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Manhattan Luxury Real Estate Report – October 2nd

The $4 million and over Manhattan luxury market continues to be in the doldrums for the last three weeks. Last there were 17 signed contracts . Condos outpace co-ops 12 to 3. Downtown led the market with 9 followed by the Eastside with 4. The number of days on the market soared to 521from 428 the week prior. The average listing discount was 8% up from 2%. It was the seventh time this year that 432 Park held the #1 contract spot.
What’s behind the numbers? The number of signed contracts mirrored the numbers the same time last year so there was no sharp drop off when comparing the numbers to September 2017.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 1 0 0 2 4
Condos 2 2 2 6 12
Townhouses 1 0 0 1 1
Totals 4 2 2 9               17
  • Weekly Sales Volume Total was $128,130,000 versus $151, 657,490 the prior week.
  • Average asking price was $7,537,059 versus $8,425,416 versus the prior week.
  • The average number of days on the market was 521 versus 428 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 was 8% versus 2% the prior week.
  • The Number 1 contract was at the condo at 432 Park Avenue #41C asking $17.175 million. It was the seventh time this year that 432 Park held the #1 signed contract spot.
  • The Number 2 contract was at the Carlton House at 21 E 61st St #5E asking $ 12.5 million reduced from $15 million when it went on the market 5/2014.