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

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Manhattan Luxury Real Estate Report – October 24

The winning streak for the $4M and over luxury Manhattan market continues for the third week in the row with 22 signed contracts. Condos outpaced co-ops 15 to 5 and downtown just barely beat the West Side for the number of contracts 9 versus 8. One stat to really pay attention to is the large rise in the average number of days on the market this fall compared to last fall (447 versus 346).

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Total Number of Manhattan Contracts Signed $4M & Over

There were 22 total signed contracts in the Manhattan Luxury Real Estate Market last week. This was up by 1 contract from the week prior. This is the 3rd week where the market has continued it’s winning streak.

Here is the breakdown according to neighborhood:

East West Midtown Downtown
Co-ops 2 2 0 1
Condos 1 5 1 8
Townhouses 1 1 0 0
Totals 4 8 1 9                      

Key Stats

  • Weekly Sales Volume Total was $163,340,000 versus $198,478,000prior week
  •  Average asking price was $7,424,545 versus $9,451,333 the prior week.
  • The average number of days on the market was 525 versus 472 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 14% versus 3% the prior week.
  • The Number 1 signed contract was a resale at the Greenwich Lane at 140 W 12th Street #PH 7A that sold from floor plans in 2014 for $18,867,060 . It was listed at $22.5M in June and then reduced to $19,995,000 and now is in contract
  • The Number 2 signed contract was at 1 Central Park South #1601 asking $15M reduced from $18.3M when it was listed in April.

See how Manhattan Luxury Real Estate this quarter is comparing to Q3 in my Market Report.