August is sizzling hot but the Manhattan $4M and over luxury market is not! Last week there were 16 signed contracts versus 26 the prior week. Our recent. dip pales to last August when the number of contracts dipped below 20 for six straight weeks in a row. Condos outsold co-ops 12 to 4. Downtown led the market with 7 signed contracts followed by the Eastside with 5. The average number of days on the market fell to 275 versus whopping 536 of the prior week. The discount from the original listing price to signed contract fell from 15% to 3%. Why does this summer have more transactions than last July and August? The number of signed contracts were fewer last year due to sellers and new developers still being anchored to above market prices. The drop in the number of days on market and the listing price discount percentage drop last week indicate that sellers are beginning to price their properties closer to the market price.
Manhattan Luxury Real Estate Top Sales and Stats
Here is the breakdown by Manhattan neighborhood:
- Weekly Sales Volume Total was $146,505,000 versus $236,009,000 the prior week.
- Average asking price was $9,156,563 versus $9,077,269 the prior week.
- The average number of days on the market was 275 versus 536 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 3% versus 15% the prior week.
- The Number 1 contract was at 565 Broome Street #PHN asking $40.5 million.
- The Number 2 contract was a condo at 150 Charles Street #11A asking $15.45 million.