www.cbwarburg.com May 2024 Manhattan Market Trend Report
Overview
In May, the total number of monthly contracts in Manhattan increased 7.38% from April.
Over $2 2B in sales were reported across condos, co-ops, and townhouses
380 condo contracts were signed, totaling $1.3B in sales, a decrease of 2 31% from April
At an average of $1,882 - condo buildings commanded the highest price per-square-foot Townhouses saw the greatest average price per-square-foot increase from $1,424 to $1,812, representing a 27.26% increase.
AboutThe Coldwell Banker Warburg monthly trend report offers unique insights into sales performance and pricing trends in the Manhattan residential market by segmenting sales through the type of property, the number of units in a building, and the age of the building.
2
Co-ops saw an increase of 15.42% month-over-month for contracts signed and had a sales volume of 851M representing a 31 66% increase from April Condos saw a slight decrease in the number of contracts signed. However, the average price per-square-foot hit $1,882 representing a 4 09% increase from April
Condos -2.31% Month-over-month 4 09% Month-over-month Contracts 380 Price / SF $1,882 Dollar Volume $1.26B 9 83% Month-over-month 15 42% Month-over-month 16 11% Month-over-month Co-ops Contracts 554 Price / SF $1,207 Dollar Volume $851M 31 66% Month-over-month Same as last month 27 26% Month-over-month Townhouses Contracts 12 Price / SF $1,812 Dollar Volume $127M 27 76% Month-over-month
3 Building Type ANALYSIS BY
Building Size
Towers | 201+ Units
Midsize condos saw the greatest change in total dollar volume from April to May, with an increase to $622M, representing a 29 54% percentage change They also saw a 11.08% increase in average price per-squarefoot from $1,633 to $1,814 Boutiques saw an increase in the number of contracts from 398 to 431 representing a 8 29% increase
Midsize | 101 - 200 Units
Boutiques | 10 - 100 Units
ANALYSIS BY 5.99% Month-over-month -4.23% Month-over-month
Contracts 230 Price / SF $1,446 Dollar Volume $369M -6.86% Month-over-month 9 13% Month-over-month 11 08% Month-over-month
Contracts 263 Price / SF $1,814 Dollar Volume $622M 29 54% Month-over-month 8.29% Month-over-month 4.26% Month-over-month
Contracts 431 Price / SF $1,686 Dollar Volume
25.68%Month-over-month 4
1.07B
Building Size
Contracts Signed
In May, all building sizes saw an increase monthover-month in the number of contracts signed
The highest was midsize at 9 13%, followed by boutiques at 8.29% and towers at 5.99%.
0 200 400 600 800 1000 1200 1400 May, 2022Jul,2022Sep,2022Nov,2022Jan,2023Mar,2023May,2023Jul,2023Sep,2023Nov,2023Jan,2024Mar,2024May,2024
Towers (201+ Units) Midsize (101 - 200 Units) Boutiques (10 - 100 Units) 5
ANALYSIS BY
Building Size
At $1,814, midsize buildings saw a 11.08% increase in average price per-square-foot, while boutiques saw an increased of 4 26% Towers again, saw a decrease month-over month from $1,510 to $1,446 for a percentage change of -4 23%
Price Trend
$2,000
$1,500
$1,000
Towers (201+ Units)
Midsize (101 - 200 Units)
Boutiques (31 - 100 Units)
$0,500
$0,000
May, 2022
Jul,2022Sep,2022Nov,2022Jan,2023Mar,2023May,2023Jul,2023Sep,2023Nov,2023Jan,2024Mar,2024May,2024
ANALYSIS BY 6
New | After 2018 3.19%% Month-over-month Contracts 97 6.98% Month-over-month Price / SF $2,529 Dollar Volume $522M 22.15% Month-over-month Recent | 2000 - 2018 -18 12% Month-over-month Contracts 113 6 15% Month-over-month Price / SF $1,776 Dollar Volume $379M 21 51% Month-over-month Post-War | 1946 - 1999 8.92% Month-over-month Contracts 342 -0.40% Month-over-month Price / SF $1,243 Dollar Volume $435M -0.97% Month-over-month Pre-War | Before 1946 15 04% Month-over-month Contracts 390 1 47% Month-over-month Price / SF $1,445 Dollar Volume $781M 21 98% Month-over-month
ANALYSIS BY New, post-war and pre-war buildings all saw an increase in total contracts signed, whereas recent buildings saw a decrease of 18.12%. However, except for post-war, total dollar volume increased close to 22% in each category of new, recent and pre-war buildings. 7
Building Age
Pre-War saw the largest jump in total contracts signed with an increase of 15.04% from April to May. Recent buildings saw a decrease from 138 contracts signed in April to 113 in May, representing 18.12%.
Contracts Signed
0 200 400 600 800 1000 1200 1400 May, 2022Jul,2022Sep,2022Nov,2022Jan,2023Mar,2023May,2023Jul,2023Sep,2023Nov,2023Jan,2024Mar,2024May,2024 New (After 2018) Recent (2000 - 2018) Post-War (1946 - 1999) Pre-War (Before 1946)
ANALYSIS BY 8
Building Age
Building Age
Once again, new construction had the highest average price per-square-foot in Manhattan at $2,529, representing an increase of 6 98% Recent buildings also had an increase in average price per-square-foot of 6 15% from April to May.
Price Trend
$3,000
New (After 2018)
Recent (2000 - 2018)
Post-War (1946 - 1999)
Pre-War (Before 1946)
$2,500
$2,000
$1,500
$1,000
$0,500
$0,000
May, 2022Jul,2022Sep,2022Nov,2022Jan,2023Mar,2023May,2023Jul,2023Sep,2023Nov,2023Jan,2024Mar,2024May,2024
ANALYSIS BY 9
Data by PRESS INQUIRIES pr@cbwarburg.com www.cbwarburg.com The content of this report is based on contracts reported through listings and may not represent all contracts signed The date of the contract is determined by the date a listing status changed from active to contract Prices are based on the last asking price before a listing was put into contract
property information herein is derived from various sources that may include, but not be limited to, county records and the Residential Listing Service, and it may include approximations
believed to
accurate,
personal
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