After three consecutive weeks of above benchmark numbers (20 signed contracts) the Manhattan $4M and over luxury market dropped to a disappointing 14 contracts. Condos outsold co-ops 7 to 6. One townhouse was sold. Downtown led with 6 contracts followed by the Eastside with 4. Midtown had 0 signed contracts. The average discount from the original asking price was down to 5% from 9% The average days on the market were down to 308 versus 419. It was the first time since September 2017 that no contract was signed in the $10 or over range.
Here’s the up to the minute overall market overview. There are 7,122 listings on the market as of yesterday, up 24% from last year. There are 2,508 listings in contract as of yesterday , up 6.5% since last year. Signed contracts were up because sellers are traveling further to meet the buyers in negotiations. The volatility index ( the active to signed contract ratio) is 2.84 favoring buyers. a 1.5 to 2.5 range represents a balanced market.
Buyers, take advantage of this market and don’t lose out! You can’t time the bottom of the market. Sellers, properties are moving if priced correctly and show well. The fastest paced sales are properties priced below $3 million.
Top Manhattan Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $84,830,000 versus $153,001,000 the prior week.
- Average asking price was $6,059,286 versus$7,285, 762 versus the prior week.
- Median asking price was $5,972,500 versus $6,500,000.
- The average number of days on the market was 308 Versus 417 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 was 5% versus 9% the prior week.
- The Number 1 contract was at Time Warner Center – 255 E 74 #29A asking $7.995M reduced from $8.495M when it went on the market in Oct. It sold for $7.6M in 2017.
- The Number 2 contract was at the co-op London Tower Terrace 410 West 24 #PHA asking $7.95M. Reduced from $8.4M when listed in May.