Carol Staab
Associate Broker
Douglas Elliman
111 Fifth Avenue
New York , NY 10003

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Manhattan Luxury Real Estate Report – March 21

Manhattan Luxury Real Estate Report

The Manhattan Luxury Real Estate market saw a big uptick in January and February.

The biggest winter storm of the year couldn’t stop the $4 million and over real estate sales with 30 contracts last week! Condos trumped co-ops 23 to 6. Downtown continues to lead the market. Listen up! Here is some important news! There was a big uptick in the $5M or more market with 28% increase in signed contracts in January and 43% in February compared to the same months in 2016 according to an article that just appeared last week in the WSJ. It’s a must read!

Here is the breakdown according to regions

Manhattan Luxury Real Estate Sales by Region

Manhattan Luxury Real Estate Sales by Region

Average asking price was $6,805,167 versus $9,183,888 the prior week.

The average number of days on the market was 305 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 14% the prior week

The Number 1 signed contract was at a new development condo at 207 West 79th Street # 11 asking $12.5 million

The Number 2 signed contract was at a co-op at 875 Fifth Avenue # 19A  asking $11,050,000 reduced from $13.25 million

Are your curious about the value of your Manhattan home?

Please contact me for a free detailed pricing analysis. Thinking of buying? Contact me for the best strategies for buying in this market.