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The Pulse! A Pleasant Surprise in Manhattan Luxury Real Estate Numbers!

Last week, the performance of the luxury Manhattan real estate market was a pleasant surprise. Even with the holiday week, 19 contracts were signed, just one below the benchmark. Condos outsold co-ops 12 to 6. Downtown led with 10 contracts followed by the east side with 5. The average discount from the list price was 11% and the average number of days on the market were 565.

Here’s the overall resale market data; there were 4,896 active listings up 8.5% from last month, with 2,033 listings in contract up 10.2% from last month. The market pulse is .42 favoring buyers. (.50 is a balanced market). The median number of days on the market were 106 up 3.9% from last month.

Behind the Numbers

Last week’s decent number of signed contract despite a holiday week could signal that the second quarter will turn out to be a good one. The number of signed contracts in the overall resale market was up 10.2% also a good sign that the second quarter may be better than the dismal first quarter. I love hearing from you so keep sending me your comments and questions.

Top Manhattan Luxury Real Estate Sales and Stats

Neighborhood breakdown:

East West Midtown Downtown Totals
Co-ops 4 1 0 1 6
Condos 1 3 0 8 12
Townhouses 0 0 0 1 1
Totals 5 4 0 10           19
  •  Weekly Sales Volume Total was $138,973,500 versus $127,450,000 the prior week.
  • Average asking price was $7,314,395 versus $7,497,059  the prior week.
  • The median asking price was $5,995,000 versus $6,250,000 the prior week.
  • The average days on the market were 565 versus  306 the prior week. 180 days is the normal range. Luxury real estate has been taking longer to sell.
  • The average percentage of discount from the original asking price was 11% versus  12% the prior week.
  • The Number 1 contract was a condo at 150 Charles Street#10B  asking $14.95M sold in only 98 days!