Sales and listing inventory in the Manhattan co-op and condo market continued to fall as prices increased. Median sales price rose year over year for the first time in five quarters to the second-highest fourth quarter on record. Listing inventory declined annually for the third consecutive quarter as sales continued to fall at a diminishing rate. Cash sales surged to exceed two-thirds of all sales to reach a record-high market share. While resales slipped year over year, sales at or above the $5 million threshold surged. Co-op sales increased annually for the first time in six quarters, while the condo median sales price edged higher year over year for the first time in five quarters. Luxury median sales price increased annually for the third time and remained significantly above pre-pandemic levels, as luxury listing inventory fell annually for the third consecutive quarter. New development listing inventory declined year over year for the fourth consecutive quarter, and their sales declined year over year for the sixth time as excess supply was sold off during the pandemic.
