In July 2024, sales in Manhattan significantly improved, with over 900 contracts signed, marking an 11% year-over-year increase, and the average days on market fell by 11% as more apartments sold in under 60 days.

Both condo and co-op sales grew compared to 2023, with condo sales up 24% and co-op sales rising 3%, while marketwide sales increased across all price points, including a notable 46% rise in contracts for properties priced between $3M and $5M.

Listed inventory in Manhattan increased 3% year-over-year but fell 15% compared to the previous month, with active listings totaling 6,384 units, slightly below the ten-year average for July.

The average price per square foot rose 8% year-over-year to $1,895, driven by a 17% increase for co-ops and a 4% increase for condos, while discounts off the last asking price deepened to an average of 3.9%, with condos experiencing larger discounts than co-ops.

While co-op activity increased year-over-year, condo sales fell 18%, leading to an overall decline of 5%, with sales slowing from June to July by a modest 2%, which was less severe than the typical double-digit declines of the past seven years.

The under $1M price segment saw the largest nominal annual decrease, down 13 sales due to limited inventory, while South Brooklyn had the largest annual increase with nearly 30 additional sales, and average days on market rose 21% as older listings, primarily co-ops, finally sold.

For the third consecutive month, inventory increased annually after nearly three years of year-over-year declines, with listings approaching the historical July average of around 1,800.

Both condos and co-ops saw a significant double-digit increase in listings compared to last year, while co-op prices per square foot dropped 16% to $622, contributing to a 2% overall decrease in price per square foot.

In July 2024, there were 56 sales over $5M, marking a 2% year-over-year increase and a 14% rise compared to the five-year pre-pandemic average for July.

This was the third month in 2024 with an annual increase in contracts over $5M, including a doubling of sales over $20M, while listed inventory over $5M remained steady at 955 units, with Midtown experiencing the largest annual supply increase at 51% due to a surge in resale listings on Billionaire’s Row.

Days on market declined 13% year-over-year to 214 days, marking the second-lowest July average in five years, with a 10% increase in the share of apartments entering contract within six months.

The average price per square foot rose 16% annually to $3,254, the first time it exceeded $3,000 since February, although excluding a resale at the Aman New York Residences for over $10,000 per square foot, the average was $2,987, reflecting a 7% annual increase.

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