The spell cast on the sluggish luxury $4M & over Manhattan real estate market finally broke last week! 26 Contracts were signed. Downtown led with 12 contracts. Condos outpaced co-ops 14 to 8. The average listing discount was 11% and the average days on the market were 396.
Why the sudden surge? My theory – It’s a perfect triad!
1. A year -to – date stock market surge
2. Continuing low interest rates
3. Higher numbers of sellers cutting prices.
Data from Yesterday’s Overall Resale Market
The number of listings was 4,342 up 8.3% from last month and up 24.7% from last year. The number of contracts were 1,773 up 4.75 from last month & up 15.6% from last year. The market pulse ( in contract to active ratio) was .41 down 2.4% from last month & down 6.8% from last year indicating that we are in a buyers’ market. Days on market increased to 91 a 5.8% increase from last month and 28.2% from last year. The overall resale market is seeing an increase in signed contracts as more sellers drop their prices to the new market value. Let’s hope that last week’s luxury numbers weren’t a one week fluke!
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $244,860,000 versus $113,855,000 the prior week.
- Average asking price was $9,417,692 versus $7,115,938 the prior week.
- Median asking price was $5,700,000 versus $6,187,500 versus the prior week.
- The average number of days on the market was 396 versus 383 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 was 11% versus 8% the prior week.
- The Number 1 contract was a triplex condo at 11E 68#PHE purchased as a white box in 2016 for $37,443,583 and renovated. The present asking price was $36M.
- The Number 2 contract was a townhouse at 11 East 82nd Street asking $j44 M in 2017 and now asking $29.5 M.