The $4M and over Manhattan Residential Market Report
The high summer doldrums continued last week. There were 18 signed contracts the same number as the prior week. Condos outpaced co-ops 12 to 4. Downtown led with 8 signed contracts and the Upper East Side came in second with 5 signed contracts.
Stay tuned! My 2nd quarter video Manhattan market report will be out soon. The 2nd quarter is the busiest and most important quarter in the Manhattan market. I will give you key indicators and what you need to know in order to make intelligent real estate decisions.
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Total Number of Manhattan Contracts Signed $4M and over
For the second week in a row, there were 18 signed contracts in the $4M+ luxury real estate market.
Here is the breakdown by Manhattan neighborhood:
- Average asking price was versus $11,638,611 versus $7,547,722 the prior week.
- The average number of days on the market was 527 versus 455 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 7% versus 20% the prior week.
- The Number 1 signed contract was a new development condo 432 Park Avenue # 81B
- asking $44,750,000.
- The Number 2 signed contract was a new condo development at 33 E 74 #PH 2 asking $29.5 M reduced from its original asking price of $37M.
How does the market compare to last week? View my last report here.
Thinking of selling your Manhattan home or just would like to know its value in this market? Contact me for a free detailed pricing analysis.