Overall domestic sales fell 3.2% from a year previously to 2,279, while contracts signed slipped 6.7%, according to the report. The decrease was described as modest offered the combination of weather interruption, geopolitical uncertainty, stock exchange volatility and limited inventory.
Supply was the clearest restraint. General stock fell 5.4% year over year, while brand-new listings dropped 17.5%, with the steepest shortages in co-ops. The report stated sellers had little incentive to cut prices strongly, helped by expectations for interest-rate cuts and continuing need for well-located properties.
Prices generally held firm. The average list prices rose 8.5% from a year earlier to $1.275 million, while the average list prices increased 2.0% to $2.24 million. Average cost per square foot edged down 0.6% to $1,554, recommending the market’s upper end outperformed even as broader activity softened.
Compass likewise reports that luxury strength stuck out. Contracts for homes priced in between $10 million and $20 million leapt 47.4% from a year earlier, while ultra-luxury apartment sales rose 30.0%. The report stated wealthy purchasers continue to see Manhattan as a long-term haven, though activity moved away from the $30 million prize offers that specified much of 2025 toward the $20 million to $30 million bracket.
By home type, apartments exceeded co-ops on rates but saw less deals. Condominium closings fell 1.3% to 1,047, while the average condominium rate climbed 2.7% to $3.13 million. Co-op sales dropped 4.7% to 1,232, with the average price down 0.8% to $1.48 million. Signed contracts were weaker across both segments, but asking rates moved higher, suggesting sellers stayed firm.
Submarket information showed the Upper East Side remained the largest co-op center, while the Upper West Side showed pockets of strength. Downtown Manhattan stood out for its greater rates, with average condominium prices at $2.995 million and average co-op costs at $982,500. Midtown West was softer on volume, however co-op average costs there increased 40.2% from a year earlier.
Townhouse activity was combined but expensive. Manhattan tape-recorded 191 townhouse sales year to date, down 2.1% from the exact same duration last year, while the typical price slipped 3.3% to $9.94 million. The average cost rose 3.1% to $13.99 million, reflecting numerous high-end deals.
The Compass report said the market needs to support as spring stock can be found in, though rates and wider economic conditions will continue to influence purchaser belief. For now, Manhattan housing is heading into the second quarter with less listings, durable high-end need and a careful however active purchaser swimming pool.