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Manhattan Luxury Real Estate Report – November 13

It was the third week in the row that the Manhattan luxury $4M and over market saw over benchmark numbers with 21 signed contracts. Condos outsold co-ops 13 to 7. One townhouse sold that was located in the West Village. There were 7Luxury Manhattan Real Estate co-ops the highest number since last May. Downtown led the market with 8 followed by the Westside with 6. The average discount from the original asking price was 9% versus 8% the prior week. The days on market averaged 417 versus 783 the week prior.

Behind the Numbers!

Three straight weeks above the benchmark number demonstrates that sellers are continuing to drop their prices closer to market value. In addition buyers are taking advantage of these price discounts. In the overall general market , the fastest paced price points where the vast majority of sales are getting done are below $3 million if they are priced to the market.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 4 3 0 0 7
Condos 0 3 3 7 13
Townhouses 0 0 1 1 1
Totals 4 6 3 8               21
  •  Weekly Sales Volume Total was $153,001,000 versus $179,019,990 the prior week.
  • Average asking price was $7,285, 762 versus $7,459,166 versus the prior week. Median asking price was $6,500,000 versus $6,740,000.
  • The average number of days on the market was 417 versus 783 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 was 9% versus 8% the prior week.
  • The Number 1 contract was at Time Warner Center – 80 Columbus Circle #72C asking $17.95M reduced from $24.5M when it went on the market for $24.5M.
  • The Number 2 contract was at the co-op the Chamberlain 269 West 87th St # 12AB asking $11.350M.