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

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Manhattan Luxury Real Estate Report – May 21

The Manhattan luxury $4M and over market continues its strong numbers for the 16th straight wee with 21 signed contracts. The condo market outpaced co-ops 15 to 5, while the average number of days on market came down to 289. Typically the number of days on market have been over 300. Not surprisingly, downtown market continues to lead with 15 contracts and the Westside & Midtown tied for second place with 4. The average number of days was 450 up from last week’s 289. The discount from original asking price to last asking price averaged 4% down from the previous 11%.

Interesting factoid! For the fourth time this year 432 Park saw a #1 signed contract.

What’s behind these numbers? 12 of the 21 contracts were new development and more than half of the signed contracts were downtown. Sellers are flexing by continuing to offer concessions and discounts to get deals done. More sellers are adjusting their mindset to the new market and that is helping to keep the number of transactions healthy.

Top Manhattan Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 2 2 0 1 5
Condos 1 2 4 8 15
Townhouses 0 0 0 1 1
Totals 3 4 4 10                   21
  •  Weekly Sales Volume Total was $221,020,000 versus $187,329,000the prior week
  • Average asking price was $6,995,000 versus $7,805,375 the prior week.
  • The average number of days on the market was 450 versus 289 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 11% the prior week.
  • The Number 1 contract was at the new development condo 432 Park Avenue for the 4th time this year! 432 Park #93A asking $40.75M.
  • The Number 2 signed contract was at a co-op The Beresford #16B/17AB asking $26.5M reduced from $29.5M when originally listed in September.  The seller is movie producer, Bob Weinstein.