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Manhattan Luxury Real Estate Report – May 1

The Manhattan luxury $4M and over market is now in its 13th straight winning streak Last week 25 contracts were signed. Here is some important data you should know! From Jan 01 to the present 46% of the signed contracts were new development a sizable increase of the 37% of the last several years. Why the big jump? Developers were motivated to sell their units so they were more negotiable. Pricing fell by 9% from year to date . The average days on market have increased to 440 compared to the 337 the same time last year. Condos outsold co-ops 15 to 7. Downtown as usual led the market with 9 contracts followed by the Westside with 7.

Top Luxury Real Estate Sales and Stats

Breakdown by Manhattan neighborhood:

East West Midtown Downtown Totals
Co-ops 4 1 0 2 7
Condos 0 6 3 6 15
Townhouses 2 0 0 1 3
Totals 6 7 3 9                   25
  • Weekly Sales Volume Total was $236,808,990 versus $324,764,990 the prior week.
  • Average asking price was $8,777,430 versus $9,472,360 the prior week.
  • The average number of days on the market was 440 versus 364 versus 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 16% versus 7% the prior week.
  • The Number 1 signed contract was at the new development condo at 157 W 57 Floor 85 asking $59M reduced from $70 M when listed October 2017.
  • The Number 2 signed contract was a house at 46 E 83rd Street asking $16.5M reduced from $21M when listed in June of 2016.

Be on the lookout for more luxury real estate news and information in my blog!