Last week, typically the sleepiest week of the summer stunned the $4M and over market luxury Manhattan real estate market with 24 signed contracts. It was the 25th week this year that the market hit the healthy 20 and above signed contract range. Downtown led the market with 12 contracts followed by the west side with 6 contracts. The average listing discount was 11% the same as the last 2 prior weeks! The average number of days on the market were 504.
Behind the numbers – The large bump up in the number of signed contracts during the last week of August , usually a very slow week signals that sellers and developers are working very hard to get their properties sold by adjusting their prices and offering incentives. Buyers are taking advantage of the great buying opportunities
My Recommendation to Home Sellers!
Are you thinking of selling your Manhattan home this fall? Make sure you hire a broker who is a marketing expert who will make sure that your home is well staged , has excellent photos and a compelling video to tell a compelling story to the buyer on the lifestyle that your home has to offer. It is critical that you price your home correctly. “If the price isn’t compelling than a home isn’t selling!”
My Recommendations for Home Buyers!
The Manhattan market is now buyer centric. However you must really know the market! Your broker will be able to give you insider information about what is truly going on in the market. You can’t obtain this insight just by looking at data on Streeteasy.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $195, 518,000 versus $172,317,500 the prior week.
- Average asking price was $8,146,583 versus $9,069,342 versus the prior week.
- The average number of days on the market was 504 versus 676 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 11% the same as the last 2 weeks.
- The Number 1 contract was at the Pierre Hotel – 795 Fifth Avenue#1602 asking $22.5M.
- The Number 2 contract was at 11 Hubert Street asking $19, 995,000 reduced from $35M.