New! Compass' Q1 2024 Manhattan Market Report
We're pleased to present Compass' Q1 2024 Manhattan Market Report, a look at sales activity from the first three months of the year. Things picked up from the previous quarter, and it looks like we're turning the corner on the rough, slow market of the previous year and a half. Here's an overview:
There was a 9.3% increase in pending sales in Q1, with particular interest in ultra-luxury apartments priced above $20M (a 140% surge).
Units with three bedrooms and four or more bedrooms also saw notable increases in pending sales, jumping 10.4% and 19.2% respectively compared to last year.
Pending sales experienced price appreciation, while closed sales saw price declines, suggesting that Manhattan likely reached the bottom of the market in Q4.
Closed sales experienced declines of 5.2% year-over-year and 13.7% for the quarter, with an average sales price of $1,880,820.
Co-ops, which were 51.2% less expensive than condos, represented 59.3% of sales, indicating a price-sensitive market.
Inventory reached pre-pandemic levels with 6,000 active listings in Q1 and a 27.5% increase in new listings compared to Q4.
It's always important to remember that averages and medians, while interesting, provide a high-level look. What's happening on the ground in your neighborhood, block, or building could be very different. Please contact us for market information geared to your specific situation. We'd be happy to provide it for you. Please email bill@compass.com.
