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

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The Pulse! The Manhattan Luxury Market Stays Below Average

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

East West Midtown Downtown Totals
Co-ops 3 1 0 0 4
Condos 0 3 0 5 8
Townhouses 0 0 0 2 2
Totals 3 4 0 7        14
  •  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.