Manhattan Condo Market Update: September 2023

If you’re interested in the Manhattan condo market, here are the 5 most important metrics you need to know about that will tell you about the current state of the market. 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. We’ll review the trends and I’ll tell you where I think prices will go in the future based on the latest data. Let’s get into it. 

Manhattan Real Estate Prices

Let’s start with prices. In Manhattan, the median sales price is currently $1.75 million up from $1.71 million last month. This marks 4 months of price increases and we are almost back up to last year’s peak price of $1.86M in May and significantly up from our low of 1.495M in February.

Manhattan Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio in Manhattan. Currently, we’re at roughly 94.4% up from 93.7% last month. The higher this percentage, the higher the sales price is compared to the asking price. More positive news here.

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. We are at 117 days up from 115 days last month. We’ve been steady in the 110s and 120s for the last several months. Our recent high was 139 in March and our recent low was 83 last July. The number of days on market tells how long on average it takes to go from listing to contract and around 120 days is 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 4,104 down from 4,299 last month. Generally inventory had been trending higher this year from a low of 3,438 in January and has stabilized with a modest decrease over the past 3 months meaning supply and demand have come into greater balance.

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 down from 13% the previous month. Price decreases are a leading indicator so this is another positive sign for prices going forward. 

Manhattan Real Estate Market Summary

Overall, September was a positive month for the Manhattan condo market. On the positive side, the median sales price is up, the number of active condos for sale is down, the sales price to list price ratio is up and the percentage of price reductions are down. On the negative side, the number of days on market is up. Based on all of this, I believe we’re headed for more price increases in the coming months. 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.