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Manhattan Luxury Real Estate Report – October 23rd

The $4 million and over Manhattan luxury market dipped below the benchmark number of signed contracts after enjoying being above the 20 range for two weeks prior. 17 contracts were signed last week. Condos outsold co-ops 13 to 3. One townhouse went into contract. The average asking price was $8,054,412. The number of days on the market was ultra high 506 versus 212 the week prior. The average discount from the original list price was 6% versus 4% the previous week.

September’s overall Manhattan market saw a 14.6% drop in the number of signed contracts over September 2017. There were 19% less contracts in September than in August. Inventory levels are at their highest levels ( 7,077 as of last week) since 2011.

Behind the Numbers!

The recent data shows that the Manhattan market is highly favoring buyers. If you have been on the fence now is a great time to buy. Make sure you have your broker educate you on the comparables before you submit an offer. Don’t make the mistake of making a low ball offer that you can’t support with data. Sellers will be successful if they price to the new market values. Don’t stay anchored to an outdated aspirational price that repels buyers.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 3 0 0 0 3
Condos 1 3 0 9 13
Townhouses 1 0 0 2 1
Totals 5 3 0 9               17
  • Weekly Sales Volume Total was $136,925,000 versus $164,685,000 the prior week.
  • Average asking price was $8,054,412 versus $7,160,217 the prior week.
  • The average number of days on the market was 506 versus 212 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 6% versus 4% the prior week.
  • The Number 1 contract a co-op 1120 Park Avenue penthouse triplex asking $25 million.
  • The Number 2 contract was at a new development 70 Vestry Street #5D asking $11.295 million.