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The Pulse! The Manhattan Luxury Market Is Sizzling This Summer!

As we head into the holiday, the Manhattan luxury real estate market just had it’s 10th straight week of above average numbers. With 25 contracts signed, condos outsold co-ops 16 to 6 and 3 townhouses were also in the mix. The average days on the market were 534 with an average listing discount of 10%. Interestingly, 7 of the signed contracts were new development listings which went into contract and closed in the same week!

Behind the Numbers

The 7 new developments that closed last week signals the rush of buyers trying to buy and close before the new, higher mansion tax took effect on July 1. The last 10 weeks of healthy numbers tells us that sellers are continuing to adjust to the buyers’ market and are becoming more flexible when it comes to negotiating. Buyers are seizing on these opportunities!

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 1 6 0 2 9
Condos 0 1 1 7 9
Townhouses 1 0 0 1 2
Totals 2 7 1 10         20
  • Weekly Sales Volume Total was $160,614,000 versus $211,487,000 the prior week.
  • Average asking price was $8,030,700 versus  $9,195,087   the prior week.
  • Median asking price was $6,550,000 versus  $7,495,000 the prior week.
  • The average days on the market was 260 versus 379 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 the same as the prior week, 5%.
  • The Number 1 contract was at 12 E 81 townhouse  asking $25M . Listed 9/2018.
  • The Number 2 contract was a co-op at 145 Central Park West – San Remo #3C asking $16.750M. Reduced from $20M. Listed 10/2018.

As always, feel free to contact me anytime with your real estate questions!