The Manhattan $4 millon and over luxury market continued to show its strength for the ninth consecutive week. The storms, the roller coaster stock market nor the holidays had an impact on slowing the luxury market down! There were 26 signed contracts last week. The co-op market which tends to be slower saw 9 signed contracts, the best week in many months. Condos outpaced co-ops 17 to 9. Downtown was back in the lead again with 11 contracts followed by 8 by the Westside . The average number of days on the market was 383 versus 507 the prior week. The average discount from the average price was down to 3% versus 10% the week before.
Top Luxury Real Estate Sales and Stats
Here is the breakdown according to regions:
- Weekly Sales Volume Total was $182,810,000 versus $172,563,000 the prior week.
- Average asking price was $7,031, 154 versus $7,190,125 the prior week.
- The average number of days on the market was 383 versus 507 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 3% versus 10% the prior week.
- The Number 1 signed contract was a co-op at 1125 Fifth Floor 14 asking $20 Million. A 7th Floor unit just sold recently for $18.75 million.
Stay tuned for the 1st Quarter Manhattan Market report video next Tuesday. Spoiler Alert ” The market share of luxury resale properties was at its highest level in 2.5 years!
The Number 2 signed contract was a condo at 212 Fifth Avenue #20A asking $18.1 million
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