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

Main Content

The Pulse! The Luxury Real Estate Market Sees 3 Straight Weeks of Dismal Numbers

The Manhattan luxury $4M and over market is in it 3rd week of dismal numbers with only 13 contracts signed. For the past 3 weeks there hasn’t been a contract signed for $10M or above. Condos outsold co-ops 9 to 2 and Downtown led the market with 6 contracts. The average discount from asking price was 10%, while the average number of days on the market were 470.

Why are the numbers so dismal? Partly it is due to being in the slow summer season. However, it is mainly related to the high number of contracts that were signed previously to beat the July 1 mansion tax increase.

Top Manhattan Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 0 2 0 0 2
Condos 0 0 2 5 7
Townhouses 0 0 0 0 0
Totals 0 2 2 5         9
  • Weekly Sales Volume Total was $53,939,000 versus  $236, 993, 000 the prior week.
  • Average asking price was $5,993,222 versus  $9,479,720 the prior week.
  • Median asking price was $5,250,000 versus $6,495,000the prior week.
  • The average days on the market was 309 versus  534  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 6% versus 10% the prior week.
  • The Number 1 contract was a condo at 7 Hubert Street #8B asking $9.725M reduced from $9.995.
  • The Number 2 contract was at the condo at 10 Madison Square West #8F asking $7.65M.

Stay tuned  for my “Talking Manhattan” Interview where I discuss what is going on in the Manhattan market . Coming Thursda