The luxury $4M and over Manhattan real estate market was identical to the same week in 2018 with 13 signed contracts. Condos outsold co-ops 7 to 3. Three townhouses sold. Midtown led with 5 contracts. The avg number of days on the market were 564 way up from 379 days. The average listing discount was 1%, down from 5% last week. The overall resale market saw 1,765 signed contracts as of Jan 13 up 1.7% from last month & up 9.6% from last year. Supply is down 8.4% from last month and up 33.1% from last year. The Market Pulse (pending to active ratio) was .44 up 10% from last month and down 18.5% from last year. Buyers, take advantage of these opportunities that you haven’t seen for 9 years! They won’t last forever! Sellers, if you price correctly and your home will sell.
Manhattan Luxury Real Estate Sales and Stats
Here is the breakdown according to regions
- Weekly Sales Volume Total was $143,875,000 versus $114,685,000 versus the prior week.
- Average asking price was $11,067,308 versus $9,557,083 the prior week.
- Median asking price was $7,500,000 versus $5,462,500 the prior week.
- The average number of days on the market was 564 versus 379 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 1% versus 5% the prior week.
- The Number 1 contract was a condo at 432 Park Avenue #95A asking $41.25M . Last week 432 Park #95B was the top sale closing at $30,191,920 representing a 226% discount from the asking price.
- The Number 2 contract was at the One57 condo at 157West 57 #60B asking $28.9M. It went into contract in the $22 M range.