The Manhattan luxury real estate market had a solid performance for the last week in April with 25 contracts signed. The week mirrored the fourth week in April from 2018 to 2016. Condos outsold co-ops 19 to 6, while Downtown led neighborhoods with 15 contracts. The average number of days on the market was 422, and the average listing discount was 12%.
Real Estate Sales Market – By the Numbers
There were 5,028 active listings up 8.5% from last month, with 2,137 in contract, which is up 14.8% from last month. The market pulse was .43, once again favoring buyers. Unchanged from last month, the median number of days on the market was 104.
Behind the Numbers
With downtown dominating, the performance in the luxury market tells us that sellers and developers are adjusting their prices to this new market. The 14.8% rise in the number of signed contracts in the resale market also points to sellers lowering their prices and buyers moving forward to take advantage of the buying opportunities.
Top Manhattan Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $187,133,199 versus $138,973,500 the prior week.
- Average asking price was $7,485,360 versus $7,314,395 the prior week.
- Median asking price was the same at $5,995,000 the prior week.
- The average days on the market were 422 versus 565 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 12% versus 11% the prior week.
- The Number 1 contract was a condo at 130 W 12 #PH asking $21.5M.
- The Number 2 contract was a townhouse at 122 Greenwich Avenue asking $16.9M reduced from $23.95M.
As always, if you have any questions about buying or selling real estate, contact me any time!