The $4M & over luxury Manhattan real estate market bounced back last week with 20 signed contracts. Condos outsold co-ops 16 to 3. Here is a change! Westside led with 10 contracts followed by downtown with 6. The average discount was 11% versus 6% the prior week. Average number of days on the market were 555 versus 353 the prior week. The overall market had 6,549 active listings , down 8.8% from the prior mos and down 20.7% from the prior year. The number of signed contracts was 2,448 up 2.8% from the prior month and down from 3.9% from the prior year. The volatility index was 2.68 down 9.8% from prior month and
up 24.7% from the prior year. The index is above the average 2.5 and is favoring buyers.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $139,365, 000 versus $88,445,000 the prior week.
- Average asking price was $6,968,250 versus $7,370,417the prior week.
- Median asking price was $4,925,000 versus $5,147,500the prior week.
- The average number of days on the market was 555 versus 353 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 6% the prior week.
- The Number 1 contract was at the Time Warner condo #75C & #75E asking $23,495,000 reduced from $35 million when listed in June 2015.
- The Number 2 contract was a condo at 27 E 79#PH asking $22.8 million.