MANHATTAN & BROOKLYN | Feb 2025

Demand.

The Manhattan and Brooklyn real estate markets started 2025 with strong momentum. Contract activity surged, luxury sales climbed, and days on market declined, signaling heightened buyer demand. While Manhattan inventory hit a nine-year low, Brooklyn saw a rise in listings. With shifting trends and competitive pricing, now is the time to stay informed—read on!

Be sure to keep an eye out for the next newsletter, including weekly scoops.

THE MONTHLY REPORT: JAN
MANHATTAN | CONDOS & CO-OPS

• Contract Activity Growth: January 2025 saw 804 contracts signed in Manhattan, a 2% increase year-over-year, marking the fifth consecutive month of growth, particularly in the $3M-$5M range.

• Faster Sales: The average days on market dropped 12% to 150 days, with condos seeing an 8% reduction and co-ops a 15% reduction from January 2024.

• Price Trends: The average price per square foot increased 2% to $1,865, driven by a surge in contracts for units priced between $2,500 and $3,500 per square foot.

• Inventory and Discounts: Active listings hit a nine-year January low, down 4% year-over-year, while 80% of contracts were signed below the last asking price, averaging a 4.5% discount.

THE MONTHLY REPORT: JAN
BROOKLYN | CONDOS & CO-OPS

• Strong Sales Growth: Contract activity rose 34% year-over-year, with notable increases in South Brooklyn (+69%) and Kensington/Windsor Terrace (+143%).

• Inventory Expansion: Active listings grew 14% annually, marking the ninth consecutive month of inventory growth, yet still the second-lowest January figure in eight years.

• Declining Days on Market: Average days on market fell 17% year-over-year, primarily driven by faster condo sales, while co-op marketing times remained unchanged.

• Stable Pricing and Minimal Negotiability: The average price per square foot increased 1%, with limited price reductions and some properties selling for more than 10% above the asking price.

THE MONTHLY REPORT: JAN
MANHATTAN | $5M+ CONDOS & CO-OPS

• Luxury Market Growth: Contracts over $5M rose 5% year-over-year, while sales over $10M surged 85%. Luxury contracts have increased for seven consecutive months.

• Declining Inventory: Listings over $5M fell 11% annually, with resale co-ops experiencing the steepest drop at 15%.

• Days on Market: The average time on market decreased 4% to 245 days, primarily due to faster resale condo transactions.

• Price Trends: The average price per square foot dropped 2% year-over-year and 15% from December, influenced by fewer high-value sales on Billionaire’s Row.

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Lunar New Year Celebration
On February 16th, ring in the Lunar New Year at Chinatown's vibrant Lunar New Year Parade & Festival! Experience colorful floats, traditional lion dances, and cultural performances as the community celebrates the Year of the Snake. It's a lively celebration you won't want to miss!
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The Rhythms & Movements of African American Culture Festival
Celebrate the 55th anniversary of Black History Month through the Rhythms & Movements of African American Culture Festival! Experience the vibrant energy through 14 live performances of music, dance, and cultural exhibits that showcase the creativity and resilience of African American traditions. Purchase tickets at the link below.
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Off-Broadway Week
New York City's theater scene is so much more than just Broadway. In over fifty venues, mostly downtown, Off-Broadway shows are producing groundbreaking works, and now is your chance to grab 2-for-1 tickets. Check out the link below for the full lineup and to reserve seats starting on February 4th.
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Looking for the perfect way to escape the February chill? Check out our list of NYC's must-visit museum exhibits this month! From iconic art collections to thought-provoking exhibits, there's something for everyone to enjoy.

• New York Transit Museum: The Subway Is...

• American Museum of Natural History: The Secret World of Elephants

• Brooklyn Museum: Brooklyn Abstraction: Four Artists, Four Walls

• Center for Jewish History: Anne Frank: The Exhibition

• The MET: Caspar David Friedrich: The Soul of Nature

• Poster House: Just Frame It