The weak trend in the Manhattan Luxury $4M & over market is now into its seventh week. Last week 16 contracts were signed. Condos outsold co-ops 9 to 5 and there were 2 townhouses in the mix. Only 4 of the condos were new development. It was the first time since March 2017 that the 2 top contracts were co-ops. Downtown led the market with 6 contracts. The average discount was 8% and the average number of days on the market was 383. In the overall resale market there are 4,359 properties on the market up 11.1% from the prior month & up 27.1% from last year. There was 1,760 in signed contracts up 4.2% from last month & up 13.5% from last year. The Market Pulse ( active to signed contract ratio) was 0.4 down 7% from last month and down 11.1% from last year. Median number of days on the market were 88 up 1.1% from last month and up 27.5% from last year. More buyers are shopping for homes now confirmed by the higher number of showings broker seen by brokers. The market is moving however at a slower pace. Sellers, it is critical that your home be priced to this new market in order to get sold. Buyers make sure you know the comparables when you make offers and use them to support your offering price.
Top Manhattan Real Estate Sales and Stats
- Weekly Sales Volume Total was $113,855,000 versus $131,870, 000 the prior week
- Average asking price was $7,115,938 versus $8,791,333 the prior week.
- Median asking price was $6,187,500 versus $5,900,000 versus the prior week.
- The average number of days on the market was 383 versus 574 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 8% versus 10%he prior week.
- The Number 1 contract was a co-op at 941 Park Avenue #14/15A asking $12.5M reduced from $13.5M when it went on the market.
- The Number 2 contract was a co-op at 117 E 72 Floor 9 asking $11.5M reduced from $12.5M.