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Manhattan Luxury Real Estate Market Report – July 31

The luxury Manhattan $4 Million and over market woke up last week from its two week summer slump. There were 26 signed contracts. It was the best week since July 2006! Condos outsold co-ops 20 to 3. Downtown and the Westside were tied with 9 contracts. The average days on market skyrocketed to 536. The listing discount from the original asking price was a whopping 15%. What’s behind this big jump in numbers? First almost half of the contracts were from developers . This sends strong signals that developers are now discounting at higher rates to get apartments sold. If you are selling make sure your apartment is priced to sell. Buyers! There are some great opportunities out there so don’t miss them.

Top Manhattan Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 3 0 0 0 3
Condos 0 9 3 8 20
Townhouses 1 0 1 1 0
Totals 4 9 4 9                 26
  • Weekly Sales Volume Total was $236,009,000 versus $98, 658,000the prior week
  • Average asking price was $9,077,269 versus $,7,589,077the prior week.
  • The average number of days on the market was 536 versus 426 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 15% versus 10% the prior week.
  • The Number 1 contract were 2 condos at 1 West End Avenue 29B & 30B to be combined asking a total of $27.15 million.
  • The Number 2 contract was a townhouse at 38 Prince Street asking $23.5 million reduced from $25 million when it was listed in 11/2015.