The Luxury $4M and over Manhattan real estate market continues to enjoy its 23 week run of 20 or more signed contracts . 20 Contracts were signed last week even in spite of the long July 4th holiday. The Westside really surprised us with 8 signed contracts and tied with downtown who usually comes in first. Condos outnumbered co-ops 13 to 5. The average discount was 5% down from the 7% the prior week. The number of days on the market were also down to 269. Typically they are averaging over 300.
Behind the numbers – Last week there were 2% drops in the average discount from the asking price and a 31day drop of the average number of days on the market. This data is further evidence that prices are becoming more realistic. As a result buyers are moving forward and taking advantage of a market that is more favorable to them.
Do you want to sell your home successfully in this current market? Then price your home at or just below market value to attract the highest level of interest and multiple offers. Correct pricing is key in this market!
Top Manhattan Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $138,460,790 versus $174,507,190 the prior week.
- Average asking price was $6,923,040 versus $7,932,145 the prior week.
- The average number of days on the market was 269 versus 390 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 dropped to 5% versus 7% the prior week.
- The Number 1 contract was a co-op at 888 Park #14C asking $14 million.
- The Number 2 contract was a new development condo at 277 Fifth Avenue #50A asking $12 million.