Last week the $4 million and over Manhattan luxury market dipped to a low 13 signed contracts. Condos outsold co-ops 9 to 1. Downtown led the market with 5 contracts followed by the Westside with 4. The average discount from asking price was 9% up from the the 6% the prior week. The average number of days on the market plummeted to 275 from the 472 the before.
What is behind the big dip? The dip is temporary and mostly caused by the Jewish holidays falling on Monday and Tuesday. Last year during the Jewish New Year the market dip to 11 contracts. The huge drop in the number of days on the market was due to those sellers pricing their properties closer to market value.
Top Manhattan Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $96,330,000 versus $152,769,999 the prior week.
- Average asking price was $7,410,000 versus $7,638,400 versus the prior week.
- The average number of days on the market was 275 versus 472 versus 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 was 9% versus 6% the prior week.
- The Number 1 contract was a townhouse at 18 West 75th Street asking $15M reduced from $19.5 million when it went it was listed in October of 2016.
- The Number 2 contract was a co-op at the Sherry Netherland 781 Fifth Avenue # 30T asking $12.5 million.