The Manhattan luxury market $4 million and over market only saw 15 signed contracts last week. However that isn’t really bad news since it was just a couple contracts shy of the 2014 peak Thanksgiving week. Condos outpaced co-ops 14 to 1. The downtown market continues to lead with 9 contracts and the east side and west side are tied at 3. The discount from asking price was 19% last week. The average days on market were 301.
Total Number of Manhattan Contracts Signed $4M & Over
With 15 signed contracts last week vs 29 the week prior, the market was near peak the week before Thanksgiving.
- Weekly Sales Volume Total was $112,462,000 versus $229,677,000 versus prior week
Average asking price was $7,497,467 versus $7,919,897 the prior week.
- The average number of days on the market was 301 versus 465 days 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 19% versus 7% the prior week.
- The Number 1 signed contract was at a resale condo at 15 Central Park West #8B asking $25 million that was reduced from $33 million when listed in June 2017.
- The Number 2 signed contract was a resale at 53 Leonard Street Penthouse asking $8,999,000 million reduced from the $18 million when it was listed in May 2016. The penthouse was purchased for $5.8 million in 2010 and then was renovated.
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If you’d like to know more about how the current market might affect buying or selling your home, contact me today!