The luxury Manhattan real estate market has seen 2 weeks of above average numbers, with 25 contracts signed last week. Condos outsold co-ops 14 to 8, with 3 townhouses also in the mix. Usually downtown leads the market however last week the west side led with 10 contracts. The average number of days on the market were 510. The Average listing discount was 12%.
Manhattan Resale Market
There were 5,145 active listings, up 7.3% from last month and 2,189 listings in contract, up 13.1% from last month. The market pulse is .43 favoring buyers. (.50 signals a balanced market.) The average number of days on the market were 104 down 3.8% from last month. The number of contracts signed in April were 816 up 18.4% from last month and up 15.9% from the prior year.
Behind the Numbers
The 15.9% increase in the number of resale properties year over year in a market that is favoring buyers tells us that more sellers are adjusting to the new market. The same holds true in the luxury market.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $167,170,000 versus $187,133,199 the prior week.
- Average asking price was $6,686,800 versus $7,485,360 the prior week.
- Median asking price was $5,950,000 versus $5,995,000 the prior week.
- The average days on the market was 510 versus 422 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 at 12%.
- The Number 1 contract was a condo at 45 East 22 Floor 56 asking $15.995M reduced from $20.75M.
- The Number 2 contract was a townhouse at 215 E 61asking $11.95M reduced from $13.99M.