In Manhattan, 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 compared to the year-ago quarter and slightly less than the five-year quarterly average. With lower sales, the pace of the market has been at its slowest rate in two years. Co-op listing inventory declined annually, 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. Luxury listing inventory expanded annually for the third consecutive quarter. 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.
