Manhattan Condo Market Update: June 2023

Manhattan Real Estate Prices

Let’s start with prices. In Manhattan, the median sales price is currently $1.68 million, down from $1.73 million last month and $1.8 million the month before. Although we’re up from February’s low of $1.53 million, this marks two 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. The higher this percentage, the higher the sales price is relative to the asking price. Right now it’s roughly 93.1%, down from 93.4% last month. Small change, but moving in the wrong direction. 

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 123 days flat from 123 days last month. This is considered a balanced market. 

Number of Condos For Sale in Manhattan

There are currently 4,233 active condos for sale in Manhattan up from 4,094 last month. This is typical of the average over the past 10 years. 

Number of Price Reductions in Manhattan

Let’s take a look at how often sellers are reducing their prices in Manhattan. 11% of sellers reduced their asking prices last month unchanged from 11% last month and in line with last year’s average of 11%. Price decreases are considered a leading indicator so this is a neutral sign for the market going forward.

Manhattan Real Estate Market Summary

Overall June was a negative month for real estate in Manhattan. The median condo price and the sales price to list price ratio are down, the number of active condos for sale is up and the number of price reductions and the number of days on market are unchanged. 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.