With 23 contracts signed last week, the luxury market has seen an above average number of signed contracts for the past 3 weeks. 23 contracts were signed. Condos outsold co-ops 17 to 4 and 2 townhouses were in
the mix. Downtown led with 16, the lion’s share of contracts. The average discount was 7% and the average days on the market were 494. 432 Park Avenue saw the #1 spot last week and the 12th time since the beginning of 2018.
Resale Market News
There were 5,206 active listings last week, up 6% from last month and 2,197 signed contracts up 12.1% from last month. The market pulse was .42 still favoring buyers. The average number of days on the market were 99 down 6.6% from last month.
Behind the Numbers
The above average number of signed contracts in the luxury market signal for the past 3 weeks tells us that sellers are flexing more to get deals done. The 12.1 % increase in contracts in the resale market from last month also indicates that more sellers are negotiable as well. Buyers take advantage of these opportunities.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $207,290,000 versus $167,170,000 the prior week.
- Average asking price was $9,012,609 versus $6,686,800 the prior week.
- Median asking price was $6,975,000 versus $5,950,000the prior week.
- The average days on the market was 494 versus 510 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 7% versus 12%.
- The Number 1 contract was a condo at 432 Park Avenue #86B asking $39.5M.
- The Number 2 contract was a townhouse at 71 Laight Street #PHA asking $20M . Sold for $20.365M in 2015.