The Manhattan luxury $4 million and over market experienced the worst January since the January of 2012. There were 69 contracts singed representing a 29% drop from the January of 2017. Downtown market as usual eclipsed the other areas in the. number of contracts last week. Condos outpaced co-ops 7 to 5.
What is causing the big drop? Well for one thing January is always a weak month. The other factor is that buyers took a pause while they are assessing the impact of the new tax laws which were just signed in late December.
Top Manhattan Luxury Real Estate Sales and Stats
Last week saw 18 signed contracts in the $4M+ luxury market. Here is the breakdown according to Manhattan neighborhood.
- Weekly Sales Volume Total was $110,263,990 versus $149,461,000 prior week.
- Average asking price was $7,350,933 versus $8,303,389 the prior week.
- The average number of days on the market was 566 versus 787 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 16% versus 20% the prior week.
- The Number 1 signed contract was at 271 Central Park West #3/4E Sold for $17.75 million. Purchase price was $16.995 million in March of 2015.
- The Number 2 signed contract was a townhouse at 131 Charles Street asking $$10.8 million reduced from $13.5 million when it was listed originally in 4/ 2015.
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