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Manhattan Luxury Real Estate Report – June 6

The Manhattan luxury $4M and over market celebrates its 18th straight week of being in the above average signed contract range with 22 signed contracts. Co-ops and condos tied both with 10 contracts. This is great news for co-ops who usually fall way behind the condo market. Here is another oddity! Only 4 contracts were from new development. The Eastside beat the downtown market 8 to 7. The average number of days on the market fell from 334 to 253. The average discount rose from 8% from 7%.

Behind the numbers! The large rise in the number of co-op contracts last week indicates that sellers are getting more educated about the current market and negotiating harder to get deals done. Co-ops represent a better value than condos if buyers are willing to submit to the board approval process. This spring Manhattan has truly transitioned into a buyers’ market in most cases. Buyers who plan to finance are getting on board to purchase now prior to impending rising interest rates coming soon. New developers are also offering concessions and price cuts in many cases to get deals done. Real estate markets like the stock market run in cycles. The present buyers’ market is expected to last for several years. If you are a seller holding back from putting your home on the market thinking that this present market is just a short blip than you may want to reassess your thinking and list now.

Top Manhattan Luxury Real Estate Sales and Stats

 

East West Midtown Downtown Totals
Co-ops 7 3 0 0 10
Condos 0 3 1 6 10
Townhouses 1 0 0 1 2
Totals 8 6 1 7                 22
  •  Weekly Sales Volume Total was $160,078,000 versus $224,910,000 the prior week.
  • Average asking price was $7,276,273 versus $6,685,000 the prior week.
  • The average number of days on the market was 253 versus 334 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 8% versus 7%the prior week.
  • The Number 1 contract was a new development unit at 52 Wooster Penthouse asking $13.9M down from $14.9M when it when on the market a year ago.
  • The Number 2 signed contract was at 56 Leonard asking $10,978,315 reduced from $13,950,000 when it went on the market in 9/2018.