The Manhattan luxury $4 million and over market enjoyed two great weeks in a row! Last week 24 contracts were signed and the week prior 26 contracts were signed. This happened in spite of the deep plunge in the stock market. These strong two weeks could be an indicator of a resilient luxury market this quarter. Condos led the market with 15 contracts versus 5 co-op contracts. Downtown led the market with 9 contracts followed by the east side with 6 contract.
Top Manhattan Luxury Real Estate Sales and Stats
Weekly Sales Volume Total was $211,766,000 versus $110,263,990 versus prior week
With 24 contracts signed last week, the luxury real estate market remains resilient despite the stock market plunge.
Here is the breakdown according to regions:
- Average asking price was $8,144,423 versus $7,350,933 the prior week.The average number of days on the market was 420 versus 566 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 10% versus 16% the prior week.
- The Number 1 signed contract was at the Stanhope at 995 Fifth Avenue # 11SN asking $29.75 million. The units when combined will offer 69 feet overlooking Central Park.
- The Number 2 signed contract 23 East 22nd Street # PH55/56 asking $26.95 million reduced from $37.5 million when it went on the market in 2013.
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