Manhattan Condo Market Update: March 2023

Would you like to know the latest about the Manhattan condo market? If the answer is yes, keep reading because I’m going to give you 5 key points that will tell you everything you need to know about the Manhattan condo market in March 2023.

Manhattan Real Estate Prices

Let’s start with prices. In Manhattan, the median sales price is currently $1.646 million, down ever so slightly from $1.654 million last month and down from $1.8 million this time last year. Basically, prices peaked last June and dropped in the 3rd quarter before stabilizing in the 4th quarter. 

Manhattan Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. This is a great metric because it tells us how close to asking prices sellers are getting. Right now it’s 94.4% down slightly from previous months but still higher than the last 5-year average which was 92.7%. 

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 110 days, which is up from last month but not so far off from this time last year. Less than 120 days is considered a sellers market so we’re still there, but bumping up against the limit. 

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 3,745, just about the same as the 3,710 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

Finally, let’s take a look at how often sellers are reducing their prices in Manhattan. 10% of sellers reduced their asking prices last month which is less than 5% the previous month but this increase is seasonal and over the past 5 years we’re typically around 10% this time of year. 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

That’s the latest on the Manhattan condo market. To summarize, prices are down, the sales price to list price ratio is down, the number of days on the market has increased, the number of active condos for sale is steady and the number of sales reductions increased. 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.