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The Pulse! The Luxury Real Estate Market Sees the Best Week of the Year!

The Manhattan luxury market had its best week of the year last week, with 29 contracts signed! Last week also marked the second highest dollar volume for the year at $291M. The market now is in its 9th week where signed contracts are at above average numbers, with Condos leading over co-ops 22 to 5. If we look at the numbers by neighborhood, Downtown led with 13 signed contracts followed by the East Side with 9. The average days on market were 526 and the average discount from the asking pice was 7%.

In the general resale market inventory is 5,312 up .3% from last month. There are 2,371 sales in contract up 4.6% from last month. The current median number of days on the market are 82 and the market pulse is .45 up 4.7% from last month but still favoring buyers.

Behind the Numbers

What’s prompting last week’s strong numbers in the luxury market? Could it be the fall in interest rates or the big tick up in the stock market? Well maybe both. Here’s a peak at the 2nd quarter luxury market stats: Luxury is heading for a 13% decline in the number of contracts signed over 2018. This is in spite of the fact that buyers are wanting to close before the Mansion tax rises on July 1.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 3 1 0 1 5
Condos 6 3 3 10 22
Townhouses 0 0 0 2 2
Totals 9 4 3 13         29
  •  Weekly Sales Volume Total was $290,535,000 versus $195,137,000  the prior week.
  • Average asking price was $10,018,448 versus $8,869,864 the prior week.
  • Median asking price was $6,950,000 versus $7,550,000 the prior week.
  • The average days on the market was 526 versus 491  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 7% versus 15the prior week.
  • The Number 1 contract was at 432 Park Avenue #PH94A asking $41M. The contract was signed & closing happened on the same day The unit closed for less than $40M . The savings on the NY state mansion tax was over $1M!
  • The Number 2 contract was at 1010 Park Avenue # Terrace Duplex asking $28.5 M.