Manhattan Co-Op Sales Hit a Six Year High!
Last week’s biggest news in the $4M and over luxury market was that there were 14 signed Manhattan co-op contracts, the largest number in 6 years! Here is some other fabulous news to rejoice about! 330 contracts were signed this quarter representing a 33% increase over the same time period in 2016. Something else to note! The east side for the first time in ages actually beat downtown market in the number of signed contracts.
Here are some why’s behind the numbers. The strong co-op comeback is due partially to sellers willing to negotiate their prices (7% average discount from list price) after spending an average of 390 days on the market. The rebounding luxury real estate market is this quarter is also due to the strong comeback of the stock market and buyer pent-up demand.
Total Number of Manhattan Contracts Signed $4M and over – 31 vs 30 the week prior.
Breakdown of sales by region:
Average asking price was $7,852,419 versus $6,805,167 the prior week.
The average number of days on the market was 340 versus 305 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 9% versus7% the prior week.
The Number 1 signed contract was at a new development condo at 432 Park Ave # 80B asking $44,250,000.
The Number 2 signed contract was at a condo at 155 East 79th St #Duplex 9 asking $14.1 million.
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