May 2026 Condo Sales Briefing: Manhattan’s Broad Market Tips Toward Buyers
Condo sales in Manhattan told two stories this month. The broad market posted a strong May — 471 new contracts — but the year-to-date pace remains essentially average, and rising supply combined with heavier withdrawals has pushed inventory to 7.3 months for a second straight month, moving the broad condo market into buyer’s territory. Midtown and Downtown are carrying the bulk of that inventory, while the Upper East Side and Upper West Side hold steadier ground.
The luxury tier — condos priced above $5 million — is a different market entirely. Demand remains well ahead of historical pace, inventory is tight at 10 months, and sellers are firmly in control. But the price picture is shifting: after leading this year’s recovery, luxury prices appear to have peaked, with the Upper East Side reversing course after its run.
Two segments of the same market, moving in opposite directions. Whether that points to buying, selling, or waiting depends entirely on where a given property — and a given owner’s situation — actually sits.
A macro view of the Manhattan condominium market, produced monthly by Javier Ginés.