Manhattan homes for sale market conditions

Not unexpectedly, most overall price indicators weakened slightly this quarter as uncertainty over the economy and the concern over effects of the war dampened enthusiasm. Historically low mortgage rates and volatile equity markets still continue to influence most transactions.
Fewer Manhattan apartments were sold due to concern about the war and the economy
The number of sales dropped 8.4% to 1,858 over the prior quarter, likely reflective of the uncertainty associated with the war and the weak economy. Additionally, the number of sales declined across all size categories. The 1-bedroom segment showed the least decline falling 4.1% to 685 units. Anecdotally, however, sales activity seems to be improving in the early weeks of the second quarter.
Listing inventory for Manhattan homes for sale may be leveling off
Listing inventory rose 6.2% over the prior quarter to 6,346 apartments, the highest level since we began recording it in 2000. Monthly levels have fluctuated for the past 5 months, however, possibly indicating a peak. Listing inventory tends to rise during this quarter as properties begin to enter the market for the second quarter, historically the most active period of the year.
Average Sales Price $779,112 -3.7% $808,657 -1.2% $788,256
Average Price per Sq Ft $655 -2.0% $669 10.6% $592
Median Sales Price $515,000 -1.9% $525,000 3.0% $500,000
Number of Sales 1,858 -8.4% 2,028 -11.4% 2,098
Average Days On Market 147 -2.6% 151 22.5% 120
Average Discount from List Price 4.0% 4.5% 4.9%
Listing Inventory 6,346 6.2% 5,977 61.1% 3,940 count from list price and average days on market showed modest improvement over the prior quarter. The listing discount averaged 4%, down from 4.5% in the prior quarter and days on market contracted 4 days to 147 for the quarter. The average days on market is defined as the number of days between the last list price change, if any, and the contract date.
Smaller apartments show gain in price and market share
Sales under $1,000,000 now accounted for 80% of the number of transactions and represented 50% of the total dollar volume. In the prior year quarter, 73% of the transactions were under a $1,000,000 and accounted for 45% of the total dollar volume. Overall prices showed modest declines over the prior quarter, yet smaller apartments showed gains. The overall average sales price declined 3.7% from $808,657 in the prior quarter to $779,112. Both average price per square foot and median sales price saw a similar decline. However, much of the decline was attributable to the 2-bedroom market, which is the largest size category. This category dropped 6.8% from $1,045,648 to an average sales price of $974,245. It is interesting to note that prices actually increased in the studio and 1-bedroom categories indicating continued strength in the entry-level market. Average Manhattan studio prices increased 10.4% to $282,431 and 1-bedrooms increased 2% to $462, 917.
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Manhattan homes for sale market conditions