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Manhattan Luxury Real Estate Report – May 29

The Manhattan luxury $4M and over market continues in the over 20 signed contract range for the 17th week with 28 contract. However it was the weakest May since the soft market of 2012. The number of signed contracts is down 8% from this time last year. Co-ops had a much stronger week than usual with 11 contracts. Condos saw 15 contracts. Downtown led the market with 13 and the east side followed with 9.

What’s behind the numbers? Observe that this May’s number of signed contracts were the lowest since May of 2012. In addition the number of contracts were down 8% year over year demonstrates that the market continues to contract from the peak of 2014. However the number of transactions still remain in a healthy range due to many new developers offering concessions and discounts to get deals done. Ditto for sellers of resale apartment flexing more to meet the buyers in negotiations. More buyers are moving forward as a result.

Manhattan Luxury Real Estate Top Sales and Stats

 

East West Midtown Downtown Totals
Co-ops 7 1 0 3 11
Condos 2 2 3 9 16
Townhouses 0 0 0 1 1
Totals 9 3 3 13                   28
  • Weekly Sales Volume Total was $224,910,000 versus $221,020,000the prior week
  • Average asking price was $6,685,000 versus $6,995,000 the prior week.
  • The average number of days on the market was 334 versus 450 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 7% versus 4%the prior week.
  • The Number 1 contract was at the new development condo 432 Park Avenue for the 5th time this year. 432 Park #65B asking $28.25 Million reduced from $32.5 million when it went on the market.
  • The Number 2 signed contract was at 45 E 22nd Street # Floor 55 asking $15.995 million reduced from $20 million when it went on the market in October of 2016.