The luxury Manhattan real estate market is on a roll! For the past 4 out of 5 weeks contract numbers have been above the benchmark of 20, with 27 contracts signed last week. Condos outsold co-ops 15 to 10 and there were 2 Townhouses in contract. Not surprisingly, Downtown led the market with 11 contracts followed by the Eastside with 6.
While this is all excellent news, the quarter will mark the 3rd year in a row that signed contracts have declined in the first quarter. This quarter is seeing a 19% decline over the first quarter of 2018, on top of the 15% decline in 2018. In the overall market- there are 4,568 active listings, up 7.3% from last month and up 17.5% from last year. There are 1,919 contracts, up 10.8% from the previous month and up 12.3% from 2018. The days on the market is up 10.8% from last month & up 28.7% from last year.
Behind the Numbers!
Looking at the declining number of contracts in Q1 in the last three years, it appears that there are sellers in this segment need who still need to adjust their prices further. The overall resale market is performing better than the luxury market, especially in the under $3M range. Interest rates are declining which should help generate more sales in the $3M and under part of the resale market and may have a positive effect on the luxury market too.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $199,485,000 versus $201,898,989 the prior week.
- Average asking price was $7,388,333 versus $9,763,182 the prior week.
- Median asking price was $6,400,000 versus $7,477,740 the prior week.
- The average number of days on the market was 373 versus 555 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% versus $5% the prior week.
- The Number 1 contract was a co-op at 1107 Fifth Avenue #14S asking $21M that sold immediately when listed!
- The Number 2 contract was a condo at 111 Murray Street #59 West asking $16.9 million.
If you have any questions about buying or selling real estate, contact me for an evaluation!