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Manhattan Luxury Real Estate Report – January 15

The luxury $4M and over Manhattan real estate market was identical to the same week in 2018 with 13 signed contracts. Condos outsold co-ops 7 to 3. Three townhouses sold. Midtown led with 5 contracts. The avg number of days on the market were 564 way up from 379 days. The average listing discount was 1%, down from 5% last week. The overall resale market saw 1,765 signed contracts as of Jan 13 up 1.7% from last month & up 9.6% from last year. Supply is down 8.4% from last month and up 33.1% from last year. The Market Pulse (pending to active ratio) was .44 up 10% from last month and down 18.5% from last year. Buyers, take advantage of these opportunities that you haven’t seen for 9 years! They won’t last forever! Sellers, if you price correctly and your home will sell.

Manhattan Luxury Real Estate Sales and Stats

Here is the breakdown according to regions

East West Midtown Downtown Totals
Co-ops 1 1 0 1 3
Condos 0 2 4 1 7
Townhouses 2 0 1 0 3
Totals 3 3 5 2             13
  •  Weekly Sales Volume Total was $143,875,000 versus $114,685,000 versus the prior week.
  • Average asking price was $11,067,308 versus $9,557,083 the prior week.
  • Median asking price was $7,500,000 versus $5,462,500 the prior week.
  • The average number of days on the market was 564 versus 379 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 1% versus 5% the prior week.
  • The Number 1 contract was a condo at 432 Park Avenue #95A asking $41.25M . Last week 432 Park #95B was the top sale closing at $30,191,920 representing a 226% discount from the asking price.
  • The Number 2 contract was at the One57 condo at 157West 57 #60B asking $28.9M. It went into contract in the $22 M range.