Manhattan Condo Market Update: November 2023

After falling last month condo prices are down again this month in Manhattan. In this update, I’ll be sharing how the local market is performing and where it’s headed. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market and the number of homes for sale. So let’s get started. 

Manhattan Real Estate Prices

Let’s start with prices. Negative news here. In Manhattan, the median sales price of a condo is down to $1,500,000 from $1,620,000 last month. We are 25% off from last year’s peak in May. 

Manhattan Sales Price to List Price Ratio

Next, how much are sellers discounting asking prices? More negative news here. The sales price to list price ratio is worse this month at just under 93% from 93.4% last month. We’re under last year’s average of just above 95%.

Manhattan Condo Days on Market

Next, if you list a property, how long does it take to go into contract? The answer is 112 days. An improvement over 129 days last month. Does that make it a sellers or buyers market? 112 days is more of a balanced market. 

Number of Condos For Sale in Manhattan

Finally, how many condos are for sale in Manhattan? 4,175 condos are currently on the market up from 3,846. So Inventory is increasing which can be a negative sign for prices in the months ahead. One important note – the number of homes for sale now is typical over the past 5 years.

Manhattan Real Estate Market Summary

Overall November was a negative month for real estate in Manhattan. On the positive side, the number of days on market is down. On the negative side, the median sales price is down, the sales price to list price ratio is down and the number of homes for sale is up. The market is continuing to weaken likely due to mortgage rates increasing a half a point over the past 30 days. 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.