Manhattan Condo Market Update: May 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 May 2023. 

Manhattan Real Estate Prices

Let’s start with prices. In Manhattan, the median sales price is currently $1.7 million, down from $1.79 million this time last year. Although down year over year, we are up from February’s low of $1.526 million.

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 93.25% up from 93% last month. Not a huge change, but moving in the right 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 right now. We are at 122 days down from 139 days last month. This is more good news and considered a balanced market.

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 4,147 up from 3,854 meaning more people are listing their condos for sale. This combined with the decrease in days on market, means more options for buyers and quicker sales for sellers. 

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 which is right 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 May was a positive month for real estate in Manhattan. On the positive side, the median sales price and the sales price to list price ratio are both up and the number of days on market is down. On the negative side, the number of homes for sale is increasing. 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.