The Pulse! In Prime Selling Season, The Manhattan Luxury Market Takes a Hit

After five weeks of numbers above the benchmark, the Manhattan luxury market’s winning streak broke last week, with only 17 contracts signed. These numbers are a big disappointment as it’s the prime selling season! Sales included just 3 new development condos. The five townhouses that were sold are all located on the Upper East side, in the 70s & 80s between Lexington Street and Park Avenue, averaging under $10M. Broken down by neighborhood, the Eastside led with nine contracts followed by downtown with four. Condos outsold co-ops six to five. The average days on the market were 306, with an average listing discount of 12%.

In the overall resale market, there were 4,907 active listings up 10.9% from last month and 2,050 in contract, which is up 13.1% from last month. Once again, the market pulse favored buyers at .42. The average days on the market landed at 106 up 7.1% from last month, and the number of signed contracts for March were 695 up 18.6% from last month.

Behind the Numbers

Resales outperformed new development last week. The 18.6% increase in the number of signed contracts for March tells us more sellers are pricing to the new market.

Top Luxury Real Estate Sales and Stats

• Weekly Sales Volume Total was $127,450,000 versus $213,218,000 the prior week.
• Average asking price was$7,497,059 versus $7,896,963 the prior week.
• The Median asking price was $6,250,000 versus $5,675,000the prior week.
• The average days on the market were 306 versus 454 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 5% the prior week.
• The Number 1 contract was a condo at 1 West 67^th Street # PH905 asking $11.995M reduced from $19M.
• The Number 2 contract was a townhouse at 182 E 75^th Street asking $11.5M reduced by $495,000.