The Manhattan luxury $4M and over market is in its 19th straight week of an above average pace of signed contracts, with 24 last week. The average discount from the asking price prior to a signed contract was 11%. The average days on market were 390 versus 180 days in a balanced market.
Here is an interesting statistic! It was the first time in over a year that the West Side didn’t have one condo or co-op contract! Condos outpaced co-ops 15 to 6. Downtown led the market with 11 contracts and the East Side came in second with 9 contracts.
Behind the Numbers
This steady paced can be attributed to more developers and sellers adjusting to this new market value. Buyers are recognizing that the market is now favoring them more and so they are moving off the fence and making offers. sellers are being more negotiable.
Top Luxury Real Estate Sales and Stats
- Weekly Sales Volume Total was $176, 305,000 versus $160,078,000 the prior week
- Average asking price was $7,346,042 versus $7,276,273 the prior week.
- The average number of days on the market was 390 versus 253 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 price was 11% versus 8% the prior week.
- The Number 1 contract was a co-op at 640 Park Avenue # Floor 7 asking $21M reduced from $25M when listed in Feb of 2017.
- The Number 2 signed contract was condo at 565 Broome Street #N116B asking $15.5M.