Greetings,
The Spring 2025 market is off to a strong start. New signed contracts for condos were up an impressive 35.8%, and 45.2% for co-ops year over year, according to the Douglas Elliman April 2025 report. The early spring market saw a much-needed influx of fresh inventory, with levels increasing 7.5% year over year from 6,885 units to 7,399 units, and buyers trended towards higher-priced properties as the median sales price increased 11% according to the Q1 2025 Elliman report. Buyers continued to favor cash sales as they represented 58% of the total transactions, up from the long-time average of 50%. Prices began to stabilize as the listing discount from the last asking price shrank to 6.6% down from 9.2% in the previous quarter. The Luxury market, defined as the top 10%, had a 29.6% increase in closed sales and a 24.1% decline in inventory. The upper end of the luxury market saw an increase in activity as the median sale price rose 18.5%.
The new development market outperformed all property classes with an extraordinary 69.4% increase in closed sales. The ratio of higher-priced properties sold increased the median sale price by 13.3%. Inventory remained stable, with a 6% increase in the number of units for sale.
Our team saw an uptick across all price segments, with multiple sales in the luxury market. Our recent signed contract at the Apthorp Condominium was ranked as one of New York's top condo resale contracts this past week, with an asking price of $8,895,000.
If you would like a complimentary, no-obligation valuation of your home, feel free to contact me. I would be happy to hear from you.
Manhattan Market by the Numbers
New Listing
| April 2025 | |
|---|---|
| Number of New Listings | 2,076 |
| Average Price | $2,603,261 |
| Median Price | $1,332,042 |
| Average Price per Square Foot | $1,667 |
Contract Signing
| April 2025 | |
|---|---|
| Number of Contracts | 1,057 |
| Average Price | $2,024,112 |
| Median Price | $1,295,000 |
| Average Price per Square Foot | $1,610 |
| Days on Market | 94 |
Manhattan Luxury Report
Luxury Contracts Signed
| Luxury Market $4M+ | April 2025 | YoY% |
|---|---|---|
| Number of Contracts | 123 | 16.04% |
| Average Price | $6,984,065 | -16.08% |
| Median Price | $5,965,000 | -4.56% |
| Average Price per Square Foot | $2,534 | -12.41% |
| Days on Market | 126 | -11.27% |
Top 5 Luxury Contracts
| Address | April 2025 |
|---|---|
| 601 Washington St, PHE | $29,000,000 |
| 80 Clarkson St, Duplex 12B |
$29,000,000 |
| 140 Jane St, 2N | $19,950,000 |
| 400 West 12th St, 15CD | $19,850,000 |
| 1 Central Park South, 409 | $18,900,000 |
What Can Sellers Expect This Spring Season?
This spring, sellers can expect to see more buyers in the market and increased competition among buyers for well-priced properties. Given the current active state of the market, well-priced properties will sell. Buyers are still strongly prioritizing renovated and updated apartments, and the penalty is high for properties that are lacking necessary repairs and staging.
What Can Buyers Expect this Spring Season?
This spring season, buyers can expect to be shopping in a busy real estate market. As seasonal inventory levels climb, so will the number of buyers entering the market. Value-priced properties will sell rapidly, catching buyers off-guard if they are expecting softer real estate market conditions. Inventory levels over the next several months will determine how prices will move. As the market becomes busier and more competitive, having all of your paperwork ready to make an offer and working with an experienced buyer's agent will give you an advantage.
