The luxury Manhattan real estate market came roaring back with 27 signed contracts last week, making 3 out of the last 4 weeks above the benchmark range. Let’s hope the one week prior dip to 15 was just an outlier! Condos outsold co-ops 23 to 3. 1 townhouse was sold. Half of the apartments sold were new developments. Downtown led the market with 12 contracts. The average discount from asking price was 5% and the average number of days on the market was 555.
The Manhattan Resale Market
The active listings as of now are 4,448, up 2.1% from last month and 16.5% from last year. Total contracts landed at 1,883, up 10.1% from the previous month and 12.8% from last year. The median days on the market went up to 100, up 9.9% from last month and up 28.2% from last year.
Behind the numbers: More developers and resale sellers are adapting to the new market. The compelling new prices are causing buyers to move forward.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $201,898,989 versus $118,267,000 the prior week.
- Average asking price was $7,477,740 versus $7,884,467the prior week.
- Median asking price was $5,495,000 versus $5,495,000 the prior week.
- The average number of days on the market was 555 versus 576 the prior week. 180 days is the normal range. Luxury real estate has been taking longer to sell.
- The average percentage of discount from the original asking price was 5% from 13% the prior week.
- The Number 1 contract was a condo at 320 West 12th #2 asking $33.5M – sold within a month!
- The Number 2 contract was a condo at 30 Park Place #Ph77B asking $16.45M reduced from $18.875M.
Do you have questions on buying or selling your home? Contact me today!