As 2018 came to a close, 1108 contracts were signed in the Manhattan Luxury Market, down 5.5% over 2017. The decline was due to a large weakness in the 1st quarter down 15% & 4th quarter down 14% over the same quarters in 2017. The luxury market was saved by a strong 2nd quarter and a slight bump up in the 3rd quarter. The 4th quarter saw only 247 signed contracts averaging less then the benchmark 20 signed contracts.
We saw the worst 4th quarter since 2012 with the combination of low average dollar volume, average price and median price numbers. The condo market was down 10% year over year, while the townhouse market was up 19%.
Behind the Numbers
With an average discount of 9%, this signals an over priced market with a lot of buyer resistance. In addition stock market volatility, and the change in the tax laws have impacted buyer confidence.
Year End 2018 Luxury Market Signed Contract Report
Here is the breakdown according to regions
|Total Contract Sales Volume – $9,077,371,226
Average Asking Price – $7,761,413
Median Asking Price – $6,149,606
Average Discount From Original Price – 8%
Average Days On Market – 318