Manhattan Condo Market Update: July 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 July 2023. 

Manhattan Real Estate Prices

Let’s start with prices. In Manhattan, the median sales price is currently $1.65 million, down from $1.73 million last month. Although we’re up from February’s low of $1.53 million, this marks three consecutive months of price decreases.

Manhattan Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio in Manhattan. Right now we’re at roughly 94%, up from just over 93% last month. The higher this percentage, the higher the sales price is relative to the asking price. This is a positive sign for prices going forward. 

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. We are at 126 days slightly up from 124 days last month. Not much of a change here and this is considered a balanced market for buyers and sellers. 

Number of Condos For Sale in Manhattan

There are currently 4,504 active condos for sale, up from 4,184 last month. This is the fifth straight month of increasing inventory meaning that supply is exceeding demand, a negative 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. 13% of sellers reduced their asking prices last month up from 11% the previous month. Price decreases are a leading indicator so this is another negative sign for prices going forward.

Manhattan Real Estate Market Summary

Overall July was a negative month for real estate in Manhattan. The median sales price is down and the number of days on market, the number of condos for sale and the number of price reductions are all up. The only positive is that the sales price to list price ratio is up. 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.