The $4M and over Manhattan luxury real estate market rose slightly to 29 signed contracts last week from 24 contracts the prior week. In the luxury market where the average listing is now taking more than a year to sell last week’s number 1 listing went into contract after just 2 weeks of being on the market! Condos accounted for 23 of the 29 sales. Downtown area led with 17 signed contracts.
Full Report Including The Top 2 Signed Contracts
Here is the breakdown according to regions
- Average asking price was $7,047,333 versus $7,167,603 the prior week.
- The average number of days on the market was 368 versus 398 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 6% versus 4%the prior week
- The Number 1 signed contract was at 252 West 12th St a townhouse asking $19.6M on the market since July 2015.
- The Number 2 signed contract was at 30 Park Place #73A asking $11.8 million.
Here is the most important thing you need to know!
This was the 2nd best February since 2006. The 108 February signed contracts represented a 42% increase over February of 2016. The fastest area of the luxury market that is moving is in the $4 million to $6 million range. Keep in mind that the average number of days on the market to contract for luxury real properties is around a year. Sellers who price their homes close to the market value get more timely sales. Overpriced homes that receive multiple price cuts take longer to sell and typically end up selling for less than if they were price correctly when listed.
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