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The Pulse! The Manhattan Luxury Real Estate Market Continues a Healthy Trend

The Manhattan luxury real estate market is now in its 6th week of above average numbers, with 23 contracts signed last week. Downtown led with 10 contracts followed by the eastside with 8. Condos outsold co-ops 18 to 1. The average discount from the last asking price was 5% and the average days on market were 379.

Here’s stats from May in the general resale market. There were 1,944 active listings, down 6.4% from last month. May contract activity was 980 down 8.1% from last month. The market pulse is .4 up 5.3% and still favoring buyers.

Behind the Numbers

The luxury market continues to have a healthy number of sales due to sellers becoming more realistic about pricing. Buyers are snapping up the great buys they are seeing out there.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 1 0 0 0 1
Condos 5 3 1 9 18
Townhouses 2 1 0 1 4
Totals 8 4 1 10         23
  • Weekly Sales Volume Total was $211,487,000 versus $220,600,000 the prior week.
  • The average asking price was $9195,087 versus  $9,591,304  the prior week.
  • The median asking price was $7,495,000  versus $5,900,000 the prior week.
  • The average days on the market was 379 versus 399 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 5% versus 4%.
  • The Number 1 contract was a condo  at 50 United Nations Plaza #PH39 sold by the sponsor asking $21.975M who started sales in the fall of 2013.
  • The Number 2 contract was a townhouse at 9 E 84 townhouse  asking $21.975 M. Was in contract mid Dec but contract fell through. It was relisted at the end of January.

Are you curious how the market effects you? Contact me anytime for a free evaluation!