Only 11 contracts were signed last week in the Manhattan luxury market $4 million and over representing the weakest week of the year. The numbers tend to dip some during the period of Jewish holidays however this number is exceptionally low. Downtown continues to lead the market with 6 of the 11 sales. Condos outpace co-ops 8 to 2.
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Total Number of Manhattan Contracts Signed $4M & Over
11 signed contracts versus 23 signed contracts the prior week.
Here is the breakdown according to regions
- Weekly Sales Volume Total – $61,047,990 versus $197,119,990 prior week
- Average asking price was $5,549,817 versus $8,570,434 the prior week.
- The average number of days on the market was 322 versus 511 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 9% versus 5% the same as the prior week.
- The Number 1 signed contract was a townhouse at 4 Riverview Terrace asking $8,950,000. Sold for $8.75 million in 2008. Only a small increase.
- The Number 2 signed contract at a condo at 56 Leonard Street # 27B West asking $6,975 million reduced from $7.45 million went listed in August after closing at $5,977,710.