Five-Year High Contract Volume: The overall Manhattan market saw 806 signed contracts, a 6% increase year-over-year, marking the strongest September for contract activity since 2021.

Co-op Market Strength: Cooperative sales are outperforming, with contracts jumping 11% year-over-year and average Days on Market dropping sharply by 19%, signaling increased velocity in the co-op segment.

Broad-Based Demand: Market strength is evident across most tiers, as all price segments under $5 million posted annual contract increases, including 12% growth in both the $1M–$2M and $3M–$5M ranges.

Tighter Negotiability: Buyer leverage has been reduced, with the average discount off the last asking price tightening to a marginal -2.6%, and the percentage of sales closing below the last asking price decreasing from the previous year.

Historically Low Inventory: Although total active listings saw a modest 1% annual increase (the first in a year), inventory remains constrained, sitting 8% below the 10-year September average.

Significant Price Appreciation: The average Price Per Square Foot (PPSF) in Brooklyn soared 21% year-over-year to $1,256, achieving the second-highest average recorded in at least the last eight years.

Extreme Competition for Supply: The market is intensely competitive due to limited supply, driving average negotiability to 1.5% above the last asking price; this marks a substantial reversal from previous periods and a strong indicator of tight inventory.

Explosive High-End Growth: The $1.5M–$3M price categories demonstrated exceptional annual performance, with contract volume surging between 85% and 86%, largely fueled by new development sales.

Accelerated Sales Cycle: Amid tightening supply (listings are down 6% YoY), properties are selling much faster, with the average Days on Market dropping to just 87 days, indicating high velocity for available units.

Overall Sales Decline: Despite price and velocity gains in specific segments, total sales volume declined for the fifth consecutive month, down 4% year-over-year, resulting in the second-slowest September for contracts in at least eight years.

Shift to Resale Dominance: The annual 12% decline in contracts signed was entirely driven by a massive 52% drop in new development contracts, while the resale condo segment saw a counter-trend surge, jumping 93% year-over-year.

Decade-Low Inventory: Active listings in the ultra-luxury segment fell 17% year-over-year to 786 units, representing a near decade low in supply. This marks a full year of double-digit annual listing declines, signaling persistent supply-side constraints.

Accelerated Sales Velocity: The average Days on Market (DOM) dropped substantially by 27% year-over-year to 165 days, reflecting faster sales activity despite the overall dip in contract volume.

Strong Price Realization: Although the overall average asking price per square foot was down 7% year-over-year, the six-month moving average for actual closing prices has consistently increased for seven consecutive months, indicating robust price realization for closed deals.

Contract Volume Resilience: Despite the annual decrease, the 57 contracts signed in September exceeded the 10-year September average by 16%, showing sustained long-term demand for high-value properties.