Manhattan Condo Market Update: February 2023

Would you like to know the latest about 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 February 2023. 

Manhattan Real Estate Prices

In Manhattan, the median sales price is currently $1.6 million, up from $1.5 million last month but the same as this time last year. By the way, prices peaked in May of last year at $1.8 million and after dropping as low as $1.5 million later in the year, they stabilized and even increased this past month. 

Manhattan Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio in Manhattan. Right now it’s 96% down slightly from last month when we were just below 97% and down from this time last year when we were just above 97%. Although this is a negative trend, it’s important to note that we are still well above the 10 year average of 95.5%

Manhattan Condo Days on Market

Currently, the number of days on market for Manhattan condos is 93 days, which is up slightly from last month’s 90 days, and higher than this time last year, which was 79 days. The 10 year average is also 93 days so we are right in line with recent historic averages and less than 120 days is considered a sellers market and we are within that.

Number of Condos For Sale in Manhattan

Now let’s look at how many condos are for sale now and how it’s trending. The number of active condos for sale is 3,710, down from 4,059 last month and slightly higher than this time last year when there were 3,536 condos for sale. The 10 year average this time of year is more similar to last year at 3,758  so we are in line with recent historic averages and trending down from last month. 

Number of Price Reductions in Manhattan

Let’s take a look at how often sellers are reducing their prices in Manhattan. 5% of sellers reduced their asking prices last month same as the 5% that did so this time last year.  We are down from 10% last month but this decrease is seasonal.  Again we’re right in line with the historic average this time of year of 5%. 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 holding steady as we start 2023 especially when considering the inventory numbers we just spoke about.

Manhattan Real Estate Market Summary

There you have it. That’s the latest on the Manhattan condo market. In summary, prices have increased, the sales price to list price ratio is slightly down, the number of days on market has increased, the number of active homes for sale has decreased, and the percentage of sellers reducing their prices is down. 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.