The luxury $4M and over market sizzled last week with 33 signed contracts. The luxury market is in its 21st week of being in strong range. It was the best third week since June of 2006. The Eastside and Downtown tied with 15 contracts. A big surprise was that the Westside for the second time recently had no signed contracts.
As the second quarter ends, let’s take a peak at the data. The second quarter bounced back with 346 contracts compared to the weak market of the first quarter that only had 297. The second quarter was slightly ahead in the number of transactions than the second quarter and had a 19% in dollar volume of the same quarter in 2017. The average number of days on the market were down to 396 compared to 409 in 2017. Discounts in the second quarter averaged 8%.
What’s behind the numbers? 43% of the signed contracts were from new development this quarter up from 37% in the second quarter of 2017. “Developer discounts are what is driving the marketing activity upwards in the overall market!”
Take this important cue in this market from new developers when pricing your home. If your home is priced too high then drop it to market value in order to get it sold.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $281,251,499 Versus $221,830,000 the prior week.
- Average asking price was $8,522, 773 Versus $9,242,017 the prior week.
- The average number of days on the market was 408 Versus 421 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 9%the prior week.
- The Number 1 contract was a townhouse at 110 East 76th Street asking $51 M.
- The Number 2 signed contract was at a co-op at 1185 Park Avenue # PHA/1B.