Carol Staab
Associate Broker
Douglas Elliman
111 Fifth Avenue
New York , NY 10003

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Manhattan Luxury Real Estate Report – June 1

The Luxury Real Estate Market Stays Hot.

The Luxury Real Estate Market Stays Hot.

The $4M and over Manhattan residential market continues its hot streak for the third week in a row! 32 contracts were signed last week the same number the prior week. Condos outnumbered co-ops 24 to 7. Downtown lead the market with 16 and the East Side was in second place with 6. The number of signed contracts for May was 123 which is right up there with the Mays of 2015 & 2016!

Breakdown by Neighborhood

Manhattan Neighborhood Sales

  •  Average asking price was $8,727,343 versus $6,078,281 the prior week.
  • The average number of days on the market 504 versus 301 the prior week.
  •  180 days is the normal range. Luxury real estate has been taking longer to sell.
  •  The average percentage of discount from origin5al asking price was 14% versus 7% the prior week.
  •  The Number 1 signed contract was a condo at asking $28 million 56 Leonard Street #PH55 asking $28 million
  •  The Number 2 signed contract was at a new development condo at 1965 Broadway #PH3BC asking $14.4M.
Are you curious about the value of your Manhattan home? Contact  me for my free  personalized  detailed pricing analysis. Correct pricing and the right strategy for your market is key in this market  for a successful sale or rental. I am available to answer any of your real estate questions about Manhattan or the many other markets we serve.