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Manhattan Luxury Real Estate Report – September 25

The lack luster Manhattan $4M and over continues for a second week with 18 signed contracts. The pace was slow partially to the highest Jewish holiday falling in the week. Condos outpaced co-ops 11 to 5. Downtown that usually is in the lead tied with the Eastside with 7 contracts. The average discount from list price was down to 2% from 9%. The days on market increased to 428 from the 275.

The 3rd quarter is almost over with 233 contracts signed versus the 206 from the same time last year. The average number of days on the market was down to 450 from 472 the year prior. The average drop in price was 9% and identical to last year.

What’s behind the numbers? The number of contracts rose 13% in the 3rd quarter compared to last year. This surge was energized by developers deeply cutting prices to sell their lingering inventory.

Top Luxury Real Estate Sales and Stats

Here is the breakdown according to regions

East West Midtown Downtown Totals
Co-ops 3 1 0 1 5
Condos 3 1 1 6 11
Townhouses 1 0 1 0 2
Totals 7 2 2 7               18
  • Weekly Sales Volume Total was $151, 657,490 versus $96,330,000 the prior week.
  • Average asking price was $8,425,416 versus $7,410,000 the prior week.
  • The average number of days on the market was 428 versus 275 versus 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 2% versus 9% the prior week.
  • The Number 1 contract was at the condo at 432 Park Avenue # 68B asking $29.2 million reduced from $30.9 million when it when on the market in July 2017. It was the sixth time this year that 432 Park held the #1 signed contract spot.
  • The Number 2 contract was a town house at 27 East 79th Street #Townhouse 2 asking $16.85 million.