Manhattan Condo Market Update: October 2023

If you’re interested in knowing the latest about the Manhattan condo market, this post is for you. 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, the number of homes for sale and the percentage of price reductions. So let’s get started. 

Manhattan Condo Prices

Let’s start with prices. In Manhattan, the median sales price is currently $1.62 million down from $1.76 million last month. This is the first month over month decrease after 4 months of increases. Our recent peak was $1.86M in May of 2022 and our recent low was $1.495M earlier this year in February. 

Manhattan Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. Currently, we are at 93.4% down from 94.4% last month. The higher this percentage, the higher the sales price is compared to the asking price. Our recent high was 97% last June and our low was 93% in March.

Manhattan Condo Days on Market

Next up, the number of days on market. which tells us how long on average it takes to go from listing to contract. Right now, we are 129 days up from 117 days last month. Our recent high was 139 days in March and our recent low was 83 days last July. Around 120 days is considered a balanced market. 

Number of Condos For Sale in Manhattan

Let’s look at how many condos are for sale now and how it’s trending. There are currently 3,846 condos for sale, down from 4,104 last month. This is the 4th consecutive month of decreasing inventory after five consecutive months of increasing inventory to start the year. 

Number of Price Reductions in Manhattan

Let’s take a look at how often sellers are reducing their prices in Manhattan. 8% of sellers reduced their asking prices last month down from 11% the previous month. Our low was 5% last December and our high was 14% in May. Price decreases are a leading indicator so this is a positive sign for prices going forward.

Manhattan Real Estate Market Summary

Overall October was a neutral month for real estate in Manhattan. On the positive side, the number of condos for sale and price reductions are both down. On the negative side, the median sales price is down, the sales price to list price ratio is down and the number of days on market is up. Based on inventory continuing to decrease and the number of price reductions decreasing, I believe we’re headed for price increases in the coming months. Hope you enjoyed this update and found it informative. 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.