The Manhattan co-op and condo market is nearing the end of price distortions experienced with comparisons to the pandemic-era sales boom. Median sales price slipped year over year for the third time to the third-highest on record. Listing inventory slipped year over year as the number of sales remained well below the year-ago boom. The market share of cash buyers soared to a record two-thirds of all closings because of fewer purchase mortgage transactions. Co-op median sales price slipped annually for the third straight quarter and was on par with the same quarter in 2019. Condo new development average sales size fell, pulling condo average and median prices lower, whereas condo resale prices increased as the average size expanded. New development average price per square foot edged higher year over year for the fourth consecutive quarter as new development listing inventory declined annually for the second consecutive quarter. Luxury median sales price expanded annually for the fifth time in six quarters and luxury listing inventory declined year over year for the first time in four quarters. The market share of luxury bidding wars was the third-highest on record.
