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The Pulse! The Manhattan Luxury Real Estate Market Comes Roaring Back!

 

The luxury Manhattan real estate market came roaring back with 27 signed contracts last week, making 3 out of the last 4 weeks above the benchmark range. Let’s hope the one week prior dip to 15 was just an outlier! Condos outsold co-ops 23 to 3. 1 townhouse was sold. Half of the apartments sold were new developments. Downtown led the market with 12 contracts. The average discount from asking price was 5% and the average number of days on the market was 555.

The Manhattan Resale Market

The active listings as of now are 4,448, up 2.1% from last month and 16.5% from last year. Total contracts landed at 1,883, up 10.1% from the previous month and 12.8% from last year. The median days on the market went up to 100, up 9.9% from last month and up 28.2% from last year.

Behind the numbers: More developers and resale sellers are adapting to the new market. The compelling new prices are causing buyers to move forward.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 2 0 0 1 3
Condos 3 5 4 11 23
Townhouses 1 0 1 0 0
Totals 5 5 5 12           27
  •  Weekly Sales Volume Total was $201,898,989 versus $118,267,000 the prior week.
  • Average asking price was $7,477,740 versus $7,884,467the prior week.
  • Median asking price was $5,495,000 versus $5,495,000 the prior week.
  • The average number of days on the market was 555 versus 576 the prior week. 180 days is the normal range. Luxury real estate has been taking longer to sell.
  • The average percentage of discount from the original asking price was 5% from 13% the prior week.
  • The Number 1 contract was a condo at 320 West 12th #2 asking $33.5M – sold within a month!
  • The Number 2 contract was a condo at 30 Park Place #Ph77B asking $16.45M reduced from $18.875M.

Do you have questions on buying or selling your home? Contact me today!