Q2 2024

Dear Friends and Family,

The warmer days of spring and summer ushered in a more active market for the second quarter of 2024. Even in the face of price sensitivity and elevated rates, the number of apartment sales rose by an impressive 45% compared to Q1 (2,596), demonstrating the continued resilience of the NYC market in the face of difficult conditions. Of particular note is the Upper East Side, which saw an increase of 12.7% YoY in contracts signed, building on its growth from Q1. The luxury market also saw a large increase in the number of signed contracts, with the $10-20 million price bracket seeing a 32.4% gain year-over-year. The approaching election creates additional uncertainty, which has a tendency to slow transactions, so the market will need to fight against that in order to continue the current upward trend through Q3.

Q2 was impressively positive for the Manhattan market, especially ultra-luxury units. Read on to learn more or check out the complete Q2 2024 Manhattan Market Report or Penthouse Report.

Recorded Sales

The upswing in sales for Q2 was higher-than-usual for the season and a stellar 45.3% higher than Q1 2024. Compared with last year, Q2 saw a limited change of -0.4% YoY. The average price for condos and co-ops rose by 6.2% and 5.6% respectively over last quarter. The $3M-5M price bracket accounted for 8.9% of sales, seeing 8.5% more transactions YoY, the best improvement of any other bracket.

Affordable areas on the East Side continued to show their value with buyers. Midtown East accounted for a commanding 18.1% of closings in the quarter, a rise of 15.2% from this time last year and an astounding 50.2% from last quarter. Average prices in Midtown East rose by 3.9% YoY and 5.4% from Q1. 1 bedroom units accounting for 45% of all recorded sales in the submarket.

Contracts Signed

The number of contracts signed rose by 14.1% quarter-over-quarter, with average PPSF rising by 2.3%. Downtown and the Upper East Side accounted for 27% and 23.1% of all contracts respectively. The Upper East Side witnessed significant price improvements, with the median price rising by 35.9% over last quarter and 9.5% over last year.

Luxury regained its shine as the price brackets of $10M-20M and $20M had the greatest improvements in contracts signed. The $10M-20M group seeing a significant increase in the average PPSF.

Inventory

While co-op inventory declined 2.2% compared to Q2 2023, condo actives rose by 3.3% during the same period. Overall inventory was up by 7.6% compared with last quarter, and 0.5% compared to last year. However, certain segments continue to see lower inventory, with ultra-luxury properties at $20M+ seeing a 10.3% decline.

Accounting for 37.9% of all inventory was the $1M-3M price bracket. While the median price among co-ops rose by 1.0% from Q1, average prices saw a decline in both condos and co-ops, highlighting the price sensitivity of many buyers.

Manhattan nevertheless remains a coveted market, with a premier international status that attracts talented individuals from across the world.

And be sure to check out tonihaberteam.com/market-data for all of the latest data and trends.

All the best,

Toni Haber

Licensed Associate Real Estate Broker
Founder, Toni Haber Team | Private Client Advisors
TONI@compass.com | 917.543.1999