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
- 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.