Downtown sales accounted for 31% of sales in the first quarter representing the largest market share in Manhattan and the trend continued into April as 542 of the 1,647 contracts signed across Manhattan during the month were downtown. April not only was a banner month, the nearly 2,000 contracts signed made in the strongest April on record!
In addition, Downtown closings in the first quarter rose 7% year-over-year and resale transactions increased more than 10% year-over-year. Listed inventory reached 2,187 units and for the first time in over five years, over half of all active listings Downtown were under $2M. The average days on the market rose in the first quarter to 140 days but was tied for the lowest in Manhattan with the Upper West Side.
In our new exclusive Downtown Newsletter, we discuss the entire market downtown and also we take a deep dive into 3 different areas with comprehensive sales data since the start of 2021 which include 1) Greenwich Village and the West Village, 2) Tribeca and Soho, and 3) the Flatiron/Nomad market. We also provide a detailed analysis of the entire Manhattan real estate market with potential aspects that can negatively or positively impact the residential market in the months ahead. As always, we provide advice for both sellers and buyers right now.