The $4 million and over Manhattan luxury market had 21 signed contracts versus 17 prior. Condos outsold co-ops 13 to 4. Downtown lead the market 14 contracts followed by the Eastside with 3. The average days on market ballooned to 541.
Behind the Real Estate Numbers!
The increase of contracts from 17 to 21 was due to sellers taking higher discounts to get their properties sold. Last week’s average discount from the original asking price was 17%. Buyers ,the marketing is truly favoring you at this time. It is the perfect time to get off the fence and take advantage of the opportunities out there. Just make sure that you and your broker use excellent comparables to support your offers. Sellers, make sure your property is priced correctly when you list. Don’t anchor yourself to an aspirational outdated price that will cause your property to linger on the market and fail to sell.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was 156, 559,500 versus $136,925,000 the prior week.
- Average asking price was $6,500,000 versus $8,054,412the prior week.
- The average number of days on the market was 541 versus 506 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 was 17% versus 6% the prior week.
- The Number 1 contract was a condo at 252 East 57 58/59B asking $13.875M reduced from $14.875M.
- The Number 2 contract was a townhouse at 30 Sullivan Street asking $12.5 M reduced from $13.95M.