Only 12 contracts were signed in the luxury $4M and over Manhattan real estate market last week. It was the most dismal 3rd week in January since 2012. Condos outsold co-ops 9 to 2. Downtown as usual led with 8 contracts.The average discount was 14% and average days days on market were 747.
The number of active listings as of yesterday is 6,013 down 2.3% from last month, up 17.9% from last year. The number of contracts is 2,297 down 3.2% from last month, down .1% from last year. The Market Pulse (in contract to active ratio) is .38 down 2,6% from last month and down 15.6% from last year. Median number of Days on the market was 89 down 2.2% from last month up 29% from last year.
Here is some good news! I had a big increase in the number of showings on my $3M and under listings. Other brokers reported increases also.
Manhattan Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $97,264,000 versus $143,875,000 versus the prior week.
- Average asking price was $8,105,333 versus $11,067,308 the prior week.
- Median asking price was $6,497,500 versus $7,500,000 versus the prior week.
- The average number of days on the market was 747 versus 564 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 14% versus 1% the prior week.
- The Number 1 contract was a condo at 56 Leonard #PH54 asking $22M reduced from $30M when it went on the market June 2017.
- The Number 2 contract was a townhouse at 109 West 11th Street asking $11.65M.