Intro - Texas Property Group Intro - Texas Property Group

Main Content

Home » The Pulse » Manhattan Luxury Real Estate Report – May 15

Manhattan Luxury Real Estate Report – May 15

The Manhattan luxury $4M and over market continues its strong numbers for the 15th straight week. The condo market outpaced co-ops 16 to 5. The average number of days on market came down to 289. Typically the number of days on market have been over 300. The downtown market continues to lead with 12 contracts and the East Side was second with 6 contracts. The average number of days came down a bit to 289. Typically the number is over 300 days. The discount from original asking price to last asking price averaged 11%.

What’s behind these numbers? There was an average of a 11% decrease from the original asking price. Sellers are becoming increasingly more negotiable causing buyers to move forward. That is why a healthy number of deals are getting done!

Manhattan Luxury Real Estate Top Sales and Stats

East West Midtown Downtown Totals
Co-ops 2 2 0 1 5
Condos 2 2 2 10 16
Townhouses 2 0 0 1 3
Totals 6 4 2 12                   24
  •  Weekly Sales Volume Total was $187,329,000 versus $260,228,990 the prior week.
  •  Average asking price was $7,805,375 versus $9,293,893 the prior week.
  • The average number of days on the market was 289 versus 666 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 11% versus 5% the prior week.
  • The Number 1 & 2 contract was a tie. 20 West 53rd#44A at the Baccarat. The asking price of $18,750,000 is below the $20,622, 312 May purchase price.
  • The other #1 is a townhouse at 39 E 67 asking $18.75M. It sold for $22.5M in 2014 the peak of the Market.
  • The Number 3 signed contract was a townhouse at 70 Bethune Street part of the Superior Ink Condo asking $12.9M.

If you are thinking of selling your apartment this spring take a cue from other sellers and price your property correctly. Are you curious about the market value of your Manhattan home and would like a free pricing evaluation or have any real estate questions please contact me at cstaab@elliman.com.