MANHATTAN SALES MARKET HIGHLIGHTS

https://www.elliman.com/resources/siteresources/commonresources/static%20pages/images/corporate-resources/q1_2023/manhattan-q1_2023.pdf

Co-ops & Condos

“The market continues to transition out of the pandemic-era boom a year ago with lower sales and modest inventory growth as mortgage rates are more than double last year's.”

- Median sales price slipped year over year for the second time since the pandemic era began but remained slightly above pre-pandemic levels

- Listing inventory was nearly flat as compared to the year-ago quarter and slightly less than the five-year quarterly average

- With lower sales coming out of the pandemic boom, the pace of the market has been at its slowest rate in two years

- Co-op listing inventory declined annually and was slightly less than the five-year quarterly average

- Condo listing inventory edged higher for the fourth consecutive quarter to a level consistent with the five-year average

- The market share of luxury bidding wars rose to a new record as price trend indicators showed mixed annual trends

- Listing inventory expanded annually for the third consecutive quarter

- While the luxury median sales price declined annually, the luxury condo median sales price rose as the luxury co-op median sales price declined.

- New development sales as a percentage of all sales had the smallest market share in four years

- The average new development sales square footage was the smallest since 2008