The Manhattan luxury real estate market, $4M and over, is now in its 8th straight where the number of signed contracts reach above benchmark numbers. With 22 contracts were signed last week, summer is looking good in Manhattan real estate. Condos outsold co-ops 16 to 2, with 4 townhouses in the mix. The average days on the market were 491 and the listing discount from original asking price was 15%.
The general resale market saw a .5% decrease in active listings and a 7.3% increase in the number of contracts from the prior month. The market pulse is .44 up 7.3% from last month, however still favoring buyers (.5 is a balanced market). The average days on market were 84 down 14.3% from the prior month.
Behind the Real Estate Numbers
The 8 straight weeks of healthy numbers tells us that buyers are purchasing when they feel a property is a good value. The high number of days on the market and the 15% listing discount signal that the luxury market is generally overpriced. Sellers for the past 8 weeks are adjusting their prices to get deals done.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $195,137,000 versus $160,614,000 the prior week
- Average asking price was $8,869,864 versus $8,030,700 the prior week.
- Median asking price was $7,550,000 versus $6,550,000 the prior week.
- The average days on the market was 491 versus 260 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 15% versus 5% the prior week.
- The Number 1 contract was at 1 Central Park West #42C asking $18.995 M reduced from $30M when listed in Sept of 2017.
- The Number 2 contract was at 30 Riverside Boulevard #30 asking $18M.