The nearly 3 month sleepy weak spell in the luxury Manhattan $4 million and over luxury market finally broke last week with 23 signed contracts. Let’s hope last week’s comeback continues. Condos continue to outsell co-ops . Last week condos led 16 to 5. As usual the downtown market continued to outpace the rest of the Manhattan areas with 12 signed contracts. Are you curious about why condos continue to dominate the luxury market? This article will give you some insight.
In this week’s Pulse blog I share my tips on “How To Price Your Manhattan Home.” The average number of days for luxury property to be on the market before a sale is over a year now. This is due to so many overpriced homes on the market. 180 days is average in a balanced market. Correct pricing is critical to getting your home sold for the best price possible.
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This was the first time in 11 weeks that the luxury market broke 20 signed contracts, with a total of 23. The week spell is over for now, but will it last?
Here is the breakdown according to neighborhood:
- Weekly Sales Volume Total – $197,119,990 versus $111,045,000 prior week
- Average asking price was $8,570,434 versus $7,931,786 the prior week.
- The average number of days on the market was 511 versus 680 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 5% versus 3% the
- same as the prior week.
- The Number 1 & 2 signed contract were condos : 275 West 10th PHC asking $29.5 million and PH A asking $18.85 million.
- The Number 2 signed contract at a condo at 21 East 66 Floor 7 asking $12.95 million