The luxury $4M and over market is continuing its 20 plus signed contracts per week run since January. Condos outsold co-ops 13 to 4. Last week we had 22 luxury contracts signed in Manhattan. Downtown with 11 signed contracts took almost half of the market share. The Eastside came in second with 8 contracts. The average days on market were 390. The average discount remained the same as the week prior at 7%.
Behind the Numbers
Behind the numbers- In spite of the slower pace and increased inventory the luxury market is experiencing a steady stream of above average numbers of signed contracts. The numbers are driven up by sellers becoming more about realistic about pricing. Buyers are responding to well priced homes and are moving forward with their decisions to purchase now.
Do you want to sell your home successfully in this current market? Then price your home at or just below market value to attract the highest level of interest that could result in possible multiple offers. Correct pricing is key in this market!
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $174,507,190 versus $281,251,499 the prior week.
- Average asking price was $7,932,145 versus $8,522, 773 the prior week.
- The average number of days on the market was 390 versus 408 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 tied at 7% with the prior week.
- The Number 1 contract was a townhouse at 66 Morton Street asking $16.5M down from $18.45M
- The Number 2 signed contract was at a co-op at 910 Fifth Avenue # 11A asking $14.9M reduced from $17.5M