Manhattan Q1 Market Report 2024

Cash sales in Manhattan continued to rise, but not enough to keep the overall market rising. Overall price trend indicators slid year over year, on par with pre-pandemic levels. Listing inventory edged lower year over year for the fourth consecutive quarter due to the lock-in effect. Overall sales fell below two thousand for the first time in three years, yet the share of cash sales was the third-highest on record. First-time buyers account for slightly more than one out of four sales, the lowest tracked in a decade. All co-op price trend indicators increased year over year with a near-record market share for cash sales. All condo price trend indicators slipped year over year, pulling down the overall results, but with the third-highest cash market share on record. All new development price trend indicators increased year over year as its market share of overall sales rose. Four out of ten resales that closed in the quarter saw price cuts, more than the previous year. Luxury median sales price, representing the top ten percent of all sales, rose year over year for the fourth consecutive quarter as luxury listing inventory increased for the first time in nearly a year.