Manhattan Q3 Market Report 2023

Prices in the Manhattan co-op and condo market are beginning to stabilize as listing inventory continues to fall. Sales declined annually, likely the last quarter of distortion caused by the spike in mortgage rates over the past year. Listing inventory declined annually for the second consecutive quarter as would-be sellers remained wedded to their existing low mortgage rates. The market share of bidding wars slipped to its second lowest level in ten quarters, and the market share of new development sales reached its highest level in over a year, well above the average for the decade. The market share of cash buyers slipped to the third highest on record from the prior-quarter high. Co-op median sales price rose year over year to a new record after falling annually in each of the prior three quarters. Condo's new development listing inventory declined year over year at a higher rate than resales. New development average sales size fell annually for the fourth consecutive quarter. The luxury median sales price rose year over year for the second straight quarter as luxury listing inventory declined year over year for the second time.