The $4M and over Manhattan luxury real estate report shows that the luxury market steam rolled ahead with 37 signed contracts last week the highest dollar volume this year. The $10 Million and above market also did well last week with 11 signed contracts. I am happy to report that there were 10 co-op contracts at the $9M range. That segment has been weak. 23 condos sold versus 10 co-ops. Downtown led the race with 15 signed contracts.
Here’s what you need to know if you are planning to sell this spring. The average property was discounted 14% and was on the market 421 days. 180 days is the typical market. Sellers have been very slow to adjust to the new market. Overpricing causes homes to sell much more slowly and after multiple price drops end of selling for less than if they are priced correctly. Buyers there are many segments of the market. Make sure your broker can give you the correct read on the market price of a particular property. Making low ball offers set the wrong tone with the seller and are an exercise in futility.
Manhattan Luxury Real Estate Report: Total Number of Manhattan Contracts Signed $4M and over
Average asking price was $9,183,888 versus $7,047,333 the prior week.
The average number of days on the market was 421 versus 368 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 14% versus 6% the prior week
The Number 1 signed contract was at 30 Park Place # PH78A asking $30M reduced from $32.5M.
The Number 2 signed contract was at 157 West 57 #65A asking $24.95M reduced from $35.5M.
The spring contract numbers are indicating a strong market. Are you curious about the value of your Manhattan home? Contact me for a free detailed pricing analysis. Looking to buy! Contact me for the best strategy to win the bid.