This Manhattan Market Report for Q1 2024 offers a comprehensive overview of the real estate trends in different segments, presenting various metrics for analysis.
Marketwide Metrics:
- The median sale price marketwide is $1,069,400 with a price per square foot of $1,302.
- Resale condos have a median sale price of $1,380,000 at $1,361 per square foot.
- Resale co-ops are at a lower median of $775,000 and $912 per square foot.
The line graph compares the median sale prices of Marketwide, Resale Condo, and Resale Co-op, showing a noticeable increase in Resale Condo prices compared to the more moderate increase in Resale Co-ops.
Year-over-Year (YoY) Changes:
- Across all metrics, there are changes compared to the previous year.
- Condos saw a decline in median sale prices, with studios dropping by 13.6%, 1 beds by 4.2%, 2 beds by 12.5%, and 3 beds by 16.0%.
- Co-ops exhibited mixed results, with studios remaining steady, 1 bed dropping slightly by 2.3%, 2 beds slightly up by 1.4%, and 3 beds significantly up by 17.4%.
Sales Performance:
- For condos, the percentage of sales vs. list price slightly increased for studios and 1 beds, but decreased for 2 and 3 beds. Days on the market increased across all condo categories, and absorption rates were also up, suggesting a slower market.
- For co-ops, the sales vs. list percentage also showed mixed results, and the days on the market either decreased for studios or increased for other categories. The absorption rate for all co-op categories increased, indicating a general slowdown in sales pace.
Closed Sales and Contracts Signed:
- There's a volatile trend in closed sales and Days on Market (DOM) with peaks and troughs over the quarters.
- Contracts signed have decreased YoY across all quarters shown, suggesting a slowdown in market activity.
Active Listings by Price:
- Active listings have decreased YoY across all price ranges, with the highest percentage drop in the $1M-$2M range at -6.8%.
Conclusions: The data indicates a market experiencing a decrease in median sales prices for condos, an increase in absorption rate across all housing types, and overall reduced activity in contracts signed. Resale co-ops are more resilient in median sale price, especially in the higher bedroom categories. The Manhattan real estate market appears to be cooling down, with longer days on the market and increased difficulty in selling at list prices, particularly in the higher-end segments.
