreases are a leading indicator so this is another positive sign for prices going forward.

Manhattan Real Estate Market Summary

Overall August was a positive month for real estate in Manhattan. On the positive side, the median sales price is up, the number of days on market is down, the number of active condos for sale is down and the percentage of price reductions are down. On the negative side, the sales price to list price ratio is down. Based on all of this, I think we’ll see some more price increases in the coming months. 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.