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
- 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.