Only 12 contracts were signed in the luxury $4 million and over Manhattan market in the first week of January. Was it the Bomb Cyclone storm, frigid weather or post holiday doldrums that caused the continued slow market? We shall see! December and the start of the year are typically slower times in the real estate market.
My 4th quarter 2017 video market report will be out next Tuesday. The 4th quarter Manhattan market saw the lowest number of sales since 2011.
Top Real Estate Stats and Sales
With only 12 contracts signed, the weather could be a factor. Regionally, Downtown once again led the market and Condos out-sold Co-Ops 7-5.
Here is the breakdown according to Manhattan neighborhoods.
- Weekly Sales Volume Total was $77,885,000 versus $146,415,000 prior week
- Average asking price was $6,490,417 versus $13,310,455 the prior week.
- The average number of days on the market was 371 versus 490 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 8% the same as the prior week.
- The Number 1 signed contract was a new development condo at 10 Madison Square West #5E asking $10.5 million reduced by $1M.
- The Number 2 signed contract at a new development 1 West Avenue #29C asking $8,950,000
Celebrity Real Estate News
Roberta Flack’s Dakota apartment is finally under contract
Real Estate Buzz
Meet the developer who built and sold the world’s most expensive home $300 Million!
My 4th quarter 2017 video market report will be out next Tuesday. The 4th quarter Manhattan market saw the lowest number of sales since 2011. Find out what is behind these numbers and my predictions for the first quarter of 2018. Take a look back at how Q3 performed.