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MARCH Manhattan Market Trend Report
Overview
Total monthly contracts in Manhattan rose 11.5%, to 901 in March from 808 in February
Nearly $2.06B of sales were reported across condos, co-ops, and townhouses
Boutiques (31-100 units) reported the most contracts: 284, for more than $618 3M in sales
At $1,569, midsize (101-200 units) buildings commanded the highest price per square foot.
Recent (2000-2018) builds enjoyed the greatest growth in contracts month-over-month, followed by prewar (before 1946) buildings
About
The Coldwell Banker Warburg monthly trend report offers unique insights into sales performance and pricing trends in the Manhattan residential market by segmenting sales by the type of property, the number of units in a building, and the age of the building.
2
Condos, co-ops, and townhouses all saw an increase in contracts from February to March All three also experienced a decline in average price per square foot, with townhouses experiencing a decrease in dollar volume as well. Dollar volume for condos rose 5%, however, to nearly $1 18B, while dollar volume for co-ops increased 9%, to nearly $753 8M
Dollar Volume
$127M -19 96% Month-over-month
Condos +10.51% Month-over-month -3.76% Month-over-month Contracts 368 Price / SF $1,810 Dollar Volume $1.18B +5.05% Month-over-month +11 74% Month-over-month -4 20% Month-over-month Co-ops Contracts 514 Price / SF $1,120
$753M +9 34% Mon
mon
+26 67% Month-over-month -22 26% Month-over-month Townhouses
P
Dollar Volume
th-over-
th
Contracts 19
rice / SF $1,299
3 Building Type
ANALYSIS BY
Boutiques led the numbers of contracts signed, with
284 Towers had the greatest growth in dollar volume,
though, increasing 24% They were also the only size
building to enjoy an increase in price per square foot: 7 3%, to $1,544
Building Size
+4.23% Month-over-month +7.32% Month-over-month Towers
Contracts 222 Price / SF $1,544 Dollar Volume $387M +24.13% Month-over-month + 9% Month-over-month -11 57% Month-over-month Midsize
-
Units Contracts 225 Price / SF $1,569 Dollar Volume $445M -8 21% Month-over-month +11.37% Month-over-month -6.84% Month-over-month Boutiques | 31 - 100 Units Contracts 284 Price / SF $1,553 Dollar Volume $618M +.43% Month-over-month 4
ANALYSIS BY
| 201+ Units
| 101
200
Contracts Signed
In March boutiques saw an 11% month-overmonth increase in contracts signed The increase in contracts for towers was a more modest 4%; for midsize buildings, less than 1%.
Towers (201+ Units)
Midsize (101 - 200 Units)
Boutiques (31 - 100 Units)
Apr2022Jun2022 Aug2022 Oct2022Dec2022Feb2023 Apr2023Jun2023 Aug2023 Oct2023Dec2023Feb2024 0 200 400 600 800 1
000 1
,
,200
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Building Size ANALYSIS BY
Building Size ANALYSIS BY
Price Trend
$2,000
$1,500
$1,000
$500
$0
At $1,569, midsize buildings had the highest per-
square-foot price in Manhattan, but that was down
nearly 12% month-over-month Only towers saw an
increase in March in average price per square foot:
7 3%, to $1,544
Towers (201+ Units)
Midsize (101 - 200 Units)
Boutiques (31 - 100 Units)
Feb2022 Apr2022Jun2022 Aug2022 Oct2022Dec2022Feb2023 Apr2023Jun2023 Aug2023 Oct2023Dec2023Feb2024
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New | After 2018 +8.14% Month-over-month Contracts 93 +7.49% Month-over-month Price / SF $2,462 Dollar Volume $520M +51.13% Month-over-month Recent | 2000 - 2018 +13 68% Month-over-month Contracts 133 -5 68% Month-over-month Price / SF $1,734 Dollar Volume $364M -7 61% Month-over-month Post-War | 1946 - 1999 +8.83% Month-over-month Contracts 308 -1.91% Month-over-month Price / SF $1,211 Dollar Volume $385M +7.62% Month-over-month Pre-War | Before 1946 +9 85% Month-over-month Contracts 357 -15 23% Month-over-month Price / SF $1,274 Dollar Volume $665M -10 45% Month-over-month Building Age ANALYSIS BY All four categories enjoyed a month-over-month lift in number of contracts signed Pre-war buildings accounted for the most signed contracts (357). New buildings had the greatest increase in monthly dollar volume, up 51% to more than $519 5M 7
Recent builds saw the greatest monthly increase in contracts signed, up nearly 14% in March. The number of contracts signed for pre-war buildings increased nearly 10%.
Contracts Signed
Feb2022 Apr2022Jun2022 Aug2022 Oct2022Dec2022Feb2023 Apr2023Jun2023 Aug2023 Oct2023Dec2023Feb2024 0 500 1000 1500 2000 New (After 2018) Recent (2000 - 2018) Post-War (1946 - 1999) Pre-War (Before 1946)
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Building Age ANALYSIS BY
Building Age
Once again, new construction had by far the
highest per-square-foot prices in Manhattan.
New builds were also the only category that saw
price per square foot increase in March over
February
Price Trend
New (After 2018)
Recent (2000 - 2018)
Post-War (1946 - 1999)
Pre-War (Before 1946)
$3,000
$2,500
$2,000
$500 $1,000 $1,500
$0
Apr2022Jun
Aug2022 Oct2022
Feb
Apr2023Jun2023 Aug2023 Oct2023Dec2023Feb
Feb2022
2022
Dec2022
2023
2024
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ANALYSIS BY
INQUIRIES
the
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t
he
ein
s derived from various sources that may include, but not be limited to, county records and the Residential Listing Service, and it may include approximations Although the information is believed to be accurate, it is not warranted, and you should not rely upon it without personal verification Affiliated real estate agents are independent contractor sales associates, not employees ©2024 Coldwell Banker All Rights Reserved Coldwell Banker and the Coldwell Banker logo are trademarks of Coldwell Banker Real Estate LLC The Coldwell Banker® System is comprised of company-owned offices, which are owned by a subsidiary of Anywhere Advisors LLC, and franchised offices, which are independently owned and operated The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act contact UPPER EAST SIDE 212 439 4500 654 Madison Avenue NY, NY 10065 TRIBECA 212 380 2400 124 Hudson Street NY, NY 10013
Data by PRESS
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
last asking price before a listing was put into contrac
The property informa
ion
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