With the surge in mortgage rates, Manhattan co-op and condo sales slowed, and listing inventory declined. Listing inventory fell annually for the second time in a decade, and sales fell to their second-lowest level in seventeen years. Price trend indicators showed mixed year over year results, with median sales prices rising to the second highest on record. Sales declined annually at a similar rate across all apartment sizes. Months of supply, the market pace was on par with 2019 levels.
The Manhattan townhouse market ended the year with record prices, elevated sales, and inventory listed below pre-pandemic levels. Median and average sales prices rose to new highs in twenty-seven years of tracking. Listing inventory fell year over year for the first time in three years, while soles fell annually for the sixth time in seven years. Luxury listings fell year over year for the second straight year. Single family sales slipped year over year for the second time as price trend indicators fell. Two family price trend indicators surged year over year as sales declined for the second time. Three-five family price trend indicators surged year over year as soles declined for the first time in three years. The average sales sizes of two and three to five-family houses were the largest on record. The market share of townhouse sales as compared to total residential apartment sales remained just above two percent.
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