The $4M and over Manhattan luxury market rose slightly to 29 signed contracts last week from 24 contracts the prior week. In the luxury market where the average listing is now taking more than a year to sell last week’s number 1 listing went into contract after just 2 weeks of being on the market! Condos accounted for 23 of the 29 sales. Downtown area led with 17 signed contracts.
Total Number of Manhattan Contracts Signed $4M and over
A breakdown according to regions:
Average asking price was $7,167,603 versus $7,748,541 the prior week.
The average number of days on the market was 398 versus 461 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 4% versus 7% the prior week
The Number 1 signed contract was at 4 East 72 PH asking $13,995,000. It sold in an amazing 2 weeks. What an outlier in this luxury market?
The Number 2 signed contract was at 30 Park Place #73A asking $13.6M – Robert Stern designed new building with a new Four Seasons on the first 22 floors and then topped with 157 condos.
Here’s what you need to know!
Year -to- date luxury Manhattan apartments sit on the market for an average of 415 days. This represents a 32% increase over the same time last year. Sellers who lower their prices to more realistic market levels will most likely be able to sell their property for the most money in the fastest time. Listings that go through a series of price cuts and stagnate on the market end up historically selling for less!
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