The Manhattan luxury market is in its fourth week of below average performance, with 14 contracts signed. It was the first time in over a month that a property went into contract over $10M. Condos outsold co-ops 8 to 4 and Downtown led the market with 7 contracts. The average listing discount was 15% and the average number of days on the market were 470. Here’s the news in the overall resale market, The number of active listings is 4,782 down 8% from the prior month and up 11.6% from the prior year. The number of pending sales are 2,326 the same as last month and up 8.5% from last year. The market pulse is .49% up 8.9% from last month still favoring buyers.The average number of days on the market are 77 down 4.9% from last month and up 32.8% from last year.
Behind the Numbers
The luxury market continues to have weak numbers due both seasonality and the fact the 2nd quarter poached a lot of future sales.
Top Manhattan Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $89,609,000 versus $75,339,000 the prior week.
- Average asking price was $6,400,643 versus $6,795,308 the prior week.
- Median asking price was $5,322,500 versus $5,500,000 the prior week
- The average days on the market was 470 the same as 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 15% versus 10% the prior week.
- The Number 1 contract was a townhouse at 50 Sullivan Street asking $12.5M reduced from $17.25M.
- The Number 2 contract was a tie at 459 West 18th St #PH2 at $8.95M and 166 Duane Street #11B at $8.95M.