Last week, the performance of the luxury Manhattan real estate market was a pleasant surprise. Even with the holiday week, 19 contracts were signed, just one below the benchmark. Condos outsold co-ops 12 to 6. Downtown led with 10 contracts followed by the east side with 5. The average discount from the list price was 11% and the average number of days on the market were 565.
Here’s the overall resale market data; there were 4,896 active listings up 8.5% from last month, with 2,033 listings in contract up 10.2% from last month. The market pulse is .42 favoring buyers. (.50 is a balanced market). The median number of days on the market were 106 up 3.9% from last month.
Behind the Numbers
Last week’s decent number of signed contract despite a holiday week could signal that the second quarter will turn out to be a good one. The number of signed contracts in the overall resale market was up 10.2% also a good sign that the second quarter may be better than the dismal first quarter. I love hearing from you so keep sending me your comments and questions.
Top Manhattan Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $138,973,500 versus $127,450,000 the prior week.
- Average asking price was $7,314,395 versus $7,497,059 the prior week.
- The median asking price was $5,995,000 versus $6,250,000 the prior week.
- The average days on the market were 565 versus 306 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 11% versus 12% the prior week.
- The Number 1 contract was a condo at 150 Charles Street#10B asking $14.95M sold in only 98 days!