$4M and over Manhattan Luxury real estate market dipped below average Thanksgiving week lows. 12 contracts were signed versus 14 the previous week. Downtown had 8 contracts ,twice as many as the other areas combined. The average price was $7,370, 417. The average discount from original price was 6% versus 5% the prior week. The average number of days on the market were 353 versus 308 the prior week.
Manhattan Market Snapshot
The number of listings on the market is 6,907 representing a 3.3% decrease from October and a 25.1% increase from the prior year.
The number of signed contracts were 2,471 up 4.8% from October, a good month. Signed contracts were up 3.8% from the prior year
The volatility index ( active to signed contract ratio) is 2.8 down 7.6% from October and up 22.8% from last year. 1.5 to 2.5 is a balanced market range.
Behind the Numbers
The luxury market has weakened, seeing below the benchmark number of signed contracts in the past two weeks after coming off of three consecutive weeks of signed contracts.The overall market has strengthened from October with an 4.8% increase in signed contracts.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $88,445,000 versus $84,830,000the prior week.
- Average asking price was $7,370,417 versus $6,059,286 the prior week.
- Median asking price was $5,147,500 versus $5,972,500 the prior week.
- The average number of days on the market was 353 versus 308 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 6% versus 5% the prior week.The Number 1 contract was a condo – 70 Vestry Street #9S asking $23.5M raised from $21M when offered from floorplans in 2016.
- The Number 2 contract was a condo at 7 Hubert Street #M9C asking $8.75M reduced from $9.25M when it went on the market in April.