The Manhattan $4M & over luxury market is on a roll for the past 5 weeks, with 23 contracts signed! The hottest news is that 111 W 57th street, which sold for $58M remains the #1 contract for the second week in a row. The second was the penthouse at 212 Fifth Avenue. Both were the most expensive deals this year.
Condos outsold co-ops 12 to 8. In a change, the eastside led with 11 contracts followed by downtown with 8. The average days on the market were 399. The average discount was 4%. News in the general resale market- The number of active listings were 5,270 up 4.6% from last month & 14.2% from last year. The number of signed contracts were 2,314 up 12.1% from last month and up 10.2% from last year. The market pulse is .44 ( .50 is a balanced market) up 7.3% from last month, however still favoring buyers. The average number of days on the market were 94 down 10.5% from last month.
Behind the Numbers
The healthy number of signed contracts for the past five weeks in the luxury market indicate that more buyers are taking advantage of the opportunities. The 2 signed contracts with $58M asking prices tells us that the $20M & over the market is thriving. The rise in the number of signed contracts in the resale market is due to sellers being more flexible to get deals done.
Top Manhattan Real Estate Sales and Stats
- Weekly Sales Volume Total was $220,600,000 versus $191,215,000the prior week.
- Average asking price was $9,591,304 versus $6,650,000 the prior week. Median asking price was $5,900,000 versus $6,975,000 the prior week.
- The average days on the market was 399 versus 422 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 4% versus 13%.
- The Number 1 contract was a condo at 111 Fifth Avenue # PH61 asking $58M when listed in October of 2015.
- The Number 2 contract was a townhouse at 134 E 74 asking $17.25M.