The Manhattan Luxury $4M & over real estate market saw five weeks of over 20 contracts. Twenty-one contracts were signed last week. Condos outsold co-ops 15 to 2. Four townhouses were sold. Downtown led the market with 12 contracts. The east side followed with 5. The average asking price in this quarter was the highest since 2005. The average number of days on the market in the first quarter were the highest number tracked – 516. The luxury market saw 19% fewer contracts in the first quarter than in 2018. This data points to extensive overpricing and changes in the tax law. Here is the latest on the resale market – 4,669 active listings up 7.6% from last month & ups 22.3% from last year. 1,938 in contract up 10.8% from last month & up 9.9% from last year. The market pulse was in the buyer’s market range .42 – .50 is a balanced market. The median days on the market are 105 up 11.7% from last month & up 31.3% from last year. Sellers, you need to price very close to market value. Buyers take advantage of these low mortgage rates; they won’t last forever!
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $195,900,000 versus $199,485,000 the prior week.
- Average asking price was $ versus 9,328,571 versus $7,388,333 the prior week.
- Median asking price was $6,900,000 versus $6,400,000 the prior week.
- The average number of days on the market was 564 versus 373 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 12% versus 5% the prior week.
- The Number 1 contract was a townhouse at 11 West 12th Street asking $21.9M reduced from $28.5M.
- The Number 2 contract was a condo at 11Beach Street #PHB asking $19,950 reduced from $22.5 M.