Compass' Q3 Manhattan Market Report

We're pleased to present Compass' Q3 Manhattan Market Report, a comprehensive look at sales activity from July through September.

The market showed resilience, even as the anticipation of lower mortgage interest rates held some buyers back. Closed sales dropped to 2,694, a minor 1.8% decrease from Q3 2023.

Rates finally fell in September, reaching their lowest levels in 1.5 years. That led to an increase in activity and the promise of a solid year-end. Open house visits and signed contracts increased, though not as much as expected. Contracts fell 1.8% year-over-year and 27.6% from Q2.

The luxury market thrived, despite limited inventory. Contracts for homes priced $10-$20 million rose 15.4%, and those over $20 million surged 16.7%.

Condos outpaced co-ops, with contracts rising 25.1% while co-op transactions fell 21.3%, reflecting a preference for newer buildings, more amenities, and fewer restrictions.

Inventory decreased slightly by 0.3% quarter over quarter, with 15.4% fewer new listings than last year and a 39.1% quarterly drop.

This shortage drove prices up, with the median price rising 13.6% from Q3 2023.

Overall, lower interest rates, renewed buyer confidence, and the fact that hey, it's Manhattan, indicate a positive outlook as we head into Q4.

For the full report, click here. PS. That stunning apartment pictured above is a flashback to our listing at 125 E. 12th St., 4A.