The 10 week winning streak in the Manhattan $4M and over luxury real estate market fizzled out last week. Only 9 contracts were signed marking the lowest week since December. Condos outsold co-ops 7 to 2 . Downtown led the market with 5 contracts. The average number of days on the market were down to 309 and the average discount from asking price was 6%.
In the overall resale market, inventory dropped 31.5% from May. There were 701 contracts signed, which was down 7.4% from May. The market pulse was .48 still favoring buyers.
Behind the Numbers!
One might assume the reason for the low numbers in the luxury market was due to the 4th of July holiday. However the big reason for the weak numbers was due to so many buyers rushing in the previous weeks to close before the mansion tax rose on July 01. Stay tuned for a special edition of The Pulse on Thursday for the the second quarter Manhattan market report. Spoiler alert! The second quarter saw positive numbers after six straight consecutive quarters of decline.
Top Luxury Real Estate Sales and Stats
- 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 $9.995M.
- The Number 2 contract was at the condo at 10 Madison Square West #8F asking $7.65M.