The Manhattan luxury $4M and over market celebrates its 18th straight week of being in the above average signed contract range with 22 signed contracts. Co-ops and condos tied both with 10 contracts. This is great news for co-ops who usually fall way behind the condo market. Here is another oddity! Only 4 contracts were from new development. The Eastside beat the downtown market 8 to 7. The average number of days on the market fell from 334 to 253. The average discount rose from 8% from 7%.
Behind the numbers! The large rise in the number of co-op contracts last week indicates that sellers are getting more educated about the current market and negotiating harder to get deals done. Co-ops represent a better value than condos if buyers are willing to submit to the board approval process. This spring Manhattan has truly transitioned into a buyers’ market in most cases. Buyers who plan to finance are getting on board to purchase now prior to impending rising interest rates coming soon. New developers are also offering concessions and price cuts in many cases to get deals done. Real estate markets like the stock market run in cycles. The present buyers’ market is expected to last for several years. If you are a seller holding back from putting your home on the market thinking that this present market is just a short blip than you may want to reassess your thinking and list now.
Top Manhattan Luxury Real Estate Sales and Stats