Sales of condominium units and co-ops continue to soar in Manhattan, and they're selling much faster, according to a market report released Wednesday.
The New York City borough hit $7.09 billion worth of condo and co-op sales in the second quarter, a 12% increase from the same period in 2024, data from New York brokerage Corcoran found.
The number of closed sales grew 5% in the quarter to 3,257 while the median sales price climbed 3% to $1.24 million, according to Corcoran data. The most expensive condo sold during the second quarter was a penthouse at 130 William St. for $7 million.
Condo and co-op sales are rising despite a drop in the number of listings for these types of properties, one New York housing market onlooker said.
"Despite all that’s happening in the world, Manhattan proved its staying power in the second quarter," Corcoran CEO Pamela Liebman said in a statement. "In all, it was clear this quarter that buyers remained largely confident about purchasing in Manhattan."
The number of contracts signed to purchase a condo unit or a co-op rose 3% in the quarter to 3,290, marking the fifth straight quarter in which contracts increased. Condos and co-ops that hit the market in the second quarter were advertised and sold within 120 days, compared to 131 days in the second quarter of 2024.
Inventory fell 2% to 7,362 units on the market in the quarter. Corcoran's report blamed the dip on "a slowdown in new development launches and an uptick in de-listings." Fewer condos and co-ops for sale have fueled buyer competition in Manhattan, thus creating higher prices, Corcoran noted.
The Corcoran report also gave a neighborhood breakdown of how many units have been sold during the quarter and for how much — noting that prices are the lowest in upper Manhattan at around $620,000 and the most expensive across downtown at $1.6 million.
Buyers snap up condos despite uncertainty
New Yorkers are buying more condos and co-ops even though they're unsure how the next six months might pan out in the Big Apple economically and politically. The city is in the middle of a mayoral race between Republican Curtis Sliwa, Democrat Zohran Mamdani, and incumbent Eric Adams, who is running as an independent.
Meanwhile, mortgage rates continue to bedevil homebuyers as they've been near 7% all year. House hunters likely will not see changes in those borrowing costs unless the Federal Reserve decides to tweak its benchmark rate later this year, economists have said.
"Despite ongoing economic uncertainty and political noise, the results of the quarter highlight the enduring strength and resilience of the Manhattan market, which now enters the second half of the year with real momentum,” Liebman said in the statement.