Intro - Texas Property Group Intro - Texas Property Group

Main Content

Home » The Pulse » Manhattan Luxury Real Estate Report – April 18

Manhattan Luxury Real Estate Report – April 18

Since I focused on the Q1 report in last week’s Pulse, this week I’m breaking down how the last two weeks performed.

The Manhattan $4 millon and over luxury market continues in its 11th straight week of having 20 plus signed contracts. Last week there were 25 signed contracts. Condos outpaced co-ops 14 to 9. Downtown led the market with 12 signed contracts. The discount rate fell to 5% from the prior week. The average days on market were 380

The first week of April saw 29 signed contracts. Condos led the market 22 to 6. Downtown led the number of signed contracts with 12 however the Westside came in very close with 11 signed contracts. The discount rate was 6% The average days on market were 359.

The strong number of luxury transactions is due to sellers willing to negotiate down further to meet the buyer. More sellers are adapting to the new market values and letting go of aspirational 2014 peak market pricing.

Top Luxury Real Estate Sales and Stats

Here’s how the first week of April performed:

East West Midtown Downtown Totals
Co-ops 2 2 0 2 6
Condos 1 9 3 9 22
Townhouses 0 0 0 1 1
Totals 3 11 3 12 29
  •  Weekly Sales Volume Total was $263,301,000 versus $182,810,000 the prior week
  • Average asking price was $9,079,345 versus $7,031, 154 the prior week.
  • The average number of days on the market was 359 versus 383the 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 6% versus 3%the prior week.
  • The Number 1 signed contract was at the new development condo at 432 Park Avenue #71A   and 71B total asking price $68.5M.
  • The Number 3 signed contract was at the Majestic co-op at 115 Central Park West # PH31/33CD asking$19.5M reduced from $24.5M.

And, here is how the following week wrapped up:

East West Midtown Downtown Totals
Co-ops 4 2 1 3 9
Condos 2 3 0 8 14
Townhouses 0 0 1 1 2
Totals 6 5 2 12                     25
  •  Weekly Sales Volume Total was $230,220,000 versus $263,301,000 the prior week
  • Average asking price was $9,208,800 versus $9,079,345 the prior week.
  • The average number of days on the market was 380 versus 359 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 5% versus 6%the prior week.
  • The Number 1 signed contract was at the new development condo at 443 Greenwich Street PH asking $58M raised from $51M.
  • The Number 3 signed contract was at the Majestic co-op at 115 Central Park West # PH31/33CD asking$19.5M reduced from $24.5M

Stay up to date on the latest in Manhattan Luxury Real Estate in my blog!