The Manhattan luxury $4M & over market saw just 18 signed contracts last week, the lowest number since the first week of Dec 2015. ‘For comparison, there were 30 contracts last year in the first week of December, Condos outpaced co-ops 10 to 4. Downtown led with 7. The average discount was 6% versus 11% the prior week. The average number of days on the market were 400 versus 555. In the overall resale market as of yesterday there were 4,444 active listings and 1,832 signed contracts. The volatility index (active to signed contract ratio) is 2.43 down 14.4% from last month and up 20.3% from last year. The median days on market were 90 up 3.4% from prior month and down 1.2% from the prior year.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $157,330,000 versus $88,445,000the prior week.
- Average asking price was $8,740,556 versus $7,370,417 versus the prior week.
- Median asking price was $5,222,500 versus $5,147,500 the prior week.
- The average number of days on the market was 400 versus 353 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 the same 6% as the prior week.
- The Number 1 contract was a condo at the Plaza at 1 Central Park South # 603/605 asking $23.5M. Were purchased separately in 2014 for $15,275,000 then combined.
- The Number 2 contract was at the Getty condo at 503 W 24 Floor 5 asking $19M . Sold as a raw white box in a 6 unit new building.