Jonathan Miller<\/a>. That\u2019s a reversal from the prior year, when listings had risen 1.2 percent compared to June 2024.<\/p>\nAll four of Manhattan\u2019s regions \u2014 Downtown, Northern Manhattan, the West Side and the East Side \u2014 recorded slides in their inventory in June. But the fall was most pronounced on the West Side, which saw nearly 55 percent fewer homes hit the market in June compared to the same time last year, per TRD Data\u2019s analysis.<\/p>\n
There were just 917 listings on the West Side in June compared to 1,920 Downtown, 2,503 on the East Side, and 7,340 in Northern Manhattan, which could lead to more volatility in the area\u2019s listings figures, Miller said.<\/p>\n
It also has a lot of high-end inventory, and the demand for pricey products seems to be outpacing supply, he said. Luxury condos and co-ops \u2014 those in the top 10 percent of the market \u2014\u00a0were at their lowest point in 22 years in June. The specific slice of the high-end condo and co-op market with the biggest inventory drop was for those priced between $2 million and $2.49 million, which saw a fall of about 33 percent year over year.<\/p>\n
\u201cInventory is down, but it\u2019s worse as you get higher in price because that\u2019s where the action is,\u201d he said.<\/p>\n
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The West Side typically has less inventory because of its size, said Frances Katzen, a broker with Douglas Elliman. This, coupled with the lack of inventory overall, has pushed some buyers to look at homes they previously might have scoffed at.<\/p>\n
\u201cSuddenly the narrative of it being overpriced changes to, \u2018it\u2019s really nicely finished!\u2019\u201d Katzen said.\u00a0<\/p>\n
The shift is also causing many luxury buyers to seek off-market deals, said Ruthie Assouline, also a broker with Douglas Elliman. Assouline said she has a deal in progress at a development where sales have not launched yet.<\/p>\n
\u201cOur client had to come in pretty much at full ask, no concessions, because [the sponsor] said, \u2018You\u2019re getting a great deal, because we\u2019re raising the prices I think 15 or 20 percent next week,\u2019\u201d she said. \u201cAnd we\u2019re going for it because it\u2019s a great thing that hasn\u2019t even hit the market yet.\u201d\u00a0<\/p>\n
Midtown West had the steepest declines in listings in June year over year, among both condos and co-ops, in neighborhoods with at least 20 listings in June, according to TRD Data\u2019s analysis. In Midtown West, co-op listings dropped by nearly 53 percent, and condos by more than 46 percent.<\/p>\n
Condo listings climbed the most over the same period in Central\/South Harlem (765 percent) and on the Lower East Side (350 percent). Washington Heights recorded the strongest gain in co-op listings, of 325 percent.<\/p>\n
Of the home types, townhouses experienced the largest drop year over year, of roughly 40 percent. In June, there were just 291 homes on the market in Manhattan. Co-ops followed, with a decline of almost 16 percent, and condo inventory slid by just over 10 percent.<\/p>\n
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