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The Pulse! Sellers Continue to Adjust Prices and Buyers are Taking Advantage!

The Manhattan luxury real estate market is on a winning streak four weeks in a row! Last week there were 27 contracts signed in Manhattan, with one-third above $10M! The #1 deal was the penthouse at 212 Fifth asking $58M reduced from $73.8M.

Condos outpaced co-ops 16 to 9, while Downtown led with 11 contracts followed by the east side with 8. The average days on the market were 422, and the average listing discount was 13%.

The Latest on the Resale Market

There were 5,338 active listings, up 8.5% from last month and 2,259 in contract, up 13.2% from last month. The market pulse is .42. Even though this is up 2.4 % from last month, the market is still favoring buyers. The median number of days on the market was 97 down 8.55% from the previous month.

Behind the Numbers

With four consecutive weeks of above-average numbers and the 13% average discount tells us that sellers continue to adjust their prices to get their properties in contract. The 13.2% increase of signed contracts since last month and the median number of days dropping 8.5% from last month in the resale market also demonstrates that sellers are negotiating harder and buyers are moving forward to take advantage of the great buying opportunities out there.

Top Manhattan Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 3 2 1 3 9
Condos 4 3 1 8 16
Townhouses 1 1 0 0 2
Totals 8 1 2 11         27
  •  Weekly Sales Volume Total was $191,215,000 versus  $207,290,000 the prior week.
  • Average asking price was $6,650,000 versus  $9,012,609 the prior week.
  • Median asking price was $6,975,000 the prior week.
  • The average days on the market was 422 versus  494 the prior week. 180 days is the normal range. Luxury real estate has been taking longer to sell.
  • The average percentage of discount from original asking price was 13% versus 7% .
  • The Number 1 contract was a condo  at 212 Fifth Avenue penthouse   asking $58M reduced from $73.8M when listed in October of 2015.
  • The Number 2 contract was a townhouse at 134 E 74 asking $29.5M  asking $20M . The owner paid $12M in 2008. It was under construction for years and is being delivered partly finished.