The stormy weather dampened luxury buyers’ moods last week. Seems like most buyers were in an ” august vacation state of mind”. The $4 million and over luxury Manhattan real estate market saw only 12 signed contracts last week! It was the slowest week since the beginning of January. Here is an interesting fact you should know! It was the first week in three years that no one co-op entered into contract. Downtown lead with 8 contracts and the Eastside was in last place with 0 contracts. The average listing discount from the original asking price was a significant 15%. The days on the market were a whopping 697.
What is causing this? The weakness is due partially to the high summer seasonality as well as the market slow down itself.
My recommendation to sellers!
Sellers if you want to have the “competitive edge ” in this sluggish market you must be willing to quickly correct your course and adjust your price. In this market if your price is not ” compelling then it is not selling!”
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $104,366,000 versus $146,505,000 the prior week.
- Average asking price was $7,285,417 versus $9,156,563 the prior week.
- The average number of days on the market was 697 versus 275 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 was 17% versus 3% the prior week.
- The Number 1 contract was a townhouse at 4 Sutton Square asking $12,995,000 reduced from $19.5 million.
- The Number 2 contract was a townhouse at 58 West 9th Street asking $11.9M reduced from $17M.