The $4M and over Manhattan luxury real estate market turned out too be a hot month in February, the second best on record. The first week in March entered like a lion with 28 contracts signed versus 20 contracts signed in the first week of March last year. The big surprise for last week was that the top 2 contracts were co-ops! We haven’t seen this for a year! 22 of the contracts were condos and 6 were co-ops. Downtown led the rest of Manhattan with 11 signed contracts.
Here is the breakdown according to regions
Average asking price was $6,462,679 versus $7,047,333 the prior week.
The average number of days on the market was 354 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 4% versus 6%the prior week
The Number 1 signed contract was a co-op – 24 Gramercy Park North #8/9 asking $16 million.
The Number 2 signed contract was a co-op – 262 Central Park West # 10E asking $12.5 million.
The spring market is off to a great start!
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