Carol Staab
Associate Broker
Douglas Elliman
111 Fifth Avenue
New York , NY 10003

Main Content

The Pulse! Condos and Co-ops tie for the first time in over a year!

The Manhattan luxury $4M & over the market is now on its 7th straight winning streak with 20 contracts signed last week.

In a twist, co-ops tied with condos 9 to 9. We usually see them lag behind condos. Downtown led with 10 contracts followed by the Westside with 7. The average listing discount was 5% the same as the prior week.

How did the re-sale market shape up? Listings are up 3% from last month, while pending sales are up 10.9%. The market pulse is .44 up 7.3% from last month still favoring buyers and the average days on market were 87 down 13.9%.

Behind the Numbers

Rarely do co-ops & condos tie in the number of contracts. The last time we saw this was May 2018 and the last time co-ops beat condos was 6 years ago. Co-ops are certainly a better value play than condos if buyers don’t mind the more restrictive form of ownership. The 7 weeks of healthy numbers in the luxury market shows that buyers are taking advantages of the great deals out there.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 1 6 0 2 9
Condos 0 1 1 7 9
Townhouses 1 0 0 1 2
Totals 2 7 1 10         20
  •  Weekly Sales Volume Total was $160,614,000 versus $211,487,000 the prior week.
  • Average asking price was $8,030,700 versus  $9,195,087  the prior week.
  • Median asking price was $6,550,000 versus  $7,495,000 the prior week.
  • The average days on the market was 260 versus 379 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 the same as the prior week, 5% .
  • The Number 1 contract was at 12 E 81 townhouse  asking $25M. Listed 9/2018.
  • The Number 2 contract was a co-op at 145 Central Park West – San Remo #3C asking $16.750M. Reduced from $20M. Listed 10/2018.