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The Pulse: The Manhattan Luxury Real Estate Market Slides Back Down, While Resales Increase!

After three weeks of over 20 signed contracts, the Manhattan luxury market slid down to 15 last week. Condos outsold co-ops 10 to 5, while no townhouses sold. Looking at the numbers by neighborhood, downtown led with 7 contracts. The average days on market were 576, while the average discount from the asking price was 13%.

What did the resale market look like? There were 4,377 active listings up .2% from last month and up 16.8% year-over-year. There were 1,840 pending sales, which is up 11.5% from last month and up 13.2% from 2018 and the median number of days on the market was 98. The market pulse is .42 indicating that we are still in a buyers’ market. Showing activity has increased dramatically this month indicating that buyers are out shopping. Sellers are pricing more to the new market values so more resales are happening, up 13.2% from last year.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 3 1 0 1 5
Condos 2 1 1 6 10
Townhouses 1 0 0 0 0
Totals 5 2 1 7           15
  •  Weekly Sales Volume Total was $118,267,000 versus $214,790,000 the prior week.
  • Average asking price was $7,884,467 versus $9,763,182 the prior week.
  • Median asking price was $5,495,000 versus $7,325,000 the prior week.
  • The average number of days on the market was 576 versus 524 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 13% versus $ 12% the prior week.
  • The Number 1 contract was a condo in the Woolworth Building at 2 Park Place #40A asking $21,325,000.
  • The Number 2 contract was a co-op at 960 Park Avenue #2E asking $14.5 million.