The luxury market saw a dip this August due to seasonality and a weak market. With the Fall market just beginning and market activity has already picked up! Even with talk of a recession in the media, the economy and consumer spending are still strong. If you’re looking to buy, there’s a large amount of inventory out there and smart buyers are taking advantage of the deals the current market is offering. Sellers, realistic pricing and a smart marketing plan, including staging, photography and video are key!
Luxury Real Estate Data Insights for September
As you can see below the Starter Luxury market ($1M-$2M) saw the highest volume of contracts of all the luxury segment. The mid-range luxury segment ($2M-$5M) saw the highest number of contracts last month due to buyers rushing to close before the mansion tax rate rose. See the breakdown by segment below:
Starter Luxury
| Prices $1M – $2M | 180 Total Signed Contracts | Down 9.9% from July |
| Condos & Co-ops | Median Price $1.53M /$1430 PSF | Down 1.8% from July |
| Median Size 1,100 sq. ft. | Remained The Same | |
| Avg. Days On Market – 86 | Remained The Same |
Mid-Range Luxury
| Prices $2M – $5M | 102 Total Signed Contracts | Down 33.7% from July |
| Condos & Co-ops | Median Price $2.70M/$1975PSF | Up 2.7% from July |
| Median Size 1,421 Sq. Ft. | Same As July | |
| Avg. Days On Market – 88 | Up 5.2% from July |
Ultra Luxury
| $5M – $10M | 39 Total Signed Contracts | Up From 30 In July |
| Condos & Co-ops | Median Price $6.35M/$2,353 PSF | Remained The Same |
| Median Size 2,942 Sq. Ft. | Remained The Same | |
| Avg. Days On Market -159 | 159 Remained The Same |
Mega Luxury
| $10M & Over | 10 Total Signed Contracts | Up From 1 In July |
| Condos & Co-ops | Median Price – $17M /$2,950 | Down From $17.75M In July |
| Median Size 7,357 Sq. Ft. | Up From 6,800 In July | |
| Avg Days On Market 125 | Up From 121 In July |
Townhouse Luxury
| Single Family Townhouses | 9 Total Signed Contracts | Up From 4 In July |
| Average Price $15.29M | Up From $7.7M In July | |
| Median Size 8,602 Sq. Ft | Up From $8.95M In July | |
| Avg. Days On Market 129 | Up From 101 Days In July |
If you have any questions about how to navigate the current market, contact me any time for a consultation!