Carol Staab
Associate Broker
Douglas Elliman
111 Fifth Avenue
New York , NY 10003

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Manhattan Luxury Real Estate Report – January 23

The Manhattan luxury $4 million and over market showed signs of thawing out last week! 18 contracts were signed versus the anemic 12 signed contracts in several prior weeks. However the average time on market soared to a whopping 787 days and the average price reduction was 20%. These numbers were skewed by a couple of new development sales that spent years on the market at aspirational prices. The downtown market led with 10 of the 18 signed contracts. Condos outsold co-ops 13 to 3.

Total Manhattan Luxury Real Estate Sales and Stats

The total number of Manhattan contracts that were signed last week in the $4M+ market was 18 vs 12 the week prior. This is showing signs that the market is moving up from the dip we saw last week.

 

Here is the breakdown according to regions

East West Midtown Downtown Totals
Co-ops 1 1 0 1 3
Condos 1 1 3 8 14
Townhouses 0 1 0 0 1
Totals 2 3 3 9                       18
  • Weekly Sales Volume Total was $149,461,000 versus $119,035,000 prior week
  • Average asking price was $8,303,389 versus $9,919,583the prior week.
  • The average number of days on the market was 787 versus 388 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 20% versus 4% the same as the prior week.
  • The Number 1 signed contract was a townhouse at 12 East 13th Street #PH asking $12.95 million. Reduced from $30.5 million. Yes you read that correctly! This tied with #1 – signed contract at a new development 213 West 23rd Street #8N asking $12.95 million asking $21 million up from Jan 2016 when listed by the developer for $19.5 million.
  • The #2 signed contract 151 East 58th Street #47A asking $11.8 million reduced from $14.5 million

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